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Can I get a mortgage?

Whether or not you are able to get a mortgage will be dependent on you current personal financial position, as well as your financial history. As well as this there are also many different types of mortgage that will have different qualifying criteria that you will have to meet to be accepted.

Your financial situation

Your personal financial situation will have a massive bearing on whether or not you are accepted by a mortgage lender. One of the first things you will have to do is provide proof of a regular taxable income. This can be done simply by producing payslips from your last three pay cheques, as well as your latest P60 form. On the other hand, if you are self-employed you will be required to produce a copy of your accounts. Most lenders will want at least twelve months on the accounts.

You will also need to have the required deposit available when applying. Some lenders will want proof of your deposit, and the fact it is coming from an acceptable source, prior to accepting your application.

Your credit history

A poor credit rating affects many people when they come to apply for a mortgage. Your credit rating will be determined by your history of meeting financial obligations, such as bills and rent payments. If you have failed to meet contractual financial obligations in the past, then it is likely that your credit rating will have been adversely affected.

If this is the case a mortgage lender is likely to reject your application. If your credit rating is perfect then a mortgage lender would have a high level of trust in the fact that you are going to meet payments. However the lower your credit rating, the less trust a lender will have in you, until it gets to the point where they will reject your application.

Remember different mortgages have different qualifying criteria in terms of deposits, and different providers will have differing policies on acceptance with regards to credit history.

If you have any questions related to your financial situation and getting a mortgage, please contact one of our advisors who will be happy to help.

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