Maximise your chances of getting a mortgage

If you are looking to move or buy a home this winter, it’s likely you will need to borrow to fund it - finding out if your mortgage application is accepted is a monumental moment!  

We’ve put together some tips to give you the best chance of getting a mortgage.

Saving the deposit.

If you can get a larger deposit together, the mortgage provider will give you a much lower interest rate.

Most of the best deals are limited to buyers who can put down between 35 - 40% of the property’s value, if you only have a 10% deposit you will pay a much higher rate.

Clear unsecured debts and close unused accounts.

Mortgage lender will look at the credit you have available to you, as well as what you owe. It’s a good idea to clear as much debt as you can and close any unused accounts you might have.

If you don’t tidy your finances, lenders may be concerned that you will be unable to keep up with repayments.

Check your credit score.

Having a good credit score will give you access to the best mortgage deal - you can obtain you score easily online. This will allow you to avoid any surprises and rectify any inaccuracies you might find.

Prepare all paperwork.

You will need documentation to prove who you are, make sure you have a valid and correct forms of identification.  You will need a recent letter confirming your address, if you receive child benefit etc. you will need to be able to provide proof. Other documents include 3 months wage slips and P60s for two years.

Lenders will ask for multiple forms of paperwork, making sure you have it all at hand will save time and speed up the process.

Electoral roll register.

Make sure your address details are up-to-date, many companies use this information to verify your identity, so you may well be refused a mortgage if the details they hold are incorrect.

Know the mortgage and property you want.

There are many different types of mortgages available to you. Make sure you do your homework and find the one most suited to your needs.

When it comes to the type of property, mortgage lenders want to know they can get their money back if needed. If you pick a very unusual property, it could be deemed harder for them to sell on. You would be wise to avoid old or unusual buildings and homes built using non-standard construction materials such as concrete or steel.

Don’t change your mortgage application.

Once you start your application, don’t make any changes to it (for example, deciding you want to borrow more money) as this can cause hold ups.

Not only could the lender refuse to give you the extra money, it may decide it’s no longer prepared to lend to you at all.

We hope these tips will assist you with your mortgage application, if you need further advice get in touch with out team here.

If you are looking for a new home, we have some fantastic properties on our website. Check out our current listings!