Deal Direct’s guide to mortgage success.
Read our simple advice, which if followed, could help you to increase your chance of mortgage approval.
Get your finances in order.
This is the number one golden rule that all applicants must follow. There’s no point in dreaming of moving into your own home or lowering your repayments, if you have failed to look at your outgoings and income. When working out whether or not to accept you for a mortgage, a lender will want to take a close look at your finances to see how much you earn and how much you spend, to see if you really can afford a mortgage.
Get your paperwork in order.
The mortgage Market Review has made it more difficult to get accepted for a mortgage in the last year, and so it is vital to have everything to hand as lenders are now much more careful to who they will lend. They want to see paperwork to back up your application. Failure to get your paperwork in order could delay your application, you will need:
- three months’ payslips
- three months’ bank statements
- your P60 e
- details of any savings, credit cards or loans
Make sure you are on the electoral roll and it won’t do any harm to check your credit rating too, which you can do via a free 30 day trial with one of the credit reference agencies such as Experian or Equifax.
Once you have all information to hand you will be ready to apply to a lender.
Your mortgage application
Some lenders require a face to face meeting, others will allow you to do this online. The advice is to use a mortgage broker as they can search the entire market to find the most competitive deal. In addition, they can help you to get through the application process, which these days can be complicated.
If you would like to increase your chances of mortgage success to enable you to buy a home, move up the property ladder, call us at ‘whole of market’ Deal Direct. We have vast experience achieving mortgage offers for our clients.
For advice and a low rate quote call us today
0800 048 8828
