Applying for a mortgage is one of the most significant financial commitments you can make, so you’ll want to ensure you have everything in order to get the best possible deal. There is quite a bit you can do to improve your chances of getting your application accepted.
Your Credit Score Counts
Before applying for a mortgage with any of the Greater London mortgage brokers, get hold of a copy of your credit report to see what lenders will see when they look at your application. If your credit rating doesn’t look favourable, there are plenty of things you can do to give it a boost, such as closing down credit card accounts.
Start with Your Own Sums
Carefully work out your budget before you apply for a mortgage. You will have to make sure that you can borrow enough to cover the cost of the property with enough to spare to cover any associated costs and fees. Your monthly mortgage repayments will depend on how much you need to borrow and the interest rate.
Keep Your Job
Lenders like to see that you have been with your employer for a lengthy period before they will agree to give you a mortgage. If you are considering switching jobs, hang on until you have a mortgage.
Debt Doesn’t Help
If you are applying for a mortgage, the last thing a lender wants to see is that you owe a lot of money on your credit cards, or that you have several outstanding loans. Before applying for the mortgage, try to reduce your debts so you can show that you manage money responsibly.