If you want your mortgage application to stand the best chance of being accepted, here’s what to watch out for, says John Ellmore, director of comparison site knowyourmoney.co.uk.
1 Getting the basics wrong
‘A common mistake people make is being confused by a Mortgage in Principle (also known as Agreement in Principle or Decision in Principle),’ says John. ‘It’s a statement by a lender on how much they would loan you based on your income, savings and deposit amount but it’s not a formal offer; you’ll still need to pass the full application,’ he adds. ‘Also if you’ve changed jobs recently, lenders might reject your mortgage application as you must be able to prove you’ve had a reliable income stream for up to six months, although the time period varies by lender.’
2 Lack of preparation
‘It’s vital to sort out your finances before applying. Lenders want to see you can comfortably afford your mortgage repayments; they’ll analyse your spending habits to ensure holding a mortgage doesn’t put you under financial strain,’ says John. ‘It’s important to be mindful of this in the months before you apply. Ensure you have all necessary documentation to hand,’ he adds. ‘Employed people will need to provide payslips, their P60, and bank statements. While self-employed applicants will need up to three years of accounts.’
3 Rushing in with no research
この記事は WOMAN'S OWN の September 28, 2020 版に掲載されています。
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この記事は WOMAN'S OWN の September 28, 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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