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Buying your first property can understandably seem daunting, especially when you spend a significant amount of time out of the UK. If you’re thinking about making a purchase soon there are several things you can consider to make the process as straightforward as possible, and avoid any problems when arranging the mortgage required. Here, Caboodle Finance can help make the process as easy as possible, providing valuable advice and pointers for Superyacht crew.
Their tips below should help with the process and potentially increase your chances of getting the mortgage you need. Let’s be honest, the mortgage options for those paid in a foreign currency (Euros or Dollars) are restricted. Being prepared and giving yourself the best chance could be a good investment of your time.
Your Credit Report
Being aware of what is on your credit report is a very important factor, as it is something every mortgage lender will look at when considering you for a mortgage. Registering with a credit reference agency to gain access to your credit file is highly recommended. There are several credit reference agencies free to use, and these include ‘Money Saving Expert Credit Club’ or ‘CheckMyFile’.
So, what key things are you looking for on your credit report?
- Check for errors on the report – If there is anything wrong then contact the company involved and ask them to correct the error. Any corrected errors can sometimes take 4-6 weeks to refresh
- Electoral Register – Make sure you are on the Electoral Register at your current address or the address you use when in the UK
- Manage credit carefully – Keep below the limit on things like credit cards, store cards and overdrafts. Close any old accounts no longer being used
- Keep payments up to date – Just one missed or late payment on finance could make things difficult when trying to get a mortgage
Supporting Documents
As you might expect, a mortgage lender will undoubtedly ask for various supporting documents as part of any application. It is therefore recommended you make sure all your documents are in order well ahead of time.
The most common documents to check will be:
- Proof of ID – Check passport and driving licence are in date and show the correct name & address
- Proof of Address – Keep recent utility bills, Council Tax Bills, and Bank Statements
- Bank Statements – Online statements are usually acceptable if they are downloaded from the bank website and show your name and address. A UK (sterling) bank account is essential
- Proof of Income – Most recent 3 months payslips and current contract of employment
- Proof of Deposit – Evidence will always be required to show the source of your deposit. If the deposit is gifted by a family member, the lender and solicitor may require additional evidence
If you follow these simple steps, you will almost certainly put yourself in the strongest position possible when you find the right property and need to secure a mortgage.
Find out how Caboodle Finance can help you with your mortgage here.
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