If you regularly read our articles, then you’ll no doubt be aware that the mortgage market has been pretty turbulent over recent months.
And although we’re a Maidenhead mortgage broker that’s tasked with navigating the choppy waters of the mortgage marketplace at a professional level, we’ve also been riding the waves just like the homeowners – and would-be homeowners – who are looking to apply for a mortgage.
However, the tide is turning.
Calmer waters ahead
An article in The Guardian reported on how UK house prices remain near record high levels despite the upcoming election, which might suggest that we’re on track to see a surge in mortgage applications not only after the general election, but potentially before it, too.
In a Rightmove survey of 14,000 people*, a staggering 95 per cent stated that the election would not change their plans, which, from our perspective, is quite unusual; elections generally make the market nervous and, as a result, people tend to sit on their hands until the dust has settled (and the next government has been appointed).
To reinforce this, our team of Maidenhead mortgage advisers are already reporting a 15 per cent increase in mortgage enquiries in June compared with the same time last month.
Getting prepared
Whilst our Berkshire mortgage advisers can’t help you decide who to vote for when it comes to selecting the party that will ultimately run our country, we can help you get prepared for a mortgage application.
Judging by the way things are going, we are expecting a surge in mortgage applications after the election decision has been made – so getting everything in place in advance will stand you in good stead in the not-too-distant future.
With that in mind, and assuming that you’re going to use a mortgage adviser, here are the things that you need to do before you contact a mortgage broker (and hopefully that broker will be us).
Pre-mortgage application checklist
To make sure that you’re ahead of the game and ready to go before the inevitable post-election rush, make sure you have the following ready when speaking with one of our mortgage brokers in Maidenhead:
- Utility bills
- P60 (from employer)
- Last three months’ payslips, or accounts spanning the last three years if self-employed
- ID (either passport or driving licence)
- Current account bank statements (preferably the last six months)
- Proof of deposit
- Proof of any benefits you’re receiving
Any questions? If so, contact the team directly on 01628 560820 or by emailing enquiries@altonmortgages.co.uk for expert mortgage advice in Berkshire. *The Guardian