Improve your mortgage chances

31st August 2022

How to improve your mortgage chances

Buying a home is likely to be the largest investment you will ever make. As for most people, you will need a mortgage to help you in buying your home.

There are many factors that need to be considered and that could affect your ability to get the mortgage you want, however, there are certain things you can do to make yourself more attractive to lenders.

Speaking to an advisor

Multiple mortgage applications and declines will reflect badly on your credit score. An advisor will be able to explore the whole mortgage market and find a lender for you with minimal affect to your credit score.

Saving for a larger deposit

Although there are many lenders that will accept 5% deposits, you can improve your chances by having a larger deposit. This will also provide you with access to more mortgage products.

Paying off debts

It is not always possible for you to clear all off your debts, but when it comes to mortgages, the less debt you have to start with, the more you will be able to borrow.

Cutting any financial links

Being financially linked to someone could reflect badly on you, for example, a shared bank account with an ex-partner. You can write to the credit agencies and ask for a notice of 'disassociation' to prevent this.

Having the correct paperwork

All lenders will check your income is what you say it is. For self-employed, this means all accounts and records must be up to date and for employed, any bonuses and overtime must be accounted for.

Closing inactive accounts

If you’re not using an account, it may be worth closing it. An open account could be at risk of fraud and may also display out-of-date details.

Reducing your outgoings

Avoid big splurges before applying for mortgage as lenders will want to see at least 3 months bank statements. Those new shoes you have your eye on can wait until after you complete. Also be conscious that regular cash withdrawals can also raise questions with lenders as there is no proof as to where this money is being spent.

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