How to Improve Your Odds of Getting a Mortgage

How to Improve Your Odds of Getting a Mortgage

If you want to obtain the best possible first time home buyer mortgage deal then you need to ensure that mortgage lenders view you as a low risk borrower. Mortgage Underwriters in each of the banks look at your income, outgoing and available deposit amongst other things. Each mortgage lender has a set of underwriting criteria and mortgage lending rules that they use to determine whether or not to lend to you.

The good news is you can get ahead of the game and work on your mortgage application attractiveness in the months leading up to putting in a mortgage application. Checking your central credit register report and ensuring that any errors on your report are fixed as soon as possible is essential. You should also ensure that you are not financially linked to any ex-partners or old flatmates. If the relationship has finished then make sure any joint financial commitments are also finished as soon as possible.

There are also a number of other things you can personally do to enhance your mortgage applicaion attractiveness, including:

• Registering to vote
• Managing your available credit carefully.(Big ongoing credit card balances are frowned upon for example).
• Building savings in a dedicated savings account with no withdrawals
• Paying your rent and bills on time and staying out of your overdraft
• Avoid applying for car or personal loans, if possible, before submitting your mortgage application.