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03rd Apr 2019

I just applied for a mortgage and these are the things I think you should know

Melissa Carton

I’ve recently gone through the delightful process of applying for a mortgage.

It’s something I dreaded the thought of but knew I would have to do, especially with how unstable the rental market is.

When I started my application I found that were gaps in the information that I needed to know. Questions I couldn’t find the answers to. It got me thinking that if I can’t find out everything that I feel like I need to know, then neither can other applicants.

So I’ve decided to share my experience of going through the mortgage application process and hopefully, it will help anyone thinking of applying.

So basic information first. I’m 29-years-old and I made a joint application with my partner. I work part-time and he works full-time. We have two children.

Honestly, when starting out I didn’t know what to expect. Neither of my parents has ever bought a house, they’ve always rented, so I have no frame of reference for buying a house.

One thing I found really helpful was first-time buyers events and talks. I went to several and not only found out information not available on any website but also a company that would seriously take the stress out of the process.

Before starting our application my partner attended an event held by Finance One, a financial services company.

We arranged a meeting with them after the event, where they sat us both down and walked us through everything we needed to do. They then sent out our application to several banks. This was all completely free of charge.

I heard a lot of information on what banks will be looking for, but when it came down to it I found out that some of this information was incorrect.

They do look for a lot though and the sooner you can have all your documents in order to send off the better.

One thing I will say straight off the bat is don’t ever send off an application if you know you don’t have everything on their checklist included. They won’t even entertain it.

What’s important?

• Good credit score
• Permanent employment even if it’s part-time ( this may differ for solo applicants). Some banks will require you to be in your job for over a year.
• Deposit
• A proven track record for saving
• No gambling (big red flag for banks)
• Proven ability to pay bills/rent

One thing that you don’t have to do is hide the fact that you’re spending money.

I had heard from so many people that I would basically have to starve in the months running up to my application.

This is completely untrue. Banks aren’t looking for people who don’t spend money. They’re looking for people who spend money wisely. They want to see that you can manage your finances well and know how to budget.

One thing about your neighbours could seriously affect the value of your home They will want to know everything about you. One bank asked me for my favourite colour (no word of a lie).

Once you have everything in though it can all happen much faster than you think. We put in our application last November and found out we had been approved in December.

Right now I’m in the midst of house hunting, which is a while other article.