The government is expected to announce changes to stamp duty today to help cut costs for anyone buying a home. Here are 7 things you NEED to do before applying for a mortgage. A THREAD:

1. Check your credit reports at each of the 3 credit rating agencies to make sure there is no incorrect information. I am documenting this process for someone whose credit score is 445/999 on my YouTube series

2. Review your spending – (ideally) at least 3 months before approaching your lender and cut out some non-essential regular spending (for example cancel your gym membership if you don't go). This will improve the outcome of your affordability test.

3. Know your job status influences lender’s decisions. Some lenders are wary of borrowers who are on temporary contracts or in a probationary period for a permanent contract. A mortgage broker will be able to help you find lenders willing to lend in these circumstances.

4. Find a mortgage advisor/broker to help with your application. The advisor’s expertise can help particularly if you are a first-time buyer. Check that their advice covers the whole mortgage market (as opposed to only the products they get commission for). Continues...

... DM me on instagram for details on the mortgage broker I used. SPOILER we both get some money! https://www.instagram.com/nels9bills/ 

5. Think about the term of the mortgage. Typically people take a 25 year repayment term. You CAN borrow for longer which means your monthly repayments are lower but the total amount you eventually pay in interest will be higher.

6. Make sure you know how much you make! Provide both your income and your partner’s income details (if you are getting a joint mortgage). Full disclosure is in your best interest here.

7. Make sure you are aware of ALL the costs involved in completing the purchase of your property. I've done a thread on this already which you can check below. Good luck with your home purchase! Follow me if you enjoyed this content. https://twitter.com/Nels9bills/status/1263765038495682560?s=20