With the property market still in the early stages of recovery and lenders criteria changing regularly, it’s worth being pro-active and following some of these tips to maximise your chances of mortgage approval:
- Save as much as you can – while many people are experiencing financial difficulties during the pandemic, many of us are also spending a great deal less than usual. Getting your deposit as high as possible will increase your chances of mortgage success.
- Clear your debt – when considering your application, lenders will look at any outstanding debt. Clearing as much debt as possible, as well as closing any unused accounts, will increase lenders’ confidence in your ability to repay your mortgage.
- Understand your credit score – the better your credit rating, the higher the likelihood you’ll be accepted for the best mortgage deals. Understanding your credit rating and how to improve it is key to moving forward with a successful mortgage application. Check your credit report with a leading credit reference agency. For example www.checkmyfile.com
- Keep excellent records of self-employed earnings – providers can be more nervous about lending to self-employed people, so having excellent records of your earnings over the past two or three years (depending on the lender) can really improve your chances. You should locate your tax calculations and tax overviews, either from your accountant or the HMRC portal.
- Check that you are registered on the electoral roll.
Consult the experts
Here at Choicemortgages we have a team of experienced advisors who can guide you through every step of the process. Whether you are a first-time buyer, looking to remortgage, or a home mover, we can help you.
Contact us on 01780 480600 to discuss the options available.
