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27 Jun 2017

How to make your offer more attractive to sellers

Author: Greg May

With an average of ten buyers for every one property on the market, competition is stiff. This, coupled with the requirement for lenders to stress test applicants, make it all the more important for buyers to get their finances in order.
 
Check your credit score 
Everyone in the UK has a credit score, this score is used by lenders to determine whether you are likely to make repayments on time and in full. Before going through the mortgage application process, it’s advisable to check your credit score yourself to avoid disappointment further down the line. 
 
Avoid overdrafts and unpaid bills
Avoid going overdrawn or missing payments as this will damage your credit score making you an unattractive option for lenders. Whilst you can still use overdraft services and credit cards, we recommend repaying the balance to demonstrate your ability to repay debt. 
 
Save up as big a deposit as is humanly possible 
There is no right or wrong when it comes to how much to save towards a deposit, it all boils down to how much you want to borrow and, how much you are willing to repay each month. The general rule of thumb is, the larger the deposit the lower the mortgage repayments. 
 
Greg May, Romans Mortgages Director explains: “To access the lowest rates, I recommend offering a deposit of 10% and upwards. Another option which may lower the monthly repayments is to take out mortgage over a longer term. Speaking to an expert mortgage adviser will ensure you find the right deal for your circumstance.”
 
Stop spending! 
In the run up to your mortgage application we advise keeping your spending to a minimum to maximise the amount of disposable income you have. Lenders may go through your bank statements to examine what you spend each month when determining if you will be able to repay your mortgage. This also applies to credit cards. Avoid maxing them out in the month’s leading up to your mortgage application as this could have a negative effect on your credit score. 
 
Get pre-approved
With more buyers than houses for sale, you can increase your chances of getting acceptance on your offer if you have been pre-approved for a mortgage. Not only will this demonstrate your ability to borrow a specific amount, it will also show that you are serious about buying a property and therefore less likely to pull out of the sale. 
 
For expert mortgage advice, contact Romans Mortgage Services on 0118 3219 536
 
Your home may be repossessed if you do not keep up repayments on your mortgage.
 
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
 
MAB 8437
 

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