Approval for the best mortgage deals – how to improve your chances.

Being approved for the best mortgage deals can be tough at present as lenders are both restricting loan availability and tightening lending criteria.

First time buyers are attempting to climb on the first rung of the property ladder but with mortgage lending criteria so tight and lenders high LTV deals limited, many are struggling to do so.

While the base rate remains likely to be stuck at 0.5% mortgage rates are predicted to continue to rise. Those looking to purchase property or remortgage are advised to source a deal soon before lenders very best mortgage deals disappear.

This is easier said than done as achieving a good mortgage offer and subsequent approval can be tough, however help is on hand through Deal Direct.

UK lenders are cutting back on riskier lending and so some would-be borrowers who 12 months ago would have been approved for a deal, are now finding themselves turned down.

What can be done to improve your chances of being accepted for a good deal?

The first thing is contact 'whole of market' broker Deal Direct. We can calculate exactly how much you can afford to borrow based on your individual financial circumstances. We can then use this information to search the market to find you the very best deal available.

We recommend all would-be buyers to save as much as they can as the better the deposit the cheaper the rate. However if you are unable to save a large deposit there are still deals to be had.

For instance at present Nationwide have a 5% deposit deal open to first time property buyers in their Save to Buy scheme. To be eligible all you need to do is save a minimum £50 per month for 6 months.

Searching for the UK's best mortgage deals is a time consuming and complex business. Therefore the best advice we can give is to contact 'whole of market' broker Deal Direct.

Deal Direct will source you a competitive mortgage offer.