Checklist of things to consider when applying for a mortgage

Checklist of things to consider when applying for a mortgage

Here’s our handy checklist of things you need to consider when applying for a mortgage. If it’s your first mortgage, the number of things to consider can initially appear quite daunting – hopefully this guide should help you through it. But even if it’s not your first mortgage, this should still serve as a useful reminder. Above all else, thinking more carefully about every aspect before you commit to a mortgage is time well spent and it could save you a lot of stress later down the line.

1 Mortgage advice pays. The first and foremost thing to remember is that professional mortgage advice can really pay off when it comes to finding you the right mortgage. Here at Mortgagez we’re always happy to help whatever your requirements and we have a wealth of experience when it comes to finding you the right mortgage (even when others have failed!).

2 Your budget. Check out one of the many mortgage affordability calculators that are onlineto help get you started in planning what mortgage you can afford as it will pay off in the long run.

3 The market. The market is a hugely important factor to consider when applying for a mortgage. However, try not to get too caught up in the highs and lows of the property market.

4 Your credit score. It’s never been easier to check your credit score. If you’ve never checked your own credit score you should definitely look to do this before applying for a mortgage.

5 The difference your deposit will make. A bigger deposit will always help you get a better mortgage deal coupled with lower monthly payments so it may be worth saving a little longer.

6 Different types of mortgages. Fixed or variable rate product? Fixed rates tend to be more expensive but give the buyer more stability and peace of mind. Variable rates move with the market so there is clearly more risk if you are on a tight budget and rates start to rise rapidly.

7 Existing debts/commitments. Any existing loans, car hire/purchase agreements or credit card debts, will be taken into account by the lender when looking at your application.

8 Your job/income security. Losing your job could tip the balance when it comes to covering your commitments so consider income protection insurance carefully as part of your mortgage.

9 Stamp duty. Paid on any property purchase of more than £125,000 so it’s important to factor this cost into your budget. 

10 The cost of moving. It’s worth checking out moving costs and typical availability well before you need to book and it could save you money in the long run by doing so.

At Mortgagez we don’t charge a penny for our service – it’s completely free when you use our portal as we are paid by the lender; not you. Our aim is to find you the best mortgage deal from across the whole of the market, saving you both time and money. We can also offer you a range of independent solicitor options via our portal with integrated application tracking from start to finish so that everything you need for your mortgage is all under one roof.  

For an up-to-date view, why not compare and secure the best mortgage deal for you TODAY by completing a quick quote online and seeing how much money you could save.


Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.

Article written: June 2020

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