01 Jan Get Organised For Your 2019 Mortgage – you won’t – but anyway…
London Mortage Company JUFS Offers Advice
That again has been overtaken by the diminishing appetite of our advisors for shouting at mortgage lenders – best get it right first time, or indeed the lenders ability to understand English! However all these are but nought in comparison to the fact that we’ve been lucky enough to recruit and persuade London’s top mortgage administrators to join our team in 2018. And they do not permit paperwork shizzle, full stop. What they do is get loans approved, successfully, first time and fast.
So here are our top tips for getting your mortgage approved (and buying well too) in 2019:
Get your documents sorted out. Find out what you’ll need and get them together. No we can’t “bypass” that crucial document – it is not going to happen.
- For the self employed that means SA302s and tax overviews. Your accountant CAN provide these (he will say he can’t – probably our most frequent source of tension in the document gathering process)
- Historic employed Total Compensation Statements or P60s if you want to use bonus : stock awards.
- Latest contracts for contractors
If you are worried – get your credit report. Do it 6 months before looking for new lending, so you can tidy up if needs be. Especially if:
- You have missed credit payments.
- You have been the victim of cybercrime.
- You have a mistaken credit issue (eg parking ticket at an old address).
Get your bank statements in order. Advisors and lenders will soon be looking through them.
- Preferably get out of overdraft, certainly be within overdraft facility.
- Conduct of account is important. Spending your whole salary the day after payday? Not looking good.
- No using payday lenders.
- No missed payments.
- Lunchtime online betting at Ladbrokes, for example, is going to be frowned upon. (We are not arguing the rights and wrongs here!) Declarations of your betting success and genius are going to fall on deaf ears.
- You might want to make private or very personal transactions from a different account to save embarrassment and privacy later.
Please don’t provide a final demand late payment red letter as proof of address. We are asking for a bank to grant you a big loan!
You’ll need to prove the deposit you have been building up.
If you are receiving a gift from someone for the deposit – they’ll need to be prepared to write a letter confirming this. Get that lined up. Hold on – not yet – as we haven’t chosen which lender we are going with and they might want that letter addressed to them.
If you are buying with somebody – check they can satisfy these thoughts. Being 50% prepared is not going to cut the mustard.
Get all this prepared in advance and run the numbers and information past us – so we can check the numbers for you BEFORE offers are going in, or re-mortgage applications made.
If necessary we can run various affordability checks with lenders.
We can also run an agreement in principle, for that extra certainty and in tight situations, where we are pushing criteria.
Finally – yes the property details do matter. Age : Leasehold : Flat / House : Listed : Floor : Parking : Land : Agricultural land – all can make a difference to final lending decisions.
Get In Touch: firstname.lastname@example.org | 020 7562 5767
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.