Can You Improve Your Chances Of Getting A Mortgage?

First Time Buyers | GPD Mortgage Solutions

If you are you thinking about getting a mortgage for a property, you might find it more difficult than you think. For those who have low credit ratings or a lack of savings, securing any kind of mortgage can be incredibly difficult.

However, the good news is that you can improve your chances of getting a mortgage, as long as you know what to do. Read on to hear some of our tips and tricks.

Work On Your Credit Rating

When you are applying for a mortgage, you will typically be asked for your credit rating. If you have a poor credit rating, the lender might reject your application. For many, improving a credit rating can be a long process but for others, there are simple changes that can be made to secure that mortgage.

For example, you should check to see if there are any errors in your credit file. These errors could be affecting your rating and can be rectified easily. Try to pay off any debts and avoid missed payments as these can affect your rating.

Save As Much As Possible

It is a commonly known fact that you can improve your chances of getting a mortgage if you have a larger deposit saved up. The more you are willing to offer the lender from the get-go, the more they are going to trust that you can pay the mortgage back over the years.

The best interest rates are given to those who have larger deposits and can offer as much as 40% of the property’s value. If you can, wait until you have more savings before applying for a mortgage.

Register To Vote

There are many reasons that you should register to vote in your local elections but did you know that improving your chances of getting a mortgage is one of them?

According to the experts, if you are registered to vote, you are more likely to be accepted as lenders will use your data to check your identity. The good news is that registering to vote is free and you can do it very quickly. We always recommend that clients register to vote before applying.

Cut Down On Spending

If you are someone who typically spends a lot each week, you might want to change this in the lead up to applying for a mortgage. Lenders will look at your bank statements with a fine-tooth comb and won’t offer you a good mortgage if you waste your money and are left with nothing before payday.

If you want to improve your chances of being approved, you should aim to cut down on spending a few months in advance. This way, you can prove that you can be trusted.

Hire A Mortgage Advisor

Finally, if you want to improve your chances of getting approved for a mortgage, you should hire a mortgage advisor. Advisors specialise in finding the best mortgages for certain types of clients and can even help those who might not usually get approved.

Independent mortgage advisors can offer advice to help you get the loan that you need. There really is no reason not to use the services of an independent advisor!

If you are thinking about buying a property and want to find the best mortgage rate for you, get in touch with GPD Mortgage Solutions to arrange a consultation.