Top Tips for a Quick Mortgage Approval
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
#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.
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
#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’.
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
#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.
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
#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.
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
Looking for a Mortgage?
Find out if you're eligible in a couple of clicks, with no hidden credit checks.