Buying a home is an exciting milestone, but before you start house hunting, it’s important to ensure you’re mortgage-ready. Being prepared can save you time, stress, and money, while giving you the confidence to secure the right deal.
At S J Smith Estate Agents, we help buyers in Ashford, Staines, and Surrey navigate the mortgage process and find their perfect home. Here’s a 10-step guide to getting mortgage-ready in 2026.
1. Check Your Credit Score
Your credit score is one of the first things lenders review. A higher score can help you secure better mortgage rates.
- Obtain your credit report from a UK credit reference agency.
- Correct any errors and settle outstanding debts.
- Avoid taking out new credit in the months leading up to your mortgage application.
Tip: Improving your credit score now could save thousands over the life of your mortgage.
2. Assess Your Savings
Lenders will want to see that you have funds available for:
- A deposit, usually 5–20% of the property price.
- Stamp Duty Land Tax and legal fees.
- Moving and furnishing costs.
Tip: Keep savings separate from everyday spending money to clearly demonstrate your financial stability.
3. Review Your Income and Employment Status
Lenders prefer applicants with stable employment and income.
- Gather payslips, P60s, or accounts if self-employed.
- Consider how any job changes or bonuses might affect your mortgage application.
Tip: Being aware of your income situation helps determine realistic borrowing limits.
4. Calculate Your Affordability
It’s crucial to know how much you can comfortably borrow without overstretching.
- Use online mortgage calculators to estimate monthly repayments.
- Factor in ongoing homeownership costs, like utilities, insurance, and maintenance.
Tip: Aim for a mortgage that leaves room in your budget for unexpected expenses.
5. Decide on Your Mortgage Type
There are several types of mortgages, and choosing the right one is key:
- Fixed-rate – monthly repayments stay the same for a set period.
- Variable-rate – payments can change with interest rate fluctuations.
- Interest-only – you pay only the interest for a set term, then the full loan at the end.
Tip: Speak to our trusted mortgage adviser to find the most suitable option for your circumstances.
6. Reduce Outstanding Debts
High levels of debt can impact your mortgage eligibility.
- Pay off credit cards, loans, or store accounts if possible.
- Avoid new borrowing before applying.
Tip: Lenders prefer borrowers with a low debt-to-income ratio, which can improve your chances of approval.
7. Gather Necessary Documentation
Lenders will ask for proof of income, identification, and financial history.
- Payslips, bank statements, and P60s
- Proof of savings and investments
- Identification such as passport or driver’s license
Tip: Having documents ready speeds up the mortgage process and demonstrates organisation.
8. Get a Mortgage Agreement in Principle (AIP)
An AIP gives an indication of how much you could borrow and shows sellers you’re serious.
Tip: Many estate agents, including S J Smith, can recommend mortgage advisers to help secure an AIP quickly.
9. Consider Government Schemes
First-time buyers or those with smaller deposits may benefit from schemes like:
- Help to Buy Equity Loan
- Shared Ownership
- Stamp Duty relief
Tip: These schemes can make homeownership more accessible, but check eligibility criteria carefully. Read more here: https://www.gov.uk/first-homes-scheme
10. Plan for the Future
Mortgage readiness isn’t just about the present, it’s also about long-term stability.
- Consider your career, family plans, and potential lifestyle changes.
- Plan for interest rate rises and unexpected expenses.
Tip: A well-thought-out plan ensures your mortgage remains affordable and sustainable in the years ahead.
Final Thoughts
Getting mortgage-ready in 2026 means preparing your finances, understanding your options, and planning for the future. By following these 10 steps, you can approach the homebuying process with confidence and reduce the risk of delays or complications.
At S J Smith Estate Agents, we can connect you with trusted mortgage advisers and solicitors, helping you move into your dream home smoothly and stress-free.