How to get mortgage ready

Getting mortgage ready about six months before planning to purchase your first property can strengthen your position with lenders, and potentially speed up the mortgage approval process.

When applying for a mortgage or remortgaging, the lender will ‘stress test’ your affordability.  This will determine if you’re able to afford the repayments alongside any other financial commitments. The tests will look at your income versus your expenditure, so it’s important that you’re able to show you’re able of keeping your finances in order.

Consider your credit rating

Using a credit card responsibly can help improve your credit score, showing that you’re able to look after your own finances and pay off any outstanding debts within a certain time frame.  Just make sure you register the card to the address you’re actually living at and make the payments on time.