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Securing Your Mortgage: Advice For Applicants

Mortgage application tips to boost your chances of getting approved for a mortgage

The process of applying for a mortgage can be daunting whether you are buying your first home, refinancing or buying a property as an investment. Regardless of the reason for your mortgage, one worry faced by many borrowers is whether you can secure a mortgage. With this in mind, we’ve put together a list of tips to help you get ‘mortgage ready’. By following these tips you’ll boost your chances of getting approved for a mortgage and achieve your finance goals.

DO: Check your credit history before applying for a mortgage

Before starting your mortgage application, it’s worth obtaining a copy of your credit report. There are several different credit reference agencies that can issue you with a copy but we recommend using Check My File due to the comprehensiveness of their searches. Once you’ve received your copy, check that all the information is correct. If there are any errors, you should contact the relevant organisation urgently to update anything that needs to be changed. Some searches will also check previous addresses so you should also check to see if you have anything registered here. If you disagree with anything on your credit file you can raise a dispute with the provider. You can also arrange for a notice of correction to be added – a short statement where you can leave relevant information for any lenders to see, although this has a limited benefit.

DON’T: Make any significant splurges

Try to avoid making any large purchases immediately before your mortgage application as this can affect your credit score. Some searches carried out by lenders will show as ‘hard’ searches which leave a footprint on your credit file. You should also avoid taking out payday loans as they are a ‘no go’ for a lot of lenders. This can affect your chances of getting approved for a mortgage so consider carefully whether you need that credit now or whether it can wait.

DO: Be truthful about your financial situation

You need to be open and honest about the state of your finances when applying for a mortgage. Our advisors will go through your finances with you so this is your chance to inform them of any potential issues. Don’t try to hide anything as the truth will come out and will affect your chances of getting a mortgage. Being untruthful is not a good way to build a relationship with a mortgage adviser, and we may decide not to work with you. By being honest with your advisor they will be better placed to find the lender that is right for you.

DON’T miss any payments and try not to use your overdraft

Pay all your bills on time and if possible try to stay out of your overdraft. Organisations record missed payments on your credit file where they will be visible for a six years. A single missed payment could be the difference between getting approved for a mortgage or being turned down so stay on top of your finances. Lenders routinely review bank statements to ensure that you are living within your means and can afford the mortgage. With this in mind, it’s often worth cutting back on your spending before you apply for a mortgage.

DO get all your paperwork together

To make the mortgage process run as smoothly as possible, gather all your paperwork together in advance of your application. You’ll most likely need the following:

  • If employed – 3 months payslips and the latest p60 and proof of bonuses / commission / overtime
  • If self-employed (or a landlord) – 2 years tax calculations and tax year overviews (the tax figures should all match)
  • 3 months bank statements for the account you receive your income into
  • Proof of your deposit in your bank account (normally savings statements)
  • Proof of your identity and address (passport and utility bills)
  • A credit report
  • Identification such as a passport or driving licence

We may need additional documentation but our mortgage team will confirm what you need to provide when we speak with you.

DON’T forget to register to vote

Have you registered to vote? Registering on the electoral roll can help improve your chances of getting approved for a mortgage as can removing yourself from old addresses. Lenders review the electoral roll to confirm where you live and to check your address history. Many borrowers will be identified electronically by lender systems by checking the electoral roll so if you are not on it you might fail the electronic ID check which could hurt your application as well.

DO work with an experienced mortgage advisor

If you apply without professional advice and get declined the lender may record this on your credit file hurting your chances of securing a mortgage elsewhere. It’s for this reason that you should speak to our experienced mortgage advisors. who once apprised of your situation, will know which lender is the best fit. Our trusted advisors have over 20 years of mortgage experience, have extensive knowledge of the mortgage market and the lenders who operate in it and can help boost your chances of getting a mortgage. They also offer advice to help you get into the best position possible before you apply for your mortgage. Get in touch with our friendly team to start your application today.

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