Top tips for getting a mortgage

[MrsWhirly]

We have our house on the market and will be looking to double the size of our loan. We have an OIP from our current leader.

I’m nervous about the mortgage application when it comes to it. My DH is self-employed and his business has increased year on year - however I wAnt to make sure we are doing everything we can to make sure our house in is order - cards, loans, utility, joint accountants, spending - all of it.

I thought it would be helpful to share top tips if we have any x

[OftenHangry]

Certainly go with independent mortgage advisor. They will help to find suitable mortgage considering your dh is self employed. It's appalling how self employed and business owners get treated by mortgage providers sometimes.

Ccs and loans. Pay off as much as you possibly can, because all these are counted and taken off you available money for mortgage repaiments so they will lower the amount you can borrow.

[MrsWhirly]

Thank you OftenHangry

We have cleared almost all credit cards, no loans. We have a penAlty attached to our current mortgage, ie we would be fined 8k if we left.

[Tartsamazeballs]

With regards to your early repayment penalty, we're in a similar position, but going from a £60k mortgage to a £280k mortgage

We have a year left on our current mortgage with a £2k early repayment penalty so our mortgage broker has ported that mortgage to the house we are buying and organised a second mortgage of £220k with no tie in period from the same bank.

Come the end of the year we will remortgage penalty free.

Not sure if it's an option for you. I didn't know it was possible until our broker suggested it.

[AntiHop]

Get a mortgage broker. Made it so much easier and worth every penny of the £250. I can pm you the one we used if you like.

[MrsWhirly]

Thanks all - never even thought to use a broker to be honest! Grateful for any reccomendations - thank you.

[wowfudge]

We got a deal on our mortgage for the new place which was so much better than the existing one that it was worth paying the penalty to get out of the deal. I don't think it was £8k though.

[Disfordarkchocolate]

Last time we applied I was terrified of being turned down too. To prepare we made sure we reduced our debts, saved as much as we could, got rid of pointless outgoings by direct debit, never used our overdrafts and for the last 3 months spent as little as possible. They asked for a lot of details about how much we spend or petrol, childcare, entertainment, savings and checked this against our actual bank statements.

[Dickybow321]

Brokers definitely take so much stress out of it! When I bought a BTL I only had one years' accounts but a broker managed to get me a good deal on a BTL mortgage. For residential mortgages I have used L and C three times now and they have been wonderful each time. They got me my amazing 0.19% above base rate lifetime tracker deal, which I'm clinging onto even though I'm moving house. They don't charge for their service (they get commission from the banks).

[Tartsamazeballs]

Not all brokers charge you. The one we used was free, he gets his money in commission once everything's set up. Can PM you the details if you like?