How to get the mortgage that you need

If you are hoping to obtain a mortgage then you may be wondering if there is any way of boosting your chances of being offered a competitive deal. It can be difficult to secure any mortgage in today’s economic climate, so it makes sense to do everything possible to increase your chances of success. Although each lender is different, there are a few things you can do that should improve your position generally.

First of all, ensuring you have a steady job at the time you make your mortgage application is a must. Lenders will usually expect you to have remained in your job for at least one year so, if you have been hoping to work for a different employer, try to avoid changing your job until after your mortgage is in place.

Having a deposit of a substantial size has traditionally been useful, encouraging lenders to see you as a safer bet and enabling you to borrow more money, often at a better interest rate. To meet the minimum amount typically required by lenders you should probably expect to come up with a deposit of at least five percent.

A decent credit history is vital when seeking a mortgage deal so, if you have none, consider acquiring and using a credit card to demonstrate that you can repay the amounts you owe each month.

Professional advice is always useful and it could be a wise move to consult a certified mortgage adviser with a CeMAP qualification, in order to acquire the best mortgage deal for you.



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