Want to get a mortgage but not mess around?

Proudly, we see hundreds of mortgages get approved every month with our help. We’ve seen the mistakes made and the efforts people have gone through to make sure their mortgage application is as smooth as possible – so let’s share some of that experience! Without further ado, here are our top tips for getting your mortgage approved in double-time!

#1 – Have as much deposit as possible

You can get a mortgage for as little as 5% deposit, but that doesn’t mean it’s the figure you should stop saving at – the more deposit you can put forward, the better deal you are going and the faster everything is going to be. It’s an easy to understand sliding scale, with 5% at the bottom and 40% to 50% at the top.

Saving is hard, but there are things to help – a Help to Buy ISA (register now as time is limited!) will bump up your savings if you are a first-time buyer, as will a Lifetime ISA for everyone else! Plus, for first time buyers, why not take advantage of a Help to Buy Equity Loan if you’re interested in a new build property?

Beg, borrow and steal to get a good deposit – it makes all the difference.*

*- don’t borrow actually, as having a loan you have to pay back isn’t going to help, and definitely don’t steal. Begging is fine!

#2 – Know your credit history backwards

Changes to data regulations over the past few years means you can access your credit score online and check it monthly to make sure it’s as healthy as possible. This, seemingly minor, change is of huge benefit to people wanting to acquire a mortgage as there is no need for any nasty surprises.

Decades of mortgage applicants wringing their hands in worry, waiting for the result from the credit check should be over, with everyone going through their credit history with a fine toothed comb before making the application.

#3 – Fix your credit score

Unless you have a time machine (and if you have a time machine, do you really need a mortgage?!) you don’t have the facility to go back and stop yourself from making the little personal finance mistakes that mar your credit report, but you can work on building it up well now!

Of course, if you are wanting a mortgage immediately, snippy-snap, then this may not help, but if you are reading this month’s before needing to make that application happen (or if you read tip #1 and are thinking of spending more time saving for a deposit), then start today.

There are many ways to help improve your credit rating, from using credit builder credit cards through to opting in to the Rental Exchange Initiative to have your rent appear on your credit history – do whichever ones you can.

#4 – Clear all unsecured debt and close ancient unused accounts

Having outstanding debt is not going to make you look good, plus it is costing you in interest. While using your savings that make up your deposit to clear your debt may seem backwards and put you back a step or two, if you can built it back up again, then it’s worth doing.

Unsecured debt and savings should never exist in the same universe, rather like matter and antimatter, so try to avoid having both.*

Old credit accounts that you don’t use should be cleared. They present a potential threat to your reliability and aren’t doing anything to help you.

*- by which we don’t mean ‘burn all your savings and go out on a massive shopping spree with your credit cards’ but more ‘clear outstanding debt and then save’.

#5 – Make sure your paperwork is up to date

If you are not on the electoral roll, it’s going to look very bad, so make sure you are registered at your current address (you can contact your local council to sort this).

Other paperwork, such as your passport and driving license, are going to be used to prove your identity as part of the application so make sure they are all up to date too, with the right name (did you get married recently?), photo (or grow a beard?), and address (or move?) to be sure.

It can take a few weeks to get everything sorted and back in your hands, so don’t delay and make your identification be what stops you getting a mortgage.

#6 – Gather your financial records

Bank statements, payslips, tax records and accounts for the self-employed – all of these things are going to be expected by the mortgage lender and you are going to want to provide it all without delay.

Having a file where you have collated all of this information makes passing it on when you need it a doddle.

If you are in any doubt as to what you might need, then give us a call – our advisors can easily talk you through what you should prepare once you let them know your circumstances.

#7 – Plan your mortgage type

Do a little research and plan on whether you want a fixed rate mortgage or a tracker deal. Speak to one of our advisors here at The Mortgage Hut or read, read, read and brush up on your knowledge of how to get a mortgage. It doesn’t hurt to have a little knowledge before you dive in.

#8 – Don’t expect a fast turnaround if you want to live in something unusual

Mortgage providers are quite capable of underwriting a mortgage for someone who wants to live in a straw-built castle that’s off-grid and utilises rainwater piped through an ancient aqueduct system, but it’s not going to be quick! The more normal your property, the quicker your mortgage application is going to go through – standard three-bed in suburbia? No problem. Shared flat above a shop with a thatched roof? It’s going to take a little thought.

Lenders want to be sure that if everything goes wrong, they can repossess the property and get their money back, and an unusual home doesn’t make that a sure thing. Increasing the risk means delays in the application process.

#9 – Call The Mortgage Hut

You can go it alone, but with our help you are going to get to the finish line a lot faster, and probably not quite as out-of-breath! We’re specialists in everything mortgage related and will use our experience to move your mortgage application from initial query to completion as fast as possible.

For a quick, successful mortgage approval, fill in our contact form or give us a call to find out more!

Looking for a Mortgage?

Find out if you're eligible in a couple of clicks, with no hidden credit checks.

With interest rates rising, speak to an advisor today to lock you in with the best deal. Check your eligibility now.