Page 20 - February 2022

EXPERT ADVICE
What do you need for a successful

mortgage application?

ESPC Mortgages’ Shirley Mushet shares her expert advice on the prep you
need to do to have the best chance of a successful mortgage application.

esidential mortgages are regulated
to protect both you and the lender, Some things to consider:
Rto ensure that you’re being offered
a mortgage responsibly. However, some • Check your credit report, and flag any AFFORDABLE HOMES
applicants can find that the application is a errors with the provider immediately.
frustrating part of the process. AVAILABLE IN EDINBURGH
• Keep payments up to date.
Lenders need to know who you are, therefore
being able to identify you is very important. • No credit isn’t necessarily good credit A number of properties at Cammo Meadows are ‘Golden Share’ homes
They need to ensure it isn’t a fraudulent – lenders want to know that you can meaning that the for sale price is capped at an affordable level – you will
application – so there’s quite a bit of paperwork manage credit. Getting a credit card own 100% of the property but the price is capped at 80% of the market
involved, and evidence required. and putting a small amount onto it, value on the fi rst sale and all subsequent re-sales.
paying this off every month is a good
idea. Maybury Road, Edinburgh EH4 8DY
To make the process easier, you should do
some ‘life admin’ prior to making a mortgage • Don’t have too much available credit
application. Make sure your passport is in (i.e. big credit limits), as this can cause
date, and update your driving licence, wage a lender concern.
slips, bank statements and credit agreements
(i.e. credit cards, loans or car finance) with the • Keep out of your overdraft, as some
correct name and address. Making sure you’re lenders view this as a lack of financial
on the electoral roll also helps. They sound like resilience, and a risk to their loan.
simple things, but you’d be surprised how many
people don’t keep these key details up to date!

Lenders want to know that you can manage All lenders differ in their requirements, and
your finances before they’ll lend. Credit it’s worth speaking to an ESPC Mortgages
agencies give them the equivalent of your consultant to help you on your journey and
financial CV – the credit report! You should be to obtain financial advice specific to your Two bedroom homes A range of apartments and houses Prices from £195,200
aware that your credit score doesn’t reflect circumstances.
what a lender will consider.

See the Difference at dwh.co.uk
ESPC mortgages offer expert independent mortgage advice of the information, no responsibility is accepted for any errors
in Edinburgh. Whether you are looking for first-time buyer which, despite our precautions, it may contain. or call 0333 355 8461
mortgage advice, are interested in finding out more about buy-
to-let mortgages or would like to re-mortgage, get in touch with The initial consultation with an adviser is free and without
the team on 0131 253 2920 or fsenquiries@espc.com. obligation. Thereafter, ESPC Mortgages charges for mortgage
advice are usually £350 (£295 for first time buyers). YOUR Offer available on selected plots only. Terms and conditions apply. See website for details, subject to contract and status. Prices correct at time of publishing if
The information contained in this article is provided in good HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP mentioned. Images include optional upgrades at additional cost. Following withdrawal or termination of any offer, we reserve the right to extend, reintroduce or
amend any such offer as we see fi t at any time. Barratt Homes is a brand of BDW TRADING LIMITED (Company Number 03018173), a company registered in England
faith. No advice is being given in this article, nor intended to UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS whose registered offi ce is at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire LE67 1UF, VAT number GB633481836. Calls to 03
be given. Whilst every care has been taken in the preparation SECURED AGAINST IT. numbers are charged at the same rate as dialling an 01 or 02 number. If your fi xed line or mobile service has inclusive minutes to 01/02 numbers, then calls to 03 are
counted as part of this inclusive call volume. Non-BT customers and mobile phone users should contact their service providers for information about the cost of calls.
These properties are available to those who meet the affordability criteria for the City of Edinburgh Council’s Golden Share scheme. Ask our Sales Adviser for full Ts&Cs.
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