As we covered in our last article, there has been a degree of mixed messages over recent weeks when it comes to UK mortgage rates.
Some lenders have been putting them up, whilst others have been cutting them down – but it looks like rates may now be on an upwards trend after Santander and HSBC announced that their sub-4 per cent mortgage deals will be no more (for now, at least).
As a Maidenhead mortgage broker, we’ve been watching the fluctuating mortgage market with a keen eye. After all, instability when it comes to mortgage rates means uncertainty for our clients. And it also means that our team of Berkshire mortgage brokers have their work cut out, too.
Get a head start
If mortgage rates continue to rise until either swap rates or the Bank of England’s base rate falls, then it means that whatever deal you get today might be the best mortgage deal you’ll get for some time.
And, as there are many things that need to be checked off on the mortgage application journey – some of which can slow the process down if done incorrectly, or not done at all – we’ve listed our top 3 things to do when applying for a mortgage to help you get ahead of the game.
- Do your own credit check
Using a credit reference agency such as Experian of Equifax allows you to get a sense of whether or not your credit report is good … or bad. If it’s good, then great. This shows that you’re a safe bet when it comes to finance. If it’s not so good, then at least you have the chance to address it, or let your mortgage broker know, before any time is spent on the mortgage application.
- Get out the vote
Are you on the electoral role? If not, get on it – quickly. The electoral role is very important when it comes to applying for a mortgage. So much so, in fact, that even if you have an exemplary credit report but you’re not on the electoral role, you may face resistance from lenders as it’s a key tool they use to identify an applicant. It’s such a simple issue to fix – but it must be fixed prior to a mortgage application being made.
- Don’t double up
If you need a mortgage, then don’t apply for any other credit within three months of applying for one. Every time you apply for credit it leaves a ‘footprint’ on your credit report. If there’s been a flurry of activity just before you apply for a mortgage, then it doesn’t look good. Our advice is to wait for that new car or kitchen until after the mortgage is in the bag.
Pre-mortgage application tips
Of course, there are many more ways in which to expedite your mortgage application. So, why not get in touch with our team of Berkshire mortgage brokers, all of whom can walk you through the mortgage application process step by step and tell you exactly what you need to do.
With rates changing on what feels like a daily basis, the fallout of which typically affects the mortgage application process and/or how much you can borrow, it’s worth making sure that everything that is in your control is taken care of in advance.
Looking for the best UK mortgage deals? Or need help with applying for a mortgage? If so, contact our team of Maidenhead mortgage advisers on 01628 560820 or by emailing enquiries@altonmortgages.co.uk.