How to get a mortgage in 2009
60Here are my top 10 tips on how to get a mortgage even in a credit crunch.
Trying to get a mortgage is much like lots of things in life it is a lot easier to do if you know what the rules are and how to play the game. An alternative way to get money would be to use a Egg Credit Card
Here are my top 10 tips on how to get a mortgage even in a credit crunch.
1 Preparation before you start, like everything do your homework.
2 Check your credit report, this looks at your record of paying loans, credit cards and mortgages along with information such as your repayment history and whether you have any court judgments against you. Would you lend to you without knowing this information?
3 Get your partner to check their report too. If you are applying for a joint application and your partner has a bad credit history you may want to apply on your own.
4 If you find anything you disagree with, that is wrong that has been misfiled, contact the lender who has sent in the information and ask them to amend it.
5 Register to vote! The electoral role is used by lots of lenders as one of the first ports of call to find out if you even exist.
6 Improve your credit report. For example, you could combine your debts into a single, more cost-effective loan.
7 If you have never had a loan or repayment you may look at getting a credit card and putting some expenses on it, always remember to make those monthly payments!
8 Do not let too many people make credit cheeks so ensure that lenders understand that you are only making seeking a quote. Too much shopping around can Create a spike in credit checks and reduce your credit score.
9 Plan your budget. Don't take on a mortgage you can't afford.
10 Shop around, rates and offer vary widely and as this is biggest loans you will ever take half a percent could mean saving or costing hundreds of thousands of pounds.
Or get a loan from American Platinum Financial Services
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Comments
Nice tips! And yes as I agree that a down payment would be most helpful in the Majority of situations these days.
Thank you fo your kind words
hi i have put an offer on a house at £96,000 and got it!! i work for the health service and most of my pay is based on overtime i earn £1400 per month i have gave my p60 payslips and letters from work. the mortgage is for 74,000 and im putting depoist down of £22,000. I have no other bills! and i was declined yesterday because of my overtime! not fair should i appeal it??
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Mark Knowles says:
12 months ago
You might want to add one little detail -
Make sure you have the 20% deposit in cash saved. Without that - you are not getting a mortgage in 2009 :)