MORTGAGE TIPS Get yourself ready for a mortgage application and don’t leave it to chance with our 10 Top Tips!

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Plan and get organised: You are thinking of getting a mortgage and this could be for all sorts of reasons. You might be moving home, looking to remortgage, buy an investment property, looking to buy your first home or looking for some kind of commercial finance.

Whatever it is, the principles of applying for a mortgage/finance are the same and we will need (should I say the lender will need) certain documents to evidence your application.

Because we are independent mortgage advisors we can access all the lenders. You might be surprised to learn how different they are when it comes to assessing whether they will lend to you or not.

If you don't want to leave it to chance and you want things to run smoothly our 10 top tips are designed to help. This document is designed to give you a flavour of the sorts of things we will need and the idea is to help get yourself prepared and to make sure things go through smoothly and quickly.

10 Tips To Get Yourself Prepared for a Mortgage Application: 1. Find out exactly what documents you are going to need as early as possible.

2. Start collecting those documents and once you have them, give them to your mortgage broker in one go.

3. Be careful with online bank statements, if they aren't produced properly they won't have your name and address on them. You would think the banks would make it easier!

4. If you are self-employed you will need to get your accounts done if they are over 18 months old.

5. If you are a Ltd company director, a lender is likely to treat you as self-employed (depending on your shareholding) so make sure you have your accounts up to date and ready to go. Again they can't be more than 18 months old.

6. If you are employed make sure you have at least your latest 3 months payslips to hand.

7. For employed applicants who have bonus or commission, it is helpful to have your latest P60 and sometimes your last 2 years P60's to show a track record of "other" income.

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8. As much as you can have a clear plan of what you are trying to achieve, but don't worry if you aren't sure we can help you formalise this.

9. Don't offer on a property until you know exactly (not roughly) what you can do. We have heard too many stories of banks saying yes, yes, yes, and it turns out to be no, no, no!

10. Trust your mortgage broker and their team to deliver. If they say yes, you should expect them to deliver. They can be hugely helpful to liaise with all the relevant parties (solicitors, accountants, estate agents etc). A good mortgage broker and their team should be focused on helping you secure the mortgage but also make the whole process as smooth and as easy as possible.

Need a little help? If you need a little help or are ready to go, we are here for you. We are a friendly bunch and we just want to help. We know it can seem complicated and sometimes a little intimating but don't worry, we have seen it all before.

We are not your typical (and mostly dull) advisers, we like to do things differently and better. We are constantly challenging ourselves to improve the way we work from our systems and processes, to how we work with our clients (our most important people - that's you) to make things better.

Oh and we certainly don't take things for granted. So what do you want to do next?

As they say…'Just do it’, what's stopping you!

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For more information, please contact one of our friendly advisors who are always happy to help: info@barr-fs.com

www.barr-fs.com

© 2017 BARR FINANCIAL. ALL RIGHTS RESERVED

Your home may be repossessed if you do not keep up with repayments on a mortgage or any debt secured on it. Barr Financial Services is regulated by the FCA. FCA no. 506976.

Barr Financial is a trading name of Benjamin Parry who is authorised and regulated by the Financial Conduct Authority. Our FCA Number is 506976. The FCA does not regulate some investment mortgage contracts.  Barr Financial are also members of the NACFB (National Association of Commercial Finance Brokers). The Commercial Mortgage Sector is currently a non-regulated activity, as defined by the FCA. Therefore client protection is limited. The only recognised body is the National Association of Commercial Finance Brokers. The NACFB has established complaints and disciplinary procedures designed to eliminate unacceptable working practices amongst its members and Barr Financial subscribe to their standards.

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