Often buying a new house and house hunting is something most people make plans to do over a period of time, discussing the type of property they would like, house hunting and looking at mortgage options. It’s can be quite surprising how many times it ends up being something that is done at short notice, not being originally planned. Events can happen out of the blue.
For example, your Landlord may call you to say they are considering selling your home and offer you first refusal. Perhaps a family member is moving and ask if you would like to buy their home. Or you might just see a house for sale that catches your eye on your way home from work and you start to wonder if you could go for it. Customers who have not planned for a mortgage application can encounter several obstacles;
So get ahead of the game and work on the above to overcome these type of issues to strengthen your mortgage application.
It can be hard saving up for a deposit, especially if you are renting. Family members will often try and help when they can. However, if you think you are going to need them then they may need a little time to. It’s best to give them some notice so they can get their finances in order!
These days credit referencing agencies advertise on the TV all the time so many people now about accessing an up to date credit report. It’s fairly easy. Our Mortgage Advisors will recommend Check My File. Once you have it, feel free to send it to us and we’ll take a look free of charge for you. We look at these reports every day and we know what lenders are looking (and not looking for!).
Lenders may (or may not) want to see Bank Statements but you will still need to be prepared to explain what has been happening to your account and how you plan to resolve any issues going forward. If a lender is going to consider granting you a mortgage, they don’t want to see lots of unnecessary bank charges or gambling transactions on your statements.
For the Self Employed in Nottingham, we do understand that accountants try to minimise the tax liability for their customers. That said, if your year-end has come around then there is nothing to stop you from submitting another set of accounts earlier than you might normally do if you think your business has grown in the last 12 months. Some lenders consider ignoring previous years’ figures if the latest ones are looking more favourable.
Having said all of that, if you find yourself facing one of the problems mentioned above, don’t’ panic, it’s still possible to plan to get a mortgage, we can help with your mortgage arrangements. Our Mortgage Advisors in Nottingham love a challenge so feel free to get in touch.