Whether you are a first time buyer looking to get onto the property ladder or looking to remortgage for the fifth time, there are certain things that you can do to ensure you are the best position possible, before you submit your mortgage application.

Check your credit score

There are many websites now giving you the ability to check your credit score and obtain your credit report. The two main credit reference agencies are Experian and Equifax which most lenders will use and what appears on these reports is generally what a lender will see when a credit search is carried out.

There are some simple things that you can do to improve credit score. Ensure you are registered on the electoral roll at the address you actually live at. This can make a huge difference to how you credit score with a lender.

Make sure all your bills and accounts are registered to you at the correct address, not previous addresses, or your parents house. This keeps things consistent and makes you easy to trace on a credit search.

For those that have no debt and have never had any debt, consider using a credit card responsibly. This proves that you are able to look after your finances and repay it within the required timeframe. Believe it or not, never having had any debt can go against you!

Organise your finances

If you do have outstanding loans or credit cards, try to repay these before applying for a mortgage, if you are able to. However, this isn’t the end of the world so if you have debt, still speak with a broker and they will be able to advise you how this may impact your application. The most important factor is to ensure that all repayments are made on time and this applies to all bills, not just credit. This proves you are reliable and able to manage your finances.

Remember a lender will assess your bank statements as part of the application process so be mindful of what you spend your money on. If you are not saving and there is very little surplus money left at the end of the month, a lender may question if a new mortgage is affordable.

These are just a few handy tips to prepare you for an application but by no means all. For more information or to discuss this further please contact us and we will be happy to help.