59-60 Lemon Street, Truro, Cornwall TR1 2PE - Tel: 01872 273473 - Email:sales@lillicrapchilcott.com
  • Great Bosullow, Nr. Penzance
    New Price 
    Great Bosullow, Nr. Penzance
    £825,000
    Porthpean
    Preliminary Announcement 
    Porthpean
    £1,250,000
    Carclew Road, Mylor Downs - Nr. Falmouth
    New Price 
    Carclew Road, Mylor Downs - Nr. Falmouth
    £1,375,000
    Boscolla, Truro
     
    Boscolla, Truro
    £1,150,000
    Berkeley Vale, Falmouth
    Preliminary Announcement 
    Berkeley Vale, Falmouth
    £650,000
    Newbridge
    Preliminary Announcement 
    Newbridge
    £500,000
    Truro
    Preliminary Announcement 
    Truro
    £900,000
    Cliff Road, Falmouth seafront
    Preliminary Announcement 
    Cliff Road, Falmouth seafront
    £600,000
    .
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Maximise your chances of getting a mortgage
Dec 2018
 

You’ve started looking for your dream property and you’re ready to take the next step toward home ownership – the only thing that stands in your way is the bank manager. Here’s how to ensure you get the mortgage you want.

                        

Save, save, save

The more money you are able to put down as a deposit, the more choices you’ll have when it comes to getting a mortgage. Lenders prefer buyers who have saved a hefty deposit because they pose less of a risk for the bank. Typically, first-time buyers put down a 20% deposit, but the more you can offer, the cheaper the mortgage deals you’ll be able to get.

Pay your debts

Before deciding whether to give you a mortgage, lenders will take into account both the amount of credit you have available to you and the amount of debt that you owe. If you have numerous outstanding credit card debts or loans you may be perceived as a high risk, which can jeopardise your prospects. Try to pay off as many debts as possible before applying for a mortgage to demonstrate your ability to manage money responsibly and maximise the amount you will be able to borrow. You should also check your credit score to avoid any unpleasant surprises and correct any inaccuracies before applying for a mortgage.

Don’t quit your job

Lenders prefer customers who have been with their current employer for a reasonable length of time (around three to six months), so if you’re thinking of changing jobs it’s best to hold off until after your mortgage has been approved.  If you’re self-employed, you’ll need to jump through a few additional hoops – make sure your accounts are up to date and check that you have your SA302 forms available for the previous two or three years.

Get on the electoral roll

Lending companies will often use the electoral roll to verify your identity, so make sure that you are registered on the electoral roll at your current address. You can visit the website for your local authority to request a form or sign up online.

Do your sums

Before you apply for a mortgage, sit down with a calculator and work out your budget. You can use an online affordability calculator to help you estimate how much you can afford to borrow. Knowing the upper limit of your budget before you start house hunting will help to avoid disappointment –there’s nothing worse than finding your dream home and realising you won’t be able to afford it.

Looking for your perfect Cornwall property? Lillicrap Chilcott offers expert advice and professional service. Contact us today to arrange a viewing.