Owning your own home

Sheesh guys/gals, no offence but buying a property is a big deal! It's one of the biggest financial decisions you'll ever make, you really need to be a bit more organised/informed before you start trying to buy places. This is basic stuff!*

*Not having a go, or at anyone in particular, I say this with love etc. ;)

(Very) basic buying property to do list:

• Get on your local authority electoral register - this normally takes months rather than weeks I'm afraid as they add names in batches and normally only do it every few months (although this will depend on your LA).
  
• Request a copy of your credit report from all of the credit reference agencies (Experian, Equifax, Callcredit). This isn't the same as a credit check, but the fact you have requested it does go on your file. Don't pay for premium services, they are all legally obliged to provide a report for £2. Don't pay more! Pore over it with a fine tooth comb, make sure any black marks (late payments etc.) actually happened and you don't have any outstanding debts you didn't know about. E.g. I had a £28 O2 phone bill they never actually told me about that was years old, so I had to contact them and settle it.
  
• Make sure other small debts are paid off/your finances are in good order. Close any accounts you don't use with a credit function - this could make it look like you have more debt available to you.
  
• Get all of your deposit money in one place, in your own bank account(s). Until you actually have the money it is theoretical. Lenders don't like theoretical money.
  
• Have an initial conversation with a whole of market broker. They will be able to give you a general idea of what you can afford/are likely to get given your personal circumstances without getting into credit searches and so on.
  
• Find a good conveyancing solicitor and have them ready to go. You never know when you might want to ask them something.
  
  
  

@hoefla - You don't say if you're on the electoral role at the moment. If you're not, you will need to get on it, but it will take months to filter through. You should also (especially if you have missed payments) get the copies of your credit files and check they are accurate. Any changes will again take months, rather than weeks, to be actioned. A decision in principal is good, but it's based on your income/affordability criteria and isn't the same as an actual mortgage offer which will check things like your electoral role status and your credit history.

Basically you have two options - press ahead regardless, but bear in mind that you could be rejected if you aren't on the electoral role and have a less than perfect credit record, and a recent rejection for a mortgage WILL count against you if you apply for another one. Or spend some time sorting this stuff out, then start looking at properties again in a few months. You could ask whoever got you the mortgage in principal (I hope this is a broker, and whole of market one at that) what in their experience the likelihood of your being accepted is if you're not on the role and/or have a less than perfect credit history. A broker is better placed to advise on this, as they may recommend another product from a different lender.

@roboto - Just get that money in the bank. Money in the bank talks. Bear in mind that they don't know you from Adam and you're telling them you will have some money, but you haven't yet. I'm not saying what the person in question told you is right, but hippy is correct in that lenders now take much more interest not just in what you earn and how much money you have but what your spending/budgetary habits are. They want to know if you can really afford it. Be prepared to be asked some quite personal questions about your lifestyle. Look at it from their perspective - they're offering to lend you a huge amount of money, so they want to know you're responsible. But it still feels a bit odd when they ask you questions like how much you spend a week on eating out (for example).

Oh, and it's quite normal to not pay bills on time, but not something you should be doing if you want a good credit record!