Getting a mortgage or re-mortgage in Devon

Westexe Mortgages are probably the most recognised name in Devon for helping people to get a new mortgage to purchase a property or to re-mortgage an existing property. Trading for over 40 years from the same location in Exeter with a combined knowledge bank of over 39 years.

We take great pride in helping people to choose the right mortgage and advising our many satisfied customers on how to get the right mortgage for them. Choosing the right mortgage takes time and careful consideration, not only by the applicant but also listening to expert professional advice. There are many tips that we can give to increase the likely hood of getting the best mortgage from the whole of the mortgage market;

  • Firstly look after your credit profile as carefully as possible, it’s important not to miss or make late payments on any credit agreements you have
  • Avoid County Court Judgements and Defaults, these will have a dramatic effect on the likehood of getting a good mortgage
  • Make sure you appear on the electoral roll where you have lived for the 3 years leading up to your mortgage application
  • Try not to live at too many different addresses over the last three years
  • Portray a good employment history, do not change jobs too often
  • Do not build up too much debt as this will impact on affordability and may cause some lenders to decline you as being over committed
  • A small credit card paid off in full each month will help to build a good credit score
  • If your self-employed you will need to show a good Net profit to help towards borrowing enough, do not keep it artificially low to reduce your tax liabilty
  • Make sure your bank account is well conducted, no un-agreed overdrafts or returned direct debits
  • Try to build up as much deposit as possible, the the larger the deposit and the lower the mortgage, the better interest rate you will get
  • There is no harm in a family member helping you towards the deposit as most lenders will accept this and it will help to keep your interest rate down
  • Do not take out a loan towards the deposit as this will effect how much you can borrow and most lenders do not like this
  • It is not necessary to only go to your bank for a mortgage, look at the whole market with the help of a mortgage broker

Finally choose a name you can trust if you are seeking independent mortgage advice, check out their reviews, what they offer and talk to them before making any decisions.

Peter

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Posted on August 23, 2018 by Peter Marriott, in: Staff posts

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