Getting a mortgage quote is based on your personal details – work history, income, credit history, mortgage history and ability to pay. To get the best rates you will need a good credit history, any credit problems and the interest rate will start rising – in real terms the best interest rates are linked to your history on repaying your debts.
Two tips if you looking to obtain the best mortgage quote you can get:
1. Try and get together all the information you will need, its is a waste of time seeing an advisor if you do not have all the paperwork with you. You should have: wage slips, accounts if your self employed, 3 months bank statements and a list of any debts you already have and the repayment details. You should note any credit card balances.
2. Credit Checks – when you apply for any mortgage the prospective lender will look at your history. So you do not come into any problems go on-line and use one of the credit check agencies and print off your credit report – you do not need to pay extra for the credit rating or score as this data changes with each mortgage lender.
Place all your paperwork in a folder and you can give this to the mortgage advisor, this will help then greatly in accessing your needs and matching your circumstances with a mortgage lender. Take a close look at your local area and try and find a property that has sold recently that is similar to yours – this will give you an idea for valuation purposes.