This is our Prospect Promise to you
Throughout your home buying process with us, we will hold your hand and guide you through each stage to ensure you move into your dream home as quickly and stress free as possible.
Keep checking this page (and our socials) for updates on the mortgage process, inspections and checks and things you can do once you’re in your new home to reduce snagging issues.
With our Prospect Promise we’ll make sure you’ll get That Prospect Feeling the moment you step onto our developments.
Would you like to find out in 60 seconds whether you will qualify for a mortgage AND be matched to the one for you?
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Our tips to help assist you with your new home
1) Your credit score matters
We know it’s exciting, the thought of owning your home and creating your own unique space. Before rushing to view show homes or apply for a mortgage, we advise getting a copy of your personal credit report.
This is a document held by credit reference agencies such as Experian or Equifax which contains everything you and most importantly lenders need to know about your financial history. We work with the RSC Mortgage Match which you can find at www.rscnewhomes.com to help you find out your affordability and initial lender decisions, giving you a head start on the mortgage application process.
You credit history not looking as great as you’d hoped? Don’t panic
There are still lots of things you can do to improve it and give your score a boost. For example, check you are on the electoral roll, close any credit accounts you no longer use and try to pay more than the minimum balance on repayments. For more personalised advice please speak to our mortgage specialists at RSC.
2) The starting point is your own sums
We know it’s not the most exciting thing in the world but if you are looking to buy a home you need to take some time and work out your monthly budget. This is to ensure you can borrow enough to cover the purchase of the property as well as the buying costs such as legal fees, searches and stamp duty.
Your monthly mortgage repayments will depend on how much you need to borrow and how long you want to pay it back. Again, the RSC Mortgage Match can help you do all the sums.
3) You’ll be better off in the same job
Whilst we no longer live in a job for life world, lenders will want to see that you have been with your employer for a decent amount of time, at least three to six months. If you are thinking about switching jobs or have just been offered a new role, either hang on until you have your mortgage in place or wait until you have been there a while before applying.
Deposits make securing mortgages easier.
The more you can save up to put down as a deposit, the bigger the choice of mortgages that will be available to you, so if you can save, save, save! Also, look out for our deposit offers on selected plots.
4) Debts don’t help
If you do have outstanding debt on credit cards or loans, try your best to reduce them. This will help to show that you manage your money responsibly and will help to make your mortgage application most likely to succeed. It could also allow you to borrow more when it comes to a lenders’ affordability calculations.
5) You’ll need proof of income
Alongside a minimum of three months’ bank statements and payslips, you will probably need a P60 form which your employer will give you every year. A P60 provides a summary of your pay and how much tax you have paid. If you are self-employed you will need to provide up to date records of your accounts – see point 6.
6) … or accounts if you’re self-employed
Being self-employed is great however it can make things a little trickier when it comes to getting a mortgage, especially if you’ve only recently set up alone.
Like with those employed, lenders will want to be sure you can keep up with your repayments so they will want to see an SA302 form covering the last three years from HMRC or your full accounts for the last three years.
Speak to our mortgage specialist who will be able to give you the most accurate information and support for your circumstances.
7) The bigger the deposit the better
We know this is a tall task but the fact remains, the more you have available to put down as a deposit the wider the choice of mortgages there will be for you. Not to say you won’t get a mortgage with a smaller deposit however lenders reserve their best rates for those with larger deposits. Larger deposits mean lower monthly repayments as you will have qualified for a better deal.
8) Buying with someone else can be easier
Whether this is a partner, a friend or a family member, you might want to think about buying with someone else. Not only could it boost your chances of securing a great mortgage, especially if they have an excellent credit history and earn more than you.
Whoever you choose to buy with, remember, it is a big commitment so you will need to sit down and work out with them what will happen in the future if one of you wants to move.
It would be wise to instruct a solicitor to help with drawing up a legal document that protects you both.