Mortgage Advice – Getting ‘mortgage fit’ with Birmingham’s Caboodle Finance

Friday, October 23rd, 2015

Applying for a mortgage can sometimes appear to be quite daunting, so here are a few tips that might make life easier and give you the best possible chance of getting an approval:

  1. Check your Credit Report – You can register for a 30 day free trial with Experian (www.experian.co.uk) or Equifax (www.equifax.co.uk). Alternatively, register ‘free for life’ with Noddle (www.noddle.co.uk) to receive a copy of your report every month without charge!
  2. Correct any errors on your report – If you spot anything wrong then contact the company involved and ask them to correct the error. If they refuse you may have to complain or take matters to the ombudsman but it’s better to get the matter resolved than ignore it…..it may be 6 years before it goes away!
  3. Electoral Register – Make sure you are on the Electoral Role at your current address as this will improve your chances of getting a mortgage.
  4. Manage your credit carefully – Try to keep well below the limit on credit cards, store cards or overdrafts. If you have old accounts you no longer use then close them. Some mortgage lenders may penalise you if they think you still have access to unused credit limits or facilities
  5. Keep payments up to date – Just one missed or late payment on finance can be enough for some lenders to refuse a mortgage. Always set up a direct debit to pay the minimum payment in case you forget or go on holiday, you can always pay the full balance later.
  6. Remove ‘Links’ or ‘Associations’ to any ex-partners – This is especially important if they’ve had credit problems in the past as through the ‘Link’ or ‘Association’ it could affect you.
  7. Don’t take out any payday loans prior to applying for a mortgage – Some mortgage lenders will not provide a mortgage if they see that a payday loan has been used in the last 12 months, even if it is settled.

Mortgage Advice from Birmingham’s Caboodle Finance

If you are struggling to understand your credit report, then speak to a well qualified and professional broker such as Caboodle Finance. They will be able to review the report and guide you in the right direction. Don’t despair if you have some problems showing on the report as they may be able to find a lender willing to help when others have said no!

Also, if you have already been turned down by a lender then STOP and speak to a broker. Don’t be tempted to try the next lender on the high street as this may result in several searches (or “footprints”) being recorded on your credit file unnecessarily, which can then also have a negative impact on your credit rating.

Next month, we will look at the documents that will be required when making an application. In the meantime, if  you are in need of great mortgage advice, just call Birmingham’s Caboodle Finance today on 0121 308 9114 or click HERE to contact us by email and we will get back to you.

Fields marked with a * are required.

Click here to view our data protection policy

Click here to view our Customer Privacy Notice

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2017 Caboodle Financial Services Ltd