5 top tips to help improve your mortgage chances

Couple with Keys to their new home

Applying for a mortgage can be stressful. At Homeline Mortgages we try to take the stress away from you by handling the pesky admin and streamlining the process as much as we can. We always get to know our clients to understand their individual circumstances. That way we can approach the most suitable lender to improve your chances of acceptance. If you are thinking of applying for a mortgage, here are 5 top tips that we recommend.

1. Maximise your deposit

The more you can save for a deposit the better chances you’ll have of getting a good mortgage offer, and probably at better rates. You should aim for at least 5% of the property purchase price, but the more you can save the better. If you have family who can help, there are ways of them releasing funds from their own property or acting as guarantors.

2. Optimise your credit rating

We all have a credit history and if you don’t know yours you can get it checked with some of the main credit agencies such as Equifax or Experian. This is good advice for planning ahead, as you may need to take steps to build it up if you have any black marks on your record. A mortgage lender will always look at your credit rating.

3. Proof of income

Any mortgage lender will check affordability as one of the main criteria. You will need to have evidence of all your income (as well as your outgoings). Continuity of employment will be looked on favourably but talk to your adviser if you work on a contract basis or are self-employed. It is also advisable to clear as many outstanding debts as possible before you make a mortgage application, including credit cards or other loans.

4. Are you registered?

Being registered on the electoral roll is important. A lender will conduct identity checks which will include being registered to vote at a specific address.

5. Plan and prepare

There are lots of ways to apply for a mortgage, but if you use a mortgage broker they will usually have access to the whole market and have the expertise and knowledge to match you to the right lender.  Expert advice will help you avoid the pitfalls and your mortgage broker should also help with all the admin and paperwork which can help speed up your application.

You can book a free, no obligation appointment with one of our expert team. Give us a call on 01202 937444.

A fee may be charged should you proceed with a Mortgage or Protection application.  Please ask your adviser for further details. Your home may be repossessed if you do not keep up repayments.

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Homeline mortgages is a trading name of AMAC mortgages Ltd, which is authorised and regulated by the financial conduct authority No:302881.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.

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