When the times comes for you to remortgage or buy for the first time, there are certain things you can do to speed up the process.
If you can get yourself as mortgage ready as possible (possibly around 6 months prior to you needing a mortgage) then when the time finally comes, you will be in a much stronger position and your mortgage could go through much quicker.
So what can I do to get myself mortgage ready?
When applying for a mortgage or when remortgaging, your lender will perform an affordability test on you, to see if your finances are in order and ultimately decide if you are trustworthy enough to lend money to.
The tests will include a look at your income vs your expenditure, so it’s important that you are able to show that you are capable of keeping your finances in order.
The main thing is to prove that your spending patterns are in line with how you see yourself when you have a mortgage. If there are any cutbacks you can make, then now is the time to make them. Perhaps if you have a gym membership that you don’t use regularly, or you have a subscription to Sky that you probably don’t need, then it would be a good idea to cancel them for now, just to save you that extra bit of money. After all, every penny counts!