How are you getting on with your very latest fitness plans? Oh dear, the exercise bike is being used as a clotheshorse, you say? And you’ve only used your gym membership twice?
Not to worry. s1homes has an exercise regime that’s easy to follow and you’ll want to stick with to see the end result – moving into your dream home.
Yes, welcome to your Get Mortgage Fit Guide: five easy steps to getting you on the property ladder.
1. Do your sums
This is your warm-up exercise because it’s not too tiring and doesn’t take up much time. Start by adding up all of your income then listing all of your outgoings. This will help get a clearer picture of what you can afford to pay for your house each month.
Next check your credit rating using one of the online sites. A good credit history makes you a better bet for lenders who need to see you making payments on time.
You can build up a credit history by taking out a mobile phone contract or credit card – but always ensure you pay off the full amount at the end of each month.
2. Save, save, save
There’s nothing a mortgage lender likes to see more than evidence you’re willing and able to set aside cash each month towards the deposit for your new home.
This is also a great test of your own strength and stamina – one day you’ll need these powers to maintain a 100% track record with mortgage payments.
Finally, do you have any outstanding loans? Ideally, these should be paid off before applying for your mortgage.
3. Make sure you exist
This isn’t as weird as it might sound. Mortgage lenders need to know you live at a fixed address and you’re in employment or have steady self-employment.
An important part of this is having your paperwork in order (such as pay slips and utility bills with your address shown) and making sure you’re registered for the electoral roll.
You should also look at removing financial links or association with previous ex-partners in case they have credit problems that could affect you.
4. Get professional help
Speaking to an approved mortgage adviser will confirm what options are available and where you can find the best deals to suit the home you’re looking for.
Some advisers will even help you access great mortgage rates you might not have found yourself.
5. Finally, don’t give up
‘No pain, no gain’ is what they say in the fitness industry. And when it comes to getting your mortgage, you’re going to have to be prepared to keep going when the going gets tough.
So, if initially you struggle to meet some of the points in our first four top tips, keep looking at possible solutions.
For extra motivation – and dream home inspiration – top up with visits to the best properties available right now on s1homes.