It is no secret that applying for a mortgage is an overwhelming and stressful process, therefore there is very little room for mistakes. Making mistakes while applying for a mortgage can greatly affect your application and can even determine whether it gets accepted by a lender or not. Therefore, you should make sure that you follow the process correctly. If you are beginning your mortgage application, here are some common mistakes that you should avoid making.
Missing out details
When it comes to applying for a mortgage, one of the easiest mistakes that can be made is missing details on your application form. Not including certain details on your application can not only delay your house purchase but could even mean that your application could get rejected. The main details that you should include in your mortgage application is your income and expenses, details of your credit score and details of your current address and deposit. But you should also remember to include details such as any regular childcare payments that you make, details of your previous addresses, any extra income that you receive and where your deposit came from, so make sure to provide as much detail as possible.
Getting your income wrong
As well as making sure you provide all of the right details, you also need to make sure that you provide the right income. When you fill in details of what you earn do not round your figure up or estimate, as this will affect your applications. Find out exactly what you earn before you apply. If you receive any bonuses or commission, you will need to enter these separately instead of adding them to your basic salary.
Bending the truth
When it comes to filling out any application, you should avoid telling any lies, but this is particularly the case when it comes to a mortgage application. Your lender will thoroughly check your application forms and will ask you to provide evidence of the details that you supply. Therefore, lying on your application will mean an immediate rejection and you could even be prosecuted for fraud. So , for example you shouldn’t claim that you have a larger deposit than you do, earn more money than you really do, or even state that you will live in the house yourself when intend to rent it out.
Using the wrong broker
Lastly, when it comes to applying for a mortgage you should avoid using the wrong broker. Using the wrong mortgage broker could mean that you will face high fees for their service, or you may be given false information regarding the market. Therefore, you should us a broker that you know you can trust and know that they will help you to find a mortgage that is perfect for you and your current situation. So, if you are a first time buying or are planning to re-mortgage your house make sure to get in touch with GPD Mortgage Solutions for expert advice that you can rely on!
