Our top tips for obtaining a Mortgage! TIP 1

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2 Our top tips for obtaining a Mortgage! Here at Lentune we want you to be successful when applying for a new mortgage - whether you're looking to purchase your first home, if you're looking for additional finance for home improvements, or moving home. So, we decided to produce this e-book - it's short, concise and full of ideas that you can use to increase your chances of success. We can't guarantee results - but by implementing these ideas you will be doing all you can to improve your chances! TIP 1 Download your Credit Reports It's important before you begin the process of looking for a mortgage, that you know what is showing on your credit report. The two main credit reference agencies used by lenders are Experian and Equifax - if you download both reports, you will view what the lenders see when assessing you for a mortgage. Or, visit Check My File or Noddle for free reports! Review the report in detail - identify any credit accounts that are no longer used - for example, historic credit card accounts and ensure that they are showing as 'Closed' on your report. If they are not, contact the provider mentioned to have this actioned. If those 'open' accounts with a zero balance were viewed by a mortgage lender, they could assume that you have access to the credit limit on that account - as a result, this could reduce the 'credit score' on your record. If you dispute any item showing on your credit record, first of all contact the credit reference agency - they will assist you in contacting the provider to query the records.

3 If you have any information on your credit report for missed or late repayments, defaults or County Court Judgments, these will need to be disclosed to any potential mortgage lender. It is also crucial to be registered on the electoral roll, which is easy to do through your local authority. TIP 2 Make an appointment to see an Independent Mortgage Adviser Once you have your credit reports, get in contact with a local independent mortgage adviser to discuss your plans. If your chosen adviser is 'whole of market' they can complete full market research for you - importantly, initially without a credit check taking place. They are able to check whether you are likely to qualify for a particular mortgage deal, before this is required. If you approach lenders directly instead of using a broker, many will conduct a credit check on you before they will tell you whether they can assist. This can be a risky exercise - as you can get disheartened if you are turned down by a lender - however, that is not to say another can't help you! Lenders have their own individual lending criteria - so your circumstances may be acceptable to one lender, but not another! Before your meeting, if you are employed, collate your latest three monthly payslips and P60, together with identification documents and three months of bank statements and evidence of your deposit. If part, or all of your deposit comes from a family gift, you will need to show evidence of where those funds have been provided from, and the family member will need to provide a letter confirming the gift, along with identification. If you are self-employed you will need to supply details of your last three years' company accounts, or SA302 tax returns. If you have been trading for less than three years, please make your adviser aware as soon as possible.

4 TIP 3 A few Don'ts!! DON'T make an offer on a property until you KNOW a mortgage is available for you! DON'T market your existing property for the same reason! DON'T assume that because you already have a mortgage, that your lender will allow you to take it with you! If you remember these three rules, you will save yourself a lot of stress, time and potential disappointment. TIP 4 Price Comparison Sites and Best Buy Tables If you are completing your own research into obtaining your mortgage - a word of warning if you are using price comparison websites, or 'best buy' tables in newspapers or online. Many mortgage lenders do not use these sites to promote their mortgages - therefore by using these, you may be missing out on some great mortgage deals. If you are using a 'whole of market' mortgage adviser, they will have access to many more lenders, and mortgage deals than you may be able to research yourself.

5 TIP 5 Don't be misled by the 'lowest' rates! An important thing to consider when deciding on your new mortgage (whether researching the market yourself or through an adviser) are the mortgage arrangement fees. Most mortgage lenders offer three levels of charging for their mortgage rates. You may select the lowest rate on offer, but that will normally have the largest arrangement fee - for example around 1,000. However, the lenders will offer alternatives - for example, a mortgage with a slightly higher rate could have a cheaper arrangement fee - for example around 500. The third option normally available is an even higher rate, but with no arrangement fee payable to the lender. Some lenders also charge 'booking fees' which are payable when a full mortgage application is made. Most 'Best Buy' tables published offer 'headline' rates - which sometimes are the ones with lowest rates (and highest arrangement fees)! SO...THOSE ARE OUR TOP 5 TIPS! If you would like to discuss your plans in more detail, please give me a call on or - stuart@lentunegroup.com YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE For mortgages we can be paid by commission, or a fee of usually 495 or a combination of both. Lentune Mortgage Consultancy Limited is an appointed representative of Sesame Limited, which is authorised and regulated by the Financial Conduct Authority. 8 Blakes Yard, New Street Mews, Lymington, Hampshire. SO41 9NW