5 things you can do to improve your chances of a successful mortgage application

Today we are sharing our top tips on what you can do to improve your chances of successfully being approved for a mortgage and how to make the process much quicker and easier.

1. Check your credit score

This is one of the key things mortgage lenders look at. If your credit score isn’t great, don’t panic as there are lots of things that can affect this. Make sure you are registered on the electoral roll at your current address and keep an eye on your credit score to resolve any issues. The key thing is to let your mortgage broker know and send us a copy of your report as there are different mortgage lenders we can consider if you don’t have the best rating. All is not lost.

2. Get your paperwork ready

We know that getting all your bank statements, payslips or tax returns together isn’t the most fun job, but spending time getting all your documents together and making sure everything including your ID has your current registered address on it makes a big difference. We can give you a list of everything you need to get together!

3. Get proof of your deposit

Any mortgage lender will want proof of where your deposit has come from. If it’s a gift from a family member they will want a letter to confirm the value and terms (we can help with this) or if it’s from a current property or savings they may want a statement showing this too.

4. Think about you budget

Know what you can afford to spend each month on your mortgage and think about the additional costs involved: legal fees, valuation fees, lender fees, stamp duty and moving costs if you’re buying a new home.

5. Be mindful about how you spend your money

Where you spend your money will be looked at by any lender, try and avoid what they would class as ‘risky’ spending such as transactions to gambling sites, and try to stay out of your overdraft where you can.

As always, we are here to help provide advice and support so just get in touch for anything you may need.

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About Key Solutions

Here at Key Solutions we believe taking out a mortgage should be easy. Why shouldn’t it? So when people say buying a home or getting a mortgage is one of the most stressful things ever, we say, come and speak to us.

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