Getting mortgage ready

Not sure where to start when it comes to obtaining a mortgage?

Our friends at CMME have compiled these tips for getting mortgage ready; 

Start saving!
A minimum deposit of 5% of the property value will be required, subject to criteria and credit profile.  Plus, you’ll need to allow for additional costs involved when purchasing a property such as stamp duty, solicitor fees, mortgage product/application fees, property surveyor fees.

Obtain a copy of your credit profile
For example, through a Credit Reference Agency such as Clearscore.  This will provide you with details of any credit issues that may need to be overcome or considered when applying and it will give you time to correct discrepancies on your report.

Pay off any unsecured loans and credit cards
If you’re able to, as they will impact your borrowing potential should they remain.

Get your paperwork together
Being able to provide supporting documentation to the mortgage lender in a timely manner is critical to a successful application. Typical requirements include; ID and proof of address, so, ensure your passport and driving license is correct and in date. Income evidence and proof of financial readiness are also key, and you will likely need to provide a combination of the following – P60, 3 months of bank statements, payslips or 2-3 years of company accounts/SA302’s.  If you are a contractor, make sure your CV is up to date as it may be used to prove your skills and experience. You will also need to obtain a copy of your current contract as this will be used to demonstrate your earnings. Using both documents should avoid any issues to do with affordability.

Do your homework
With the increasing number of banks and mortgage lenders in the UK market, there are thousands of mortgage deals to choose from, so ensure you take time to understand the different options. Using a mortgage broker can help you determine the most suitable options. Moreover, if you’re self-employed or contracting, lenders do not always take a holistic view of your income or borrowing potential and a specialist broker such as CMME can help you present your case to secure the best deal for you.

Next Steps

If you’re a contractor and would like specialist mortgage advice, ContractingWISE can put you in touch with their trusted mortgage partners, CMME.

CMME deliver a highly specialised service that provides assistance, advice and mortgage offers, tailored to meet the needs of contractors, freelancers and the self-employed. CMME are able to rely on more than a decade’s worth of expertise to ensure you get the right help and the best deal.

Having helped thousands of independent professionals receive the mortgage funding they require, CMME are ready and able to help you finance your new home or property purchase. To get started, get in touch with your ContractingWISE relationship manager who will let you know how to prepare and what to expect from your free consultation with CMME.

We’re here to help. You can contact us by calling 0203 642 8679 or complete the form here to request a free call back.

ContractingWISE are not authorised to offer regulated mortgage advice. Contracting WISE are introducers to CMME.

Your home may be repossessed if you do not keep up repayments on your mortgage.


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