How to Improve Your Chances of Being Accepted for a Mortgage

Daisy at Planet Mortgages

26 January 2022
By Daisy

From placing your key into the lock of your very own front door to pouring over paint colours and getting excited over decor, there’s so much to look forward to when it comes to purchasing your very own home.

Approved mortgage application form
If you’re eagerly awaiting the moment you step foot on the property ladder, we understand that the climb might seem like a daunting and long one. Or, if you’re a property owner who owns their home outright and is looking to obtain a mortgage to purchase a second property, this too can feel like a complex process. It’s always a good idea to get yourself in the best possible position to increase your chances of getting accepted for a mortgage. Wondering how to improve your chances of getting a mortgage? Our team of mortgage experts have put together some top tips to help…

Check Your Credit Report

When you submit your mortgage application, mortgage lenders will review your credit report to work out if you qualify for a loan. Your credit report is a detailed look at your credit history and helps determine your reliability and the rate of interest. Equifax, Experian and TransUnion are all commonly used by lenders to collect information on your credit history. If you decide to work with a mortgage broker, they’ll be able to advise you further on how to obtain your credit report. 

Fix Any Errors

Once you’ve received your credit report, it’s important to ensure that you’ve thoroughly checked through it and made sure that there are no errors that could negatively affect your credit score. An example of an error might be out-of-date information being displayed, information relating to a former partner, or information that is not yours. If you spot an error, it’s important that you take action immediately and get this rectified. 

Work on Your Credit Score 

It’s a good idea to work on boosting your credit score as this is one of the factors that lenders will take into consideration when deciding whether to approve your mortgage or loan application. If you’re interested in finding out more about this, check out our recent blog post on How to Improve Your Credit Score.

Try to Save a Decent Deposit

Saving a larger amount of money for your deposit can sometimes boost the odds of your application being approved. Depending on the amount you save, it can sometimes lead to better mortgage deals with lower interest rates being offered too. 

Get on the electoral register

This may seem like a slightly random tip but it’s hugely important. Most lenders use the electoral roll data to assist with their identity check which helps to ensure that you have provided accurate and truthful information. Your credit file will reveal whether you’re on the electoral roll or not, but you can also double check with your local council if you’re still unsure. It’s important to do this as soon as possible as it can sometimes take a while for you to be added. 

Here at Planet Mortgages, our experienced team of mortgage professionals go above and beyond to find you the best deal possible and make the mortgage process as smooth and stress-free as possible. We’ll work with you to scope out your affordability, eligibility and find the right mortgage to suit your needs. 

Looking for a mortgage broker in Colchester, Essex to help with your buy-to-let mortgage application? Get in touch with a member of the Planet Mortgages team.