Getting a mortgage is not simple in any way, shape, or form. The smallest thing can stop you from getting the house of your dreams and result in your application being rejected. So what can you do to give yourself the best chance of getting a mortgage? Read on to find out:
1. Improve Your Credit Score
Your credit score is a huge factor in whether or not you get accepted for a mortgage, so it’s important that you have it in tip top condition. You can look at it by using one of the big companies like Experian or Equifax. First off I recommend that you make sure there are no mistakes, as mistakes can be made and will lower your credit score through no fault of your own. Once you’ve rectified these, make sure you’ve closed down any bank accounts you don’t use.
2. Pay All of Your Bills on Time
All of your bills must be paid on time each month, otherwise it will look as if you aren’t in control of your finances to lenders. One missed phone bill, for example, could be the difference between securing that mortgage and getting rejected.
3. Have Plenty of Money Saved
Not only do you need as much money saved for your deposit as possible, you also need to have money saved for things such as surveys. The more money you have behind you when buying a house, the better chance you’ll stand. If you also have a cash cushion saved for emergencies, this will impress the lenders further.
4. Be Careful With Credit
If you have credit cards and accounts, you should be very careful as to how much you use them. Using these can give you a better credit score once you’ve shown you pay money back on time, but if you teeter too much on the edge of your allowance it will look like you are living beyond your means. Be careful with your credit.
5. Get Legal Assistance
Legal assistance can be a massive help at a time like this. Getting help from the likes of these property lawyers in Belfast will help take a lot of the pressure off you. They’ll also inform you of important things you probably didn’t know anything about before. It’s worth getting help from a reputable source!
6. Avoid Switching Jobs
Many lenders like to know that you’ve been in your current job for at least 6 months before allowing you a mortgage. This shows that your job is safe, and you aren’t going to suddenly earn less money, or worse, no money at all. If you were planning on changing jobs, at least wait until your mortgage is secured.
7. Pay Off Any Outstanding Debts
Paying off your outstanding debts ASAP will instantly improve your credit score and make you look more reliable to lenders.
Use these 7 tips and you’ll stand a much better chance of getting a mortgage. Bear in mind that different lenders have different ideals when it comes to the people they lend to, so do some research before applying. Good luck!