Sometimes it is not easy to get the mortgage you need for the property you want. Especially for first time buyers, the property market can be a tough place. When you want to buy in a place like Bristol, Taunton, the south east or London, where prices are high and the market is competitive, it can be even harder to secure a mortgage. There are certain reasons why you may struggle to get a mortgage approved in Taunton and the surrounding area. Knowing what these are, and what you can do about it, can result in a successful financial application for the ideal mortgage product for your needs. We take a look:
- Improve Your Credit Score
Taunton mortgage advisers know that your credit score dramatically affects your chances of getting a good mortgage deal. Your credit score details your payments and your debts, as well as missed payments and arrears. You should first look at your credit report to see if there are any specific issues. And then there are ways to improve a poor credit score so you are more likely to get a mortgage approved. In the case of your credit score, knowledge is power.
- Help with Low Income
If you have a lower income you may struggle to show that you will be able to afford mortgage repayments in Taunton. If your income is low you can lower your expenditure in the months leading up to the application so you can prove you will have money at the end of each month to pay the mortgage. Or you can investigate different schemes that allow you to buy with a lower income, like Help to Buy, Right to Buy, and shared ownership. These schemes can help you get on the ladder when you are struggling.
- Raise a Higher Deposit
At the very least you will need a 5 percent deposit to apply for a mortgage. The higher the deposit, the better the chances of getting a mortgage, and the better deal you will be able to secure. Start saving for a deposit as early as you can. Investigate mortgages where you can have a smaller than average deposit. Government schemes can help.
- Help When You are Self Employed
It can be tougher to get a mortgage when you are self-employed. To help your chances you will need business accounts that have been signed off by an accountant for the last three years. You may need a specialty mortgage product.
It helps in all cases to consult with a mortgage adviser if you are having problems getting a mortgage. If you are looking for a mortgage advisor taunton gives you plenty of options, so you can maximise your chances of getting on the property ladder.