Mortgage application approval – helpful advice from Deal Direct.

Property purchases can be very exciting; however, it is widely accepted that many people find applying for a mortgage and moving home to be extremely stressful.

So, once you know you want to buy a property, what can you do to be as prepared as possible to obtain approval and reduce the risk of avoidable delays?

Deal Direct have put together a helpful guide.

First of all, request your credit rating report. Once you have received the report, check it for any errors. Incorrect information could be the difference that makes the difference when it comes to your application being approved. For instance, there may be a debt that has been marked unresolved when it has actually been cleared. Contacting your credit reference agency and asking for the amendment, can smooth the way later when your mortgage application is being assessed.

Secondly, look at your monthly expenditure as well as your income. Tougher affordability tests applied by lenders now mean that they must make sure you can properly afford the repayments. This means that your income must be sufficient to cover the monthly mortgage amount AFTER you have paid all your other expenses. Are there any savings you can make now? Are all your expenses essential? Reducing your outgoings as much as possible can help to meet the affordability criteria.

Finally, have a chat with one of our expert advisers to advise you on your best course of action. We offer to review your finances, point out any areas that may harm your application and what to do about them now.

Consulting with Deal Direct can vastly help in smoothing the path to your mortgage application being approved with no delays.

Call us today on 0800 048 8828.