Times have changed in recent years and it isn’t as easy to get a mortgage as it used to be. Lending criteria has gradually become stricter and lenders are more cautious. However, it is not all doom and gloom as there are now more mortgage lenders than ever before. Mortgage applicants just need to be very well prepared and also informed about the current state of the market.
Here are some tips on how to make it easier to get a mortgage when lenders toughen their criteria.
- Speak with a mortgage broker
- Get a copy of your credit report
- Save a large deposit
- Don’t just apply to one lender
Speak to a mortgage advisor before you approach lenders. They will be able to assess your situation and use their knowledge and experience to find the best mortgage deals and recommend the most suitable lenders to approach.
Or if you want some instant advice, visit Propillo.com the free online mortgage broker
Your credit score is one of the most important factors that lenders consider. If your credit score is not ideal, then it is a good idea to work on improving your credit score ahead of making your mortgage application.
Make sure you are registered on the electoral roll as that helps with your score.
The larger deposit you have, the better your application will look to lenders. Your application is more likely to get accepted if you have a substantial deposit and you will get a better mortgage deal. Check out our handy mortgage deposit calculator or read the full guide to mortgage deposits.
If a lender rejects your application, that doesn’t mean that other lenders will reject you. Don’t give up - look at why your application might have been rejected and work on improving it ready to apply to the next prospective lender.
Being well prepared will help your mortgage application be successful. As well as seeking advice from a mortgage adviser, you can also use Propillo’s range of handy mortgage calculators to give you an idea of what you might be able to borrow.
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