Treat a mortgage application like a job application

On today's episode, I am going to be talking about how if you start to think of a mortgage application like a job application you can put yourself in the best position and really help make your application a successful and pleasurable one for all concerned.

I am going to be talking about how you can do this by making small measured choices and how by doing a certain amount of pre-planning your application for your mortgage for your dream home doesn't have to become a nightmare.

Today's episode….

Often, when it comes to a mortgage people will be so concerned with saving money concerned with getting the best rates on a mortgage and concerned with how much mortgage they can get but that they forget the what I consider to be the vital first step on anyone's journey whether that is for homeownership as a Residential application or for anyone considering buying another rental property and that is the credit report.

Your credit report will give you a good idea of what it is that the lender is going to see when any application for funds is sent their way. With the majority of lenders, the credit report will be what they will be looking at when they are assessing your application and if you and your mortgage adviser know what is on your report you stand the best chase of obtaining the mortgage funds you apply for.

I think it's worth putting yourself in the shoes of the lender and asking yourself would I lend thousands of pounds to me if I saw my application laid out on paper. If your answer comes back as a no then try and work out what you might possibly have to improve your chances of obtaining positive results.

Think of your mortgage application like a job application. With a job application, you basically want to put your best foot forward. You take the time spent looking at the CV putting it together in a manner that makes sense. you read it check for grammatical errors check the spelling. You might agonize over making sure that the font is just so (if you are anything like me). Your skills and what you have to offer are all detailed within this document which you hope gives yourself the best option for obtaining a job.

The same level of detail should be taken when it comes to looking at your mortgage application….it is still an application after all and you're asking them to provide you with something which you would like and I think it's fair that this process should require some preparation.

So what sort of things can you do to improve your chances?

Firstly, make sure that when you get your credit report everything is recorded properly, and if you notice any errors on there get them corrected straight away. By doing this at the beginning of your journey means that while you are saving for your deposit and let's face it sometimes saving for the deposit can take a while you're able to put some history between the adverse or the incorrect information of the office and put some distance between you and that issue. If you don't get a copy of your report at the very outset of your application you could be setting yourself up for future disappointment. This disappointment will be further compounded when you then also find that this issue could have been resolved to then give you a different result. So for example if when you get your report and you notice a current unsatisfied default which you can pay in full I would urge you to pay this off IN FULL if you can do so.

Thank you so much for listening. I have been Kylie Meade-Richards and I'll see you next time.