Securing a mortgage deal is often considered the most stressful part of home-buying. With so many lenders and mortgage options out there, deciding where to start can feel overwhelming.
Here, we break down the important parts of the mortgage process to help you stay ahead of the game:
When looking to secure any type of lending, it’s important to make sure your credit rating is healthy and all information held about you is up to date. All mortgage lenders will use a Credit Reference Agency (CRA) to help assess your mortgage application. In the UK there are 3 main CRAs – Callcredit, Equifax and Experian. These companies hold information on your financial behaviour (such as number of loans and other credit held, repayment history, credit applications made etc) and mortgage lenders will use this information, along with their own additional checks to help them decide whether to lend to you.
For a small statutory fee, you can request a copy of your credit records by contacting the CRAs. The information held by each one may be different, so it’s worth contacting them all. If you find something wrong on your credit file you can dispute it by complaining to the lender that has made the mistake.
Call Credit: www.callcredit.co.uk or call 0845 366 0071
Equifax PLC: www.equifax.co.uk or call 0844 335 0550
Experian: www.experian.co.uk or call 0344 481 8000
The mortgage deal you’ll get will depend on your circumstances and preferences: Are you a first time buyer, re-mortgaging or moving house? Are you looking for a fixed, variable or discounted rate? Are you buying using the Governments’ ‘Help to Buy’ scheme? Do you have a good credit history? How much of a deposit are you able to put down?
Shop around for a mortgage that suits your needs – but remember that not all mortgage providers appear on comparison sites. This is the case for Glasgow Credit Union, as our mortgages are available exclusively to people who live or work within the G postcode area. As such we are unable to be featured on UK wide comparison sites.
All lenders will have slightly different criteria, but typically these are the documents you’ll need to bring to your mortgage appointment:
Mortgage appointments can take between 1 and 2 hours. Having details of your income, expenditure, and future plans to hand will help your appointment run smoothly. If you’re applying for a joint mortgage, you’ll need information for both individuals applying. The type of information you’ll be asked for includes:
We’re committed to working with members, local organisations,
and employers to increase financial awareness in the wider community.
For more hints and tips check out our Financial Wellbeing Hub,
which includes articles and guides covering everything from budgeting to getting onto the property ladder.
If you have any questions or would like help with any of our services, please contact us on 0141 274 9933.
The information contained above is specific to the requirements of Glasgow Credit Union. Other lenders requirements may vary.