Maximise Your Chances for a Mortgage

October 13, 2008 by Brendan O'Neill

Mortgage Advisors

Only the elite of borrowers have the best chance of getting a mortgage at the moment, so here are a few tips to maximise your chances:

As you need a larger deposit to get a better choice now, if you have savings put aside, now is a great time to use them as you’ll get a lower interest rate too
In the case of a remortgage, do not over-estimate the value of your home as this is likely to increase the chance of your application being rejected, so be realistic
Check your credit file before making an application to make sure there is nothing on there that should not be. That will save you being rejected in the first place and then having to check the credit file. It will only cost you £2 for a report from one of the three credit agencies in the UK: Equifax, Experian and Callcredit
Make sure you are on the electoral roll as this also helps
Close any lines of credit that you never use, such as an old credit card or store card. Just keep one or two. This shows that you can settle your bills and means you have less outstanding debt
Do not miss a single bill payment and do not be late
Avoid repeated credit checks as each creates a ‘footprint’ in your file. Several footprints in a short space of time will alert the bank that you might be looking to apply for too much credit

A good CeMAP-qualified mortgage advisor will be able to advise you on which lenders are most likely to accept your application in the current climate.