what to do before mortgage...?

coolasacucumber

In about 9-12 months I'll hopefully be buying a house. I'll have a sizeable deposit, c. 30-60% depending on price, and won't be stretching myself with the mortgage.


I am self employed with a relatively low income, so I want to be well prepared when the time comes.


Apart from saving as much as possible for the deposit, what else can I do in preparation?


I've been opening current a/c's for the incentives, just Halifax to do then I've completed all the switching offers. But - I've heard that may have had an impact...


Any advice greatly appreciated.


Many thanks.

Hoploz

Best thing to do is keep your credit file steady - don't go opening loads of new accounts or spending loads on your cards as this would be unusual activity.

nancmat

make sure all your accounts are up together, with at least 2 years good books

ReadingTim

Speak with a mortgage broker now to find out what mortgage providers requirements are in respect of those who are self employed

Improve your credit rating by repaying debts, closing un-used credit cards and other credit facilities

Earn more, spend less

kingstreet

No more credit searches!

Every time you open a current account, a search leaves a footprint on your credit file visible to other lenders for upto twelve months.

Try to be search-free for six months before you apply for a mortgage agreement in principle. Then apply for only one AIP prior to submitting a full application to that, or any other lender.

coolasacucumber

Thanks for the comments. Could I ask what an AIP is please?

kingstreet

coolasacucumber wrote: »

Thanks for the comments. Could I ask what an AIP is please?

before you apply for a mortgage agreement in principle. Then apply for only one AIP.