insideSUSSEX Magazine Issue 14 - April 2016 - Page 95

PROPERTY HOUSEBUILDER SETS MORTGAGE FITNESS GOALS FOR 2016 Local housebuilder, David Wilson Homes, who are building homes across West Sussex, including Horsham, has set itself an ongoing goal: to help local buyers get mortgage fit throughout 2016. With many West Sussex homeowners currently looking forward to climbing the property ladder, David Wilson Homes is on a mission to lend a hand by providing information and advice on how property hunters can secure the mortgage they need for moving up to a larger home. “Now is an excellent time to think about investing in a bigger property, but, even if you already hold a mortgage on your current home, gaining the extra funds you need is not a foregone conclusion,” says Rob Allen, sales director at David Wilson Homes. “A number of changes have been introduced to ensure lenders don’t allow people to borrow more than they can afford, and this is perfectly reasonable. But, these safeguards mean that even the smallest oversight can delay or prevent a loan being granted.” “There are lots of things people can do to enhance their chances of securing the very best mortgage offer, and many of them are straightforward. It’s just a case of being aware of some simple steps to give lenders all the information they need to make a favourable decision.” David Wilson Homes DAVID WILSON HOMES’ TOP TIPS ON GETTING MORTGAGE FIT ARE: Credit score It is important to know about the information others can access about your financial situation. You can find out online with the two main credit reference agencies: Experian and Equifax. Knowing your score from the off is crucial. If it’s not as impressive as you would like, you can take positive steps to improve it. Make a good impression Proving that you can manage your finances well, and that you are a responsible borrower, is key. If you have existing credit, be sure to make your repayments on time. This helps to build a picture that you are in full control of your financial affairs. Think carefully before stretching your borrowing to its absolute limit. Some lenders would consider this to be excessive. Paint a clear picture Don’t attempt to hide anything about your financial situation. It is always better to be up front and honest about your outgoings. It’s all about who you know Lenders are rarely interested in your family’s credit score, unless you have joint finances. If you feel a family member, partner or housemate’s situation may damage your application, be sure to keep your finances completely separate, including bills and accounts. Time to make history Many people believe that having no history of credit is a good thing. That is certainly not the case when you apply for a mortgage, and that doesn’t just apply to first-time buyers. Although you should never get in debt to build up a credit history, by taking out a credit card 95 and using it regularly, ensuring you pay off the bill ]H[