How to apply for a new mortgage

By Beccy Stephenson on

Expert Guides

How to apply for a new mortgage 

Here’s a simple guide to applying for a new mortgage

Applying for a new mortgage can feel like an overwhelming and daunting prospect, but it doesn’t have to be! To help, we’ve created this guide to explain the process and assist you with everything you need to know about a new mortgage and what is involved.

How do I prepare for a mortgage application?

Before you apply for your mortgage, you should check your credit report. Lenders will check your credit score to determine if you have a good repayment history in order to make a decision on if they can offer you a mortgage. 

Your credit report will show past and current loans, mortgages, credit cards and overdrafts from the past six years. You can obtain your credit report using a free trial from various companies, the best ones to use are Equifax, Experian or Check my File.com which shows the 3 most common sources that lenders will use.

How do lenders decide if they will give me a mortgage?

Lenders will check your credit score; alongside all the information you provide during the application process. This will include: 

  • Your household income
  • Any regular outgoings
  • Any debts you currently have such as loans and credit cards 
  • They will also do a ‘stress test’ to ensure that you will still be able to afford mortgage repayments if the interest rates were to increase.

Use our mortgage borrowing calculator to receive an estimate of how much you could borrow. 

What do I need to apply for a mortgage?

You will need to provide several documents and evidence for ID and proof that you can afford a mortgage. These may include: 

  • Passport or Driving Licence 
  • Last three months’ payslips 
  • Utility bills 
  • Proof of any benefits you receive 
  • Last three to six months of bank statements 
  • P60 from your employer 
  • If self-employed, you will need to provide two to three years’ accounts, tax return form SA302 and banks statements to support this information

When providing you with details and information, you need to ensure it is completely accurate. 

Are you a first-time buyer?

If this is your first mortgage, explore our first-time buyer mortgage advice to find out what’s different about a first-time buyer mortgage and read our top tips. You may also want to look at our Help to Buy expert guide if you’re looking to purchase a new-build property. 

Are you re-mortgaging?

Whether you’re looking to re-mortgage to save money, move house or complete renovation works, take a look at our expert re-mortgaging guide for information on how it works and the advantages and disadvantages that can come with changing your mortgage. 

How can a mortgage adviser help?

A mortgage adviser can help you to understand the terms and conditions of a mortgage and guide you through the whole process from start to finish. There are thousands of mortgages available, and with the help of an adviser you can be sure you’re finding the right one for you. 

Mortgage Decisions can help you today

Take a look at our mortgage calculators and get in touch to speak to your local mortgage broker on 08454 500200. Our friendly team of experts is on hand and happy to help.

With mortgage brokers in Winchester, Southampton, Farnham, Bishops Waltham, Alton, Chandlers Ford, Alresford, Romsey and Park Gate, you are never too far from mortgage advice.

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Beccy Stephenson
Beccy has over 14 years’ experience in the financial services industry, assisting and liaising with clients to ensure that their journey throughout the homebuying process runs smoothly. Helping clients to achieve their financial goals is something that Beccy feels is very rewarding. She also supports her colleagues by sharing her knowledge and enthusiasm for the business.
Back to blog

Excellent service with friendly staff who help you every step of the way. Russell and Max have been fantastic, professional and understanding throughout the process. Thoroughly recommend!

  • 5 star review on TrustPilotTimi O

I was highly impressed with the mortgage services provided. My needs were somewhat complex (some mortgage brokers refused to help me at all), but they managed to find me the best deal.

  • 5 star review on TrustPilotFee M

Toby was absolutely a knight in shining armour. Every step of the way he explained everything, he understood my situation and it felt like he was holding my hand through some turbulent times. I can't thank him enough.

  • 5 star review on TrustPilotSarah J

Throughout my process I have liaised with Toby and Louis. Always professional, friendly and informative every step of the way. Keeping me updated at all times in what is a most exciting time for me. Am so very grateful. Thankyou!!!

  • 5 star review on TrustPilotCaroline

Louis and Toby have been extremely helpful, They offered us advice and guidance throughout the whole process and they couldn't have done a better job. The service we received was exemplary.

  • 5 star review on TrustPilotCiara M