On this episode of the ReadytoBuy Podcast, we talk you through how to represent yourself in the best possible light.

Time Stamps

PART ONE

00:00 – Introduction

01:38 – ‘Getting Yourself as Presentable as Possible’

03:58 – Credit Files

• 04:18 ­– Not Missing Any Payments
• 04:48 – Pay-day Loans
• 05:47 – Not Taking Out Any New Credit
• 06:34 ­– Don’t Push Credit Cards to the Limit
• 08:00 – Overdrafts
• 09:03 – Monetary Disputes
• 10:22 ­– Addresses and Voters Roll
• 11:46 – Spending on Luxuries
• 13:03 – Gambling
• 14:20 – Separate Accounts

INTERMISSION

15:16 – ‘Definitely Not A Silly Question’ Segment 

15:45 – “Can having no credit commitments mean that I don’t get accepted?”

15:51 – Answer

17:06 – Contact Info for Questions

17:32 – Risk Warning

PART TWO

18:10 – Being Open with Your Mortgage Broker

19:06 – Get Documentation Ready

• 19:32 – ID
• 19:50 – Marriage and Names
• 20:14 – Scanning of Documents
• 20:43 – Payslips and Self-employment Documents
• 22:00 – Bank Statements
• 24:21 – Concluding Thoughts on Documents

24:58 – Closing Thoughts

25:26 – Conclusion

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Notes

(00:00 – 01:37) Introduction

• Website: www.MHCMortgages.co.uk 

(01:38 – 03:57) ‘Getting Yourself as Presentable as Possible’

• This is not about physical appearance, rather financial presentation to lender(s).
• A good metaphor is a lender having a blank sheet of paper and some basic info and using this to decide whether to give you a loan.
• No one thing will guarantee you get a loan.
• Marginal improvements on your record is the best way to think.

(03:58 – 10:21) Your Credit File

• Not missing any credit payments is very important! It doesn’t necessarily have to be actually missing a credit payment, often it is more to do with late payments. I would advise that you set up a direct debit for your credit card minimum payment so you don’t accidentally miss payments.
• Pay day loans – AVOID these like the plague! These tend to show desperation on your part and demonstrates to lenders that you are either struggling financially or, at best, cannot manage money...