The past 18 months have been a crazy surge of scrimping, side hustling, power saving and late nights in order to get a deposit together to put down for me and Miss Breakaways’s first house.
We’re finally at a stage where we can see the finish line and need to consider getting our documents ready for our mortgage application. We’ve built up our credit rating over the past year and a half by getting credit cards and paying these off in full and got ourselves on the electoral register too.
We want to give ourselves the best chance of getting approved and want to get the best deal possible. However, it’s clear that there are some parts of the mortgage screening process that are a little more difficult to swing in our favour.
Since the FCA made some changes to the Mortgage Market Review it has become more difficult for some families and individuals to meet the affordability criteria. The following groups have been affected the most:
- Individuals earning £25k or below
- Self-employed individuals
- Those that have not built up positive credit history through credit cards/loans
The following infographic from Ipswich Building Society breaks this down further.
I’ll be following this post with an update of our mortgage application.
Have you had any trouble in the past getting approved for a mortgage? Tell me more in the comments!