Insider Tips on Getting Mortgage Ready

And how you can tip things in your favour by getting sorted yourself.

Posted on Friday, March 10, 2023

Insider Tips on Getting Mortgage Ready

Give me good news about my mortgage application. Give me a rate I can afford. Explain the deal in human. And give me the green light that gets me directly to ‘property for sale heaven’ at Estates East.

We hear you.

But important mortgage prep starts at home. And is down to you.

You want to get to the joy of looking at properties and planning your move but modern life is littered with potential pitfalls that can prevent you from getting the mortgage that opens your dream property door.

Here’s how to get things in order before you apply for your mortgage.

Our financial behaviour can present a sometimes unfairly negative picture of our personal finances, which can trip us up when we apply for a mortgage.

We’re here to help. 


Know what you’re dealing with before you start exploring mortgages.

You can check your credit rating on a variety of free apps and websites available and many offer advice on how to improve it if it’s currently low.

Keep up to date with monthly payment plans as a missed mobile phone payment, for example, could impact your credit file. 


Having a credit card kept within its limit (it's always best to never use over half of your agreed credit limit) and paid off regularly proves you can keep your regular debts in check. But if you miss a payment and more than 14 days lapse (on average) a negative flag can be raised on your account even if settled on the 15th day. So, keep the payments going through on time.


The bigger your deposit the more likely you are to benefit from a lower interest rate on your mortgage, so it’s worth saving as much as possible before you apply. Every bit helps.


You’ll need 3-6 months of bank statements and further proof of income. You’ll also need your passport or other identification. And make sure you’re on the electoral roll if you’re not already as this can save time with verification and prove your current address.


Allow yourself a realistic amount to live on each month when you calculate your monthly outgoings such as household bills, council tax, insurance, and maintenance, to find out how much you can afford to pay on your mortgage payments. 


It’s easy to sign up for things like TV and magazine subscriptions and then forget that you aren’t using them anymore, especially if the payment goes out annually or quarterly. So, check your bank and credit card statements to make sure you’re not paying unnecessarily for things you don’t use.


The benefit of going through a broker is they can search a huge variety of lenders to help you find the right mortgage product for you and your personal circumstances. Some will even have access to special deals from lenders that you simply can’t access by yourself.

Talking of the awesome power of great mortgage advice. Here’re some inside tips from Paul Meredith our in-house Mortgage Advisor:

  • In order to boost your credit rating, use your credit card to pay for everyday things such as food shopping and petrol and clear the balance in full each month then repeat the cycle. 
  • Refrain from going on price comparison sites for car insurance etc as this can affect your credit score. 
  • Refrain from applying for multiple credit accounts in the run-up to applying for a mortgage as this can have a negative impact on your credit score.

Want to chat with Paul directly? It’s free, impartial and could help you deal with any specific areas you need advice on, email to arrange a chat.

Get the ball rolling, you’ve got this.

And if you need help, we’re here.

Estates East Team

Call us >> 020 8520 9300

Follow us >> @estateseast

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