Is 2025 the year you’re hoping to get the keys to your first (or next) home?
It’s common knowledge that getting a mortgage and buying a home can be a confusing and stressful time—especially if you’ve never done it before.
But that’s where we’re here to help. No matter whether you’re a first time buyer living at home, you’re renting but dreaming of home ownership, or you’re hoping to move into a bigger space, we’ve compiled some tips on how to get mortgage ready. So, pens at the ready!
How to get mortgage ready, according to an award-winning mortgage adviser
1. Check your credit score
This point is important as your credit score can affect the type and price you will pay for your mortgage.
Your score is built on your personal credit history and will include factors like the number of open bank accounts you have, your total level of debt and your repayment history. If you are credit impaired, it might also include things like missed phone payments, defaults or county court judgements.
“The good news is that your credit score isn’t fixed,” mortgage expert Jo Jingree says. “The bad news is that once a blemish is on there, it can stay there for six years. And if there’s a mistake, like you discover you have been a victim of identity fraud, it can often take months to remove.
“So no matter whether you plan to buy in the near future, or next year—checking your credit score sooner rather than later means you’re in a good position to improve it,” Jo adds. “I’d suggest using Check My File, which takes data from the three main credit bureaus, Experian, Equifax and TransUnion.”
Please be aware that by clicking on to some of the above links you are leaving the Mortgage Confidence Ltd website. Please note that Mortgage Confidence Ltd nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
2. Save a deposit
Unless you’re eligible for a 100% mortgage—for most people—the most difficult part of buying a home is saving up a deposit. And it makes sense. According to the most recent stats, the average property value in England stands at £299,000. So if you plan on putting down a 10% deposit, you’d be expected to fork out £29,900, while a 15% deposit would see you putting down £44,850.
“The larger your deposit, the less amount of money you’ll need to borrow from a mortgage lender,” Jo explains. “This usually results in a lower monthly mortgage repayment.”
Please be aware that by clicking on to some of the above links you are leaving the Mortgage Confidence Ltd website. Please note that Mortgage Confidence Ltd nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
3. Get your documents in order
There’s no two ways about it: getting a mortgage is a paperwork-fuelled process. While a mortgage adviser can help take some of the weight off your shoulders (more on this below), if you plan on securing a mortgage and buying a home, you’ll still need to do some of the legwork.
For example, mortgage lenders will need to see:
- Proof of address and ID
- Credit score
- Proof of deposit funds
- The last three months payslips
- Bank statements
If you’re trying to get a mortgage when you’re self-employed, you’ll also need:
- The past two-to-three years’ worth of accounts or SA302s.
- If you’re a director of a limited company, some lenders might also ask for certified accounts certificates signed by an accountant or profit and loss reports and balance sheets.
- Business bank statements
4. Review your current financial situation
If you already have a mortgage and are looking to move home, find out when your fixed-rate deal is ending and what the lender’s Standard Rate Variable (SVR) will be.
“It’s also worth thinking about whether you want to lower your monthly mortgage payments, unlock equity for home improvements or reduce your mortgage term,” Jo says.
5. Get in touch with a mortgage adviser
We’ve spoken before about the benefits of using a mortgage adviser. And that’s because a mortgage adviser can help make the mortgage process a whole lot more simple.
For example, they can offer a supportive hand and explain the whole process to you while helping you explore all your options. Mortgage advisers also have access to a comprehensive range of mortgages.
“So no matter whether you’re a first time buyer, moving home or remortgaging in the next six to 12 months, it’s worth having a chat,” Jo says. “ The same goes for those who are self-employed and/or credit impaired.”
The next step
Six-time award-winning mortgage adviser Jo has more than 20 years’ experience in the industry. At Mortgage Confidence we offer a no obligation 30-minute consultation to help you find out how much you can borrow. So, to get the ball rolling, get in touch by emailing, calling or WhatsApp-ing Jo on 07742 228302.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate it will be £399.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please be aware that by clicking on to some of the above links you are leaving the Mortgage Confidence Ltd website. Please note that Mortgage Confidence Ltd nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.