Ask Emilia

My top tips when applying for a mortgage

Emilia is the Sales Director at Metro Finance, the largest shared ownership mortgage provider. Metro Finance helps around 2,4 00 shared ownership buyers each month, working with more than 90 housing associations to make the process for the buyer as simple as possible, and helping to innovate the shared ownership product. Emilia has worked with Metro Finance for over 10 years, specialising in shared ownership

Every day we help first time buyers secure their first property. When I brought my first house, even though I had experience within the industry, it was still an unnerving time for me as I applied for the mortgage and went through the process with the solicitors. And that was with knowing everything to expect!

If you’re planning to buy a house, these would be my top tips to prepare yourself:

1. Know your credit profile – Get a copy of your credit file. Many offer you the ability to sign up for a one-month free trial, and you can download a PDF to send to your adviser. This will alert you to any outstanding issues. 2. Understand your income – Lots of people have income that includes shift allowance, flexible allowances, overtime etc. It’s important to understand what parts of your income are guaranteed and what can vary. All lenders will treat income differently, so it’s important to give your adviser accurate information so they can maximise your lending. 3. Be ready with documents – You will need to provide bank statements, payslips,

ID etc. So, do a check early on; does your driving licence match your current address? Is your passport in date? Make sure you save posted bank statements, or that you can download your statements online from your online banking (most allow you to do this). Things can move very quickly in the housing market so its important to be ready so you don’t lose your dream property.

4. Be open and honest with your adviser

– It might feel like your adviser is being intrusive when they ask about whether you are expecting any more children, or how long you intend to live in the property, or how much you spend on your holidays – but actually on a personal level they aren’t interested! This is to gather the correct information to ensure they are recommending the most suitable and affordable product for you. Buying

a house is a major investment and commitment for you, and it’s important that you are recommended a suitable product. If you know there is a potential issue, don’t wait for someone to find it, let the adviser know upfront. This will make the process much quicker, and will ensure that they go to the right lender first time around. Otherwise, it could cost you your precious time or money switching lenders. Don’t be afraid to be honest.

5. If you don’t understand anything, ask

– Your adviser and your solicitors are working for you. If there is something that you don’t understand, make sure you ask questions. Everyone is there to help guide you through the process. This will be one of the biggest commitments, if not the biggest commitment you’ll ever undertake, so it’s important you fully understand

what you are entering into. The process can be much more stressful if you are confused about what is happening. 6. Know your budget – Think carefully about what you can afford when factoring in your other costs and make sure it’s comfortable for you. It is important now more than ever!

Buying a house will always feel daunting and unnerving. Even the most experienced within the industry feel this. So utilise the experts who are helping you navigate the process, and allow them to ease the pressure. It’s what they’re there for.

And always look forward to the future when you’ll have those precious keys in your hands!