1. Don’t give up
Just because one of the few high street banks have said that you cannot get a mortgage doesn’t mean that you cant. Banks like every other lender have a certain criteria and profile of customer that they are looking for. If you don’t tick their boxes then you may find your mortgage declined. This does not mean that you cannot get a mortgage, there are other mortgages out there that you may not know about. If you are declined then ask them for a reason so that you know for future applications.
2. Use a Whole Of Market Mortgage broker
We would say this wouldn’t we ! but brokers who give whole of market mortgage advice can provide real value to the client. They can avoid you going alone and making multiple applications and will know which lenders to approach for your circumstances. Amongst other benefits they can compare all mortgage deals and criteria against one another to find you a mortgage that you stand the best chance of getting.
3. Check and improve your credit
Check your credit report before you apply, websites like noddle allow you to do this for free. If you are planning to take out a mortgage in the future then look at your credit report now, there may be a couple of tweaks that can be made to improve your rating. Make sure that all of your bills, utilities and financial associations are all linked to your main address. Make sure that you are signed on to the electoral role.
4. Make some initial enquiries
Try and get an idea of how much you can borrow before you start searching for a property. You will have to get an idea of how much you can lend and what deposit you will require before you can go searching for properties. There is no use in finding a property and then finding out that you cannot afford it. A mortgage professional will be able to let you know provisionally how much you can borrow from doing a basic fact find. They will also be able to let give you an idea of the monthly payments and associated costs so that you don’t find any surprises along the way.
5. Help to Buy
Have a look on the Help to Buy website for your region. If you cannot afford to purchase a property outright or need assistance with a deposit then there are different affordable housing schemes that are listed on the help to buy website. Ultimately this may result in you requiring a smaller mortgage and can help first time buyers to get onto the property ladder. The Help To Buy Website also has a facility where it lists all of the properties that are for sale under the specific schemes which can be useful when trying to hunt down your dream home. There are a lot of these schemes around Cornwall due to the amount of housing development that the region and the country is seeing. You have to apply to Help to Buy first to make sure that you match their affordability criteria.