Your Guide for the Months Ahead
META DESC: What do you need to do to get yourself mortgage ready in a year? Here’s what you should know.
Are you thinking about applying for a mortgage in the next year or so? It’s a really big step, so it makes sense to be as prepared as possible. It’s a lot better to apply when you are ready than to rush into the process and end up making very little progress. Here is everything you need to do to be ready to take the plunge this time next year, including getting expert advice about mortgages from a broker.
Talk to a mortgage broker
Even if you don’t feel like you are ready to apply for a mortgage right now, it’s worth getting in touch with a broker for a chat. There are lots of lenders out there who might approve you for a mortgage right now, but you just don’t know who they are! Mortgage brokers have access to a huge range of lenders, and after looking over your case, they may be able to identify some that are a good fit for you right now.
Even if you aren’t ready, your broker will be able to provide tailored advice on all the things you can do to make yourself an attractive borrower over the next 12 months.
Get your credit report in order
One of the first things you should start working on is your credit report. Check it for any errors, as having these amended can instantly improve your credit score. Then there are some other things to do. Make sure that you are on the electoral roll and really focus on paying bills and credit cards on time. Now is not the time to take out new credit either. Think about reducing your debt, too. Paying more than the minimum amount off your credit card bill each month is a good place to start.
Do your research on properties
It can be a bit of a reality check, but you should see what you can afford in terms of property. Think about the area you want to live in, how big a home you are looking for, and anything else on your checklist. Then see how many properties matching your criteria are going for.
After this, look at areas in which you could compromise. Could you live a little bit further from the train station? Would a smaller garden work for you? This is a great time to start chatting with estate agents, as they will be able to provide more insight.
Get ready for a busy year!
There are lots of other things that you should be doing too, such as looking at your spending and adding as much as you can to your deposit. Start getting your important documents in order, too! For more information on what you should do over the next year, get in touch with a trusted mortgage broker in your area today.
