With the constantly evolving interest rate landscape, getting a mortgage can sometimes be difficult, especially as lenders adjust their criteria and affordability checks to reflect market uncertainty.
In this short blog, we’ll look at some of the best ways to improve your chances of securing a mortgage. We’ll also share practical tips to help you navigate the process with confidence.
Get your documents ready
Ensure you have your latest payslips, self-employed income, bank statements, proof of ID, and any relevant credit reports to hand. Having these prepared in advance can speed up the mortgage application process and help lenders assess your affordability more efficiently.
Amend any credit issues early
When it comes to mortgage applications, credit score is a key element that lenders will look at. Before your lender looks at your credit report, have a look yourself and amend any issues that could hinder your chances of being accepted for a mortgage. Some things to look for include outstanding credit card balances, any loans such as car finance or student loan, and other credit commitments that could affect your score.
Consider your employment status
Are you self-employed? If you are, make sure your latest set of accounts and personal tax returns are all filed correctly with HMRC and up to date. You may be required to provide more documentation such as company bank accounts, so be prepared in advance.
Know what you can afford
Buying a house is a huge financial step, so knowing your affordability will help assist you in the preparation process. Start by reviewing your income, expenses, and savings goals. Tools like mortgage calculators and stamp duty estimators can help you build a realistic picture of how much you’ll need to save. Knowing your limits early on will help you focus your search and approach lenders with confidence.
Sign up to the electoral register
Registering on the electoral can in fact boost your credit score and assist in your chances of getting a mortgage. It is as simple as visiting this site Register to vote – GOV.UK and filling out your details.
Budget or reduce spending
Lenders will look at your spending patterns on bank statements and more, so it is important to demonstrate financial discipline. Consider using apps such as Monzo to help you budget and track your monthly spending, so that you can assist in building a decent deposit.
Look at closing any inactive accounts
You should always look at closing any inactive/ joint accounts that are associated with you. Closing unused accounts helps protect your credit profile and reduces the risk of fraudulent activity. It also ensures that any negative credit history associated to those accounts doesn’t fall on your credit profile.
Speak to a mortgage adviser
Speaking to a mortgage adviser is a crucial step in the mortgage journey. They’ll take the time to understand your financial situation, assess your affordability, and help you build a clear plan tailored to your needs and goals.
At PM+M, our expert mortgage director, Mark Chadwick, is here to help you from your first conversation, all the way to purchasing stage. With access to a wide range of lenders and market knowledge, Mark can offer informed recommendations and help you make confident, well-informed decisions about your future home.
Contact Mark using the button below.
PM&M Mortgages Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
