If you’re ready to look for a mortgage in Northampton, we’ve got you covered with our time-saving tips. Saving time on the mortgage process can help make moving into your dream home happen that little bit sooner. While we can’t guarantee that you’ll get the house you really want, these tips will help move things forward and help you avoid common pitfalls that many first-time buyers encounter.
Save time and hassle with these tips to finding a mortgage in Northampton
Review your credit score
Checking your savings, assets and credit score before your first mortgage appointment will help avoid any unexpected disappointments. Lenders will review your finances. In particular, they will look for a number of potential risk factors.
If you have any bad credit, this will show up in your credit report. They will also review your spending habits and income. If you’re not sure how this could impact your chances of getting a mortgage or how to improve your credit score, our mortgage and financial advisors will be happy to advise.
Review your savings & property prices
You’ll want to make sure that you have a minimum deposit of 5% of the property’s value saved. Browse property prices in Northampton ahead of time and make sure that you can comfortably afford to put down a deposit on the type of property you would like to buy.
Review your monthly expenses
Our top tip would be to review your monthly expenses a few months before you start applying for mortgages. If there’s anything you can cut back on that could help signal to lenders that you’re responsible with how you handle money and boost the amount of available cash you have after paying your monthly repayments.
If you have any debts, we recommend paying these off. If you’re not sure how to clear your debts in the best way, it’s worth seeking debt advice.
Get all your paperwork in order
There are a number of documents that are essential for applying for a mortgage. Without them, this could delay the mortgage process. These typically include:
- Proof of ID
- Proof of address
- Your last three bank, credit card or loan statements
- Proof of deposit
- Last three months’ payslips
- Credit file
Find a mortgage broker sooner rather than later
It’s recommended that you find a mortgage broker as soon as you know you want to buy property. Ultimately, how much you can borrow will impact the type of property you will be able to afford. So, getting advice before you choose your dream home is recommended.
Choose a Whole of Market broker
First things first, you’ll want to find a mortgage broker that works across the whole market and with a wide range of lenders. This will improve your chances of finding the right mortgage for your requirements. If you need assistance with something specific, such as a new build mortgage, make sure you’re enquiring with brokers that specialise in this area.
Find a broker that offers flexible appointments
Getting a mortgage will require several appointments. If you work a 9-5 job, it can be difficult to squeeze these sessions into your schedule. Finding a mortgage broker that has more flexible appointments available and that offers video calls if preferred can help save you time and hassle.
Think about insurance policies
In many cases, lenders will expect you to get buildings insurance. Finding a lender that can also provide insurance policies can help save you time.
Get a mortgage agreed in principle
Getting a mortgage agreed in principle can give you confidence that a lender is likely to accept your application before it has been approved. That means you can get your property search underway sooner.
Ready to get started with finding a mortgage in Northampton? Let our experts take care of the whole process from start to finish with straightforward, no jargon advice that’s tailored to you. Book your free initial consultation with one of our expert mortgage brokers in Northampton today to get started.
