How To Get a Mortgage

How To Get a Mortgage

Many building societies and banks are sometimes reluctant to provide loans to either homeowner that are in search of new deals or first-time buyers. Here are the clear steps on how to get a mortgage.

Step one: Pay off your debts

Applicants who have no other debts are regarded as low-risk borrowers and lenders are much more interested in such applicants who have no other debts.

Step two: Save, save, save

Its time to save as much as you can once you are on an even financial keel. The greater the slice of deposit you offer to the lender, the greater access you will have to its best and cheapest mortgage deals.

Step three: Start stashing records

If you can demonstrate that you are having a reliable and consistent income, you will become an appealing prospect to a mortgage lender. Keep all pay slips and bank statements – if you are self-employed – you should produce as many yearly accounts as you possibly can.

 Step four: Face up to your borrowing History

Obtain a copy of your credit history from a credit reference agency before applying for a mortgage. This sets out all previous and current borrowing you have made and shows up all the difficulties a lender might identify, such as arrears, defaults, and any County Court Judgments against you. Getting familiar with the contents of your credit history before a bank lender does will give you a good start on the likely outcome of your loan application.

Step five: Research and compare mortgage deals

Once you are getting closer to a position where you have a full chance of being accepted for a loan, it’s your time to do homework on the best offers. Dialabank sets out the best deals whether you are an existing homeowner looking to switch deals or first-time buyers. It provides you benefit from its detailed research on all the products from the leading Loan Property players in the market and makes the right choice.

Step six: Use a mortgage broker if you are a difficult case

If your application has been refused or you are self-employed, have lived outside the country for some time, or have a patchy credit rating  – it is advised to seek out an independent mortgage broker or you can speak to a qualified mortgage adviser through dialabank.com. Our trained advisers will understand your requirements and your profile and help you find the most suitable mortgage offer.

Avail your Loan with Dialabank for Personalized Assistance

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Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.