- 1. Make sure you are on the electoral register and that your name and address details are correct. Visit www.gov.uk
- 2. In this highly competitive market it is essential to be prepared. Your Blackstone adviser can help you to agree a ‘mortgage in principle’ which will be viewed most favourably by both estate agents and vendors and could make the difference in securing your property.
- 3. Collate your paperwork - 3 months bank statements, 3 months payslips, P60. If you're self-employed, print 3 years SA302’s and Tax Year Overview documents from your HMRC online account.
- 4. If you are a sole trader or company director your loan application will really benefit from professional advice before you begin the process. Your Blackstone adviser could help prevent a declined application which would negatively impact your credit rating.
- 5. Check your credit file for mistakes - use CreditExpert, Noddle and Equifax. Correct any problems well before you apply for a mortgage.
- 6. Build up some credit history if necessary - getting a credit card and then paying it off by direct debit in full every month will help improve your credit rating.
- 7. By taking professional advice you can focus on the right place to apply for your loan. Making a number of credit applications will register credit searches on your name which could adversely effect the way lenders view your application.
- 8. Ensure all your financial documentation and correspondence show your correct name and address. Mis-matches can cause delays.
- 9. Many lenders are now looking much more closely at 3 - 6 months bank statements so it is good if you can prove sound financial management. This also means not exceeding any credit card or overdraft limits.
- 10. Try to reduce any accrued debt you have. Your outstanding financial commitments will be taken into account by lenders when they assess your mortgage application.
- 11. Continuity of address history for at least 3 years is preferred by lenders.
- 12. Take advice from the experts before making any applications. Blackstone Financial Solutions offers professional expertise and advice as individual as you are.
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