4 Tips To Help You Learn How To Get A Mortgage In Essex

If you need to commute into London, or you want to live somewhere with access to plenty of open space and amenities, Essex is a great choice. Recent reports show that parts of Essex are among the most affordable for commuters, including Basildon – recently named most affordable place for commuters due to its favourable property prices and relative low cost of train travel. As well as Basildon, other Essex hotspots were named top places for commuters to live by CBRE, including Braintree, Southend and Harlow. But while property prices remain lower than in the capital, it can still be difficult to get a foot on the property ladder and secure a mortgage in Essex.

Here are a key few tips:

  1. Shop Around

You will find that not every lender finds you an attractive mortgage prospect, but don’t let that put you off. Expect that some lenders will not want to lend to you. Every lender has a different set of criteria and decides on their loans in a different way. Take a look at a number of different options and don’t give up. You can give yourself the best appearance by saving enough money for a sizable deposit, being in good steady employment, and having a good credit rating. Go to one of the mortgage brokers Essex offers in order to find out which lenders are likely to give you a good deal. When looking for a mortgage broker Essex gives you a good choice – look for someone independent with a good reputation.

  1. Check Your Score Before They Check it First

A mortgage lender in Essex needs to know that you are a good prospect for paying back a mortgage loan on time and meeting expectations. They will look at your credit report to see your history of repayments. Your credit report is for all credit cards, mortgages, overdrafts, loans and some utilities over the last six years, and you can check this report for free. If there are errors in the report then it is very important to correct them if you can. If there are no errors and your credit report is not strong it may be worth correcting your financial behaviour and waiting before you apply for a mortgage.

  1. You Must Register to Vote

It may be possible to get a mortgage in Essex with a perfect credit score and not be on the electoral roll, but it is highly unlikely. The data on the electoral roll is used by lenders to ascertain that you are who you say you are, and that you are not laundering money or otherwise acting unlawfully. Add yourself for free to the electoral roll and do it as soon as possible as it can take a little time to be finalised.

  1. Cut Financial Ties with Ex Partners

Even if your ex-spouse has a great credit record now, if he or she gets into trouble further down the line and you previously had joint credit arrangements with them, it can hit your own credit score and mortgage chances. “De-link” yourself from your ex in order not to be tarred by their financial brush.