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10 Point Mortgage Checklist
Need help getting mortgage-ready?
If you are thinking about buying your first home or moving to your next one, getting advice early can save time, reduce stress, and help you avoid costly mistakes. At RobMac Mortgages, we look at your full picture and help you find the mortgage that fits your needs. If you would like to talk through your options, get in touch and we will be happy to help. Here are 10 steps to consider as part of your mortgage application process.
1. Get your current home valued
If you already own a property, start by finding out what it is worth now.
You might not need to borrow as much as you think. House prices have changed a lot in recent years, and some homeowners still underestimate what their home could sell for.
Look at recent sale prices for similar homes in your area, and speak to a local estate agent for a current valuation.
The more accurate your starting point, the easier it is to plan your next step.
2. Improve the value of your home where it makes sense
If you are planning to sell, a few improvements could help your home stand out.
This does not mean taking on a full renovation. Often, smaller jobs such as fresh paint, tidying the garden, replacing tired fittings, or fixing minor wear and tear help create a better first impression.
Focus on work that is likely to make the property easier to sell and more appealing to buyers. If a job is expensive and the return is uncertain, think twice before spending the money.
3. Check your credit report early
Your credit profile matters whether you are a first-time buyer or moving home.
Lenders use information from your credit report, alongside the rest of your application, to help decide whether to lend and on what terms. Checking your report early gives you time to spot any errors and sort them out before you apply.
Make sure that you are registered on the electoral roll at your current address to help lenders confirm your identity. Experian and Equifax both say this can help your credit profile.
4. Reduce debts if you can
If you have outstanding loans, credit cards or finance agreements, reducing them can help strengthen your application.
Lenders look at your monthly commitments when assessing affordability. Lower debt often means more room in your budget for mortgage repayments. It can also improve your credit utilisation, which is one of the factors recorded on your credit file.
You do not need to clear everything overnight. Even a steady effort to reduce balances can help put you in a better position.
5. Close accounts you no longer use
Old credit cards and unused accounts can still sit in the background, even if you never touch them.
Closing accounts you no longer need can help tidy up your finances and show that you are managing credit sensibly. This is not always the right move in every case, but where accounts serve no purpose, it is worth reviewing them before you apply.
A broker can help you decide what is worth keeping and what is better closed.
6. Include all acceptable sources of income
When people think about mortgage affordability, they often focus only on salary.
Other income may also help support your application. This can include bonuses, overtime, commission, investment income, maintenance payments, or pension income.
Lender rules vary, especially around how regular and reliable the income needs to be, so this is an area where good advice matters.
7. Think about the mortgage term
A longer mortgage term usually means lower monthly payments, which can help with affordability.
Years ago, 25-year mortgages were the norm. Now, 30, 35 and even 40-year terms are far more common. The trade-off is simple: lower monthly payments, but more interest paid overall.
Age also matters. Many lenders set a maximum age at the end of the term, often somewhere between 75 and 85, though policies vary. Some lenders will also take retirement into consideration too.
8. Check if other assets could help your deposit
If you have savings, investments, or other assets, you might be able to use them to reduce the amount you need to borrow.
A bigger deposit often improves your loan-to-value ratio, and that can open up better mortgage options. A loan-to-value (LTV) is the ratio between the mortgage amount and the value of the property.
But do not look at the deposit in isolation. as it may not be the best move for you. The aim is not only to buy the property, but to stay financially comfortable once you are in it
9. Consider overpaying your current mortgage
If you are not ready to move yet, overpaying your current mortgage may help strengthen your position.
Overpaying reduces the balance faster, builds equity more quickly, and can cut the amount of interest you pay over time. MoneyHelper says overpaying means you pay less interest in future and pay off your mortgage sooner, while Compare the Market notes that overpayments can reduce your mortgage balance and total interest.
Before doing this, check whether your lender applies any overpayment limits.
10. Speak to a mortgage broker
Not every lender looks at applications in the same way.
Some are more flexible than others. Some take a broader view of income. Some are better suited to self-employed applicants, home movers, later life borrowers, or people with more complex circumstances.
RobMac Mortgages is independent and can access whole of market, with support for first-time buyers, next-time movers, remortgages, buy-to-let, self-build, commercial borrowing, and later life lending.