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  1. Improve your credit score 

 

Credit score is the biggest factor in deciding whether you are accepted for a mortgage.  

 

Firstly, you should check your own credit score, which shows you your past credit cards, loans, mobile phone contracts etc., over the past six years. 

 

Checking this yourself with one of the agencies that mortgage lenders use enables you to correct any discrepancies the may be on your record. 

 

You should also ensure that you are registered on the electoral roll, as lenders will use this data in identity checks. 

 

2) Manage your credit 

 

Managing your credit, such as managing the amounts you spend on credit cards, and closing old credit accounts that you no longer use, will go a long way to improve your credit score, and thus your chances of being accepted for a mortgage. 

 

Available credit is the difference between your combined debt balances (cards, bank accounts) and your combined credit limits/overdraft limit. 

 

It’s a science, and you will need to find the perfect balance by not having too much (which lenders could see as you getting into more debt by spending it all) and not getting too close to your limits (which lenders could see as you being at the limit of your finances). 

 

Similarly, do not apply for credit just before applying for a mortgage, as these searches are registered on your credit history, and can be seen as you being desperate to borrow. 

 

3) Manage your money 

 

By cutting back on your spending and staying out of your overdraft, your bank statements will look healthier when they are checked by a lender. 

 

Typically, lenders look at the last three months when it comes to bank statements and overdrafts. So, in the lead up to applying for a mortgage, stay out of your overdraft to increase your chances of being accepted. 

 

4) Stay on top of the paperwork 

 

Applying for a mortgage is a lengthy process, and one that can be sped up if all the paperwork is done correctly. 

 

Firstly, ensure you fill out the application form correctly. It may seem simple, but by doing this you will get your application off to a good start. 

 

Secondly, get your supporting documentation all lined up. Things such as bank statements, payslips, P60 and identification may all need to be seen by lenders, so have them to hand. 

 

By taking care of all the above, and by speaking to one of our expert advisers, you will increase your chances of being accepted for a mortgage.