New homeowner mortgage – Prepare for your application

21 Sep, 2021

New homeowner mortgage – Prepare for your application

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If you have always wanted to own your own home and are in the process of applying for a new homeowner mortgage, read this. In this article we offer you some top tips on how to prepare for your application in order to maximise your chances of success.

How to prepare for your new homeowner mortgage application

new homeowner mortgage
The home of your dreams could be within your grasp if your mortgage application succeeds

It can be a super exciting time if you are just getting ready to apply for your first mortgage. It also means that you need to be ready, to have your ducks in a row. In other words, your paperwork, and savings details and evidence must be ready to share in good presentation order. 

Here are some quick tips on how to prepare for your mortgage. 

Credit Report

If you are still early on in the process, then make sure to check out your credit report. Take time to see if you can make some improvements. If you have poor credit it will be harder to secure a new homeowner mortgage. However, there are still lenders that will work with you. 

A mortgage lender will judge your creditworthiness based on your credit report. If you can clean any debts, then do so and ask for any adjustments to be made if anything is incorrect on your file. 

Research your best option for a new homeowner mortgage

The mortgage market is enormous, and you must take the time to do your research. Read customer reviews, look at the difference in APR and what offers you have available to you. 

It is often best to approach a mortgage broker like Avail Mortgages – they put in a lot of the hard work, and the payoff for you is finding the perfect match. 


Not only are you going to be required to put a deposit down, but the lender will be looking at if you can afford the continuous payments. 

They also factor in job loss, bills, self-employed, and the information provided from the credit check. 

During the affordability check, you will also be checked for sustainability – i.e., can you continue to afford these repayments while still affording your other commitments. 

Although banks often have a harsh reputation, they don’t want you to be in financial strife to pay for the mortgage. 

Big Down Payment

Do you need to buy a house right now? Or would it be better to save more of a deposit and get even more options? The bigger the down payment on the house, the better the monthly rate will be. 

Preferential rates can be very beneficial for saving cash each month alongside paying for a mortgage. 

new homeowner mortgage
Get your down payment ready ahead of time for security

Fine Print

If you dream of paying off your mortgage early because you have saved by doing extra hard work check the fine print. It is often the case that mortgage lenders will have something in the small print that means you will be penalized for paying off the mortgage early. Do make sure you understand all the implications of early settlement of the outstanding sum.

This is even more important if you were hoping to make extra payments when you could afford to at random intervals. You could get a nasty surprise at the end. 

Be Selective

Choose carefully which mortgage lenders you apply to. Each time you apply for a loan, you are subject to a hard credit check. The more often these checks are run, they become a red flag for lenders. 

Not just mortgage lenders will see this as a red flag either if you have other things going on outside of a mortgage. 

A final thought on your application for a new homeowner mortgage

Ensure that you check out what paperwork you will be expected to hand over to the lender ahead of time. This will make it faster to process your mortgage application. And the sooner you can become a homeowner.


Remember to have fun while in the process too, and if you haven’t yet found the house of your dreams, check out: Buying a new house? Here’s what to look for.


At we like to offer useful and practical articles on topics for our readers. In this selection we offer you a number of suitable pieces from our own blog on buying and preparing new home.

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