Things To Do Before Your Initial Mortgage Application Meeting

‘Mortgage’ is a bit of a scary word for some people. It can symbolise huge amounts of money and a lot of paying back.  But it’s also the way to invest in bricks and mortar and move into the next stage of your life. After moving back home at the end of February we’ve been saving as much as we physically can. Every extra penny I can afford to put away is squirrelled away in a fund. And it’s exciting seeing our money grow and think that in 6-9 months time we could be in our own home.

I’ve been through the mortgage application process before with my flat. But this time it’s going to be totally different. First of all, there’s two of us doing it, and Luke is self-employed so that’s a factor we need to take into consideration. And it’s not shared ownership, we’re going all-in on our own. We’re at the stage that we’ve had a mortgage in principle done online. But by the time this post goes up, we will have had an official meeting with a mortgage advisor.

It all feels far more real now, but we’re doing everything we can to put ourselves in the best position we can. Here are some of my top tips to do before your initial mortgage application meeting to put yourself in the best place.

Check your electoral role

Your electoral role is where you’re set up to vote from and is something which proves where you are living. If you’ve moved around a lot, or have just moved recently you might find that your address here is wrong. One of the first things I did when I moved out of my flat was changed this back to my parent’s address. This is essential as when you have to declare your current residence this acts alongside this.

Make sure your address matches everywhere

There are a lot of places which may have your address, but it’s so important they all match where you’re currently living. This includes any utilities including mobile phone bills, your bank accounts and your driving license. The later was one I had forgotten about, but it’s free to change your address and the DVLA will send you a new license straight away. I got mine through 2 days after applying which meant it arrived before our meeting.

You’ll need to take proof of address to your mortgage meeting so making sure any bills have the right address is so important. It’s an easy thing to forget when you don’t get physical bills/ statements through the post.

Pay off any small amounts of credit you may have

Obviously, a mortgage meeting looks at your financial situation and where you’re at. So if you have any small bits of finance such as a little bit on a credit card, or something you bought on a store card, pay them off. The more things you clear the better as it shows you can manage your credit well. But also you have less to pay off when you have your mortgage.

Have a plan of when you’ll finish paying off any outstanding credit

If there’s anything you can’t pay-off, take all of the information with you to your meeting and have an idea of when you will clear it off. For example, we have a credit card which we know will be paid off before we actually apply for a mortgage, but isn’t cleared off now. And we know we have a loan for Luke’s van which is paid out monthly. For this we have a statement to show the monthly instalments and when it’s due to finish being paid for. Your mortgage advisors will want to see this kind of information.

Print your documents out in advance

There are plenty of things you’ll need to take with you to your mortgage meeting so make a list and get them printed. I needed proof of address so had to print off a phone bill and my last 3 month’s payslips. Then you’ll need your last 3 month’s payslips and your latest P60 if you’re employed. Or your last 3 years tax overviews if you’re self-employed.

Being prepared and taking all of these things along with outlines of any money you owe will be a huge help. This could be your student loan statement, any car finance etc. The more information you can provide, the better.

Have you ever applied for a mortgage?

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