What to expect for 2022
With yet another unpredictable and slightly strange year coming to an end, you are likely to be thinking about your plans for 2022 as a homeowner. If applying for a mortgage is part of your plan, there are a few things to check that will support your eligibility and help you prepare for the new year.
This time of the year can bring some money struggles, however if you are financially ready to make an appointment with us, you can ensure that we will work hard to find you the best mortgage deal that suits your budget. As part of our service as a mortgage broker, we will look at multiple lenders during your application process and compare their criteria against your current circumstances.
What will lenders look at in 2022?
Before they prepare to lend you money, lenders will want to know you are trustworthy and able to make your mortgage repayments. Being rejected by a lender can show up on your credit report and be detrimental to future applications, so it’s important to know the criteria and your likelihood of being accepted first which is an important part of our job.
Most lenders will look at…
Proof of income including three to six months of payslips and your most recent P60.
Your expenditure such as credit cards, outstanding loans, any insurance policies and household bills. You may also be asked to estimate other living costs and show bank statements to back this up.
If future scenarios will affect your ability to make payments. This could be in circumstances such as being made redundant or if interest rates change.
Staying in contact with your lender is key to a quicker, easier mortgage application, especially during busy times when they are overwhelmed with applications. We take care of the necessary communications and are able to promptly provide documentation when requested so that your application keeps moving along.
If you need help with your home and mortgage plans for 2022 please get in touch and we can get your new year off to the smoothest start possible.