MORTGAGE ADVICE
How to improve your chances of getting a Mortgage with our mortgage advice
1) Check your credit file
Most lenders will carry out a credit score when applying for a mortgage, this will check the history of any money you have borrowed and how you have repaid it.
This can include things such as mortgages, personal loans, credit/store cards, car finance hire purchase and interest free loans.
Generally, if you have a higher score a lender will see you as a lower risk which means that you have a greater chance of being approved for a mortgage although this is by no means guaranteed.
Experian, Equifax and TransUnion are the UK credit reference agencies most commonly used by lenders.
2) Credit history
Lenders will generally favour borrowers who can demonstrate that they have a history of responsible credit. Try not to miss any payments as this would have a negative effect on your credit score.
3) Build up your credit history
For example, use a credit card for some purchases and clear the balance each month.
4) Affordability
Lenders use an affordability calculation to establish how much you can borrow, and they will take into account any outstanding credit commitment’s as well as your income. Having large amounts of debt will significantly reduce the amount you can borrow.
5) Check you are on the electoral roll
Banks and Building Societies will want to confirm your identity by checking the electoral roll. Should they be unable to confirm this when you apply for a mortgage then it is likely that this will have a negative impact on your credit score.
Banks and Building Societies will want to confirm your identity by checking the electoral roll
6) Put down as big a deposit as possible
This can help reduce the risk to the lender and may make it easier to pass a credit score. This may also allow you to get access to better interest rates.
7) Get your mortgage agreed in principle
Getting your mortgage agreed in principle before making an offer to purchase your new home or before putting your house on the market if selling, will give you the peace of mind that it is more than likely a lender will provide you with the funds which you need to borrow.
8) Get advice
Why spend endless hours on comparison sites when at the end of your research it is more than likely that you will still be unsure as to whether you meet a specific lender’s affordability or other criteria.
Getting a mortgage can be complex and stressful and this may be just two of the reasons why most people use a Mortgage Adviser when arranging their mortgage.
Finding a suitable mortgage for our clients is what we do best so if you are unsure about where to start or of the process involved then why don’t you get in touch and let us guide you through each step.
If you are a first-time buyer or looking to remortgage, we’ve got your back!
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