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
www.dwh.co.uk

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[