Acres Estate Agents in the West Midlands

Taking out a mortgage is likely to be the biggest financial commitment you’ll ever make, and so you'll want to find the best deal you can. The good news is there’s plenty you can do to improve your chances of getting your mortgage application accepted – follow our top 10 tips to help you get the mortgage you want


If you’re thinking about how to get a mortgage, you should be aware of the factors that affect your eligibility. These include: your credit score, length of time in current job, current debts, whether you’re self-employed and of course the size of your deposit.


Follow our top 10 tips below to find out how to get the mortgage you want.


1. Your credit score matters

Before applying for a mortgage, get a copy of your credit reportwhich is held by credit reference agencies such as Experian or Equifax. This will allow you to see what lenders see when they review your application.


If your credit rating isn’t looking that great, there are lots of simple things you can do which can give your score a boost. For example, check you are on the electoral roll and close down credit card accounts which you no longer use.


2. The starting point is your own sums

Sit down and work out your budget before applying for a mortgage. You will need to be sure you can borrow enough to cover the purchase of the property and that you’ll have enough spare to cover all the associated costs and fees.


Monthly mortgage repayments will depend on how much you want to borrow (and over how long) and the interest rate charged.


3. You’ll be better off in the same job

Lisa Brown of Acres Financial Services said; “ Most lenders will want to see that you’ve been with your employer for some time before they’ll give you a mortgage, so if you’re thinking of switching jobs, it’s a good idea to hang on until you’ve got your mortgage in place. Many lenders like to see you have been in your existing job for at least three to six months.”


4. Debts don’t help

If you’re submitting a mortgage application, the last thing any prospective lender is going to want to see is that you owe a load of cash on credit cards or you’ve got outstanding loans.


Ryan Jobbins of Acres Financial Services said " Before you apply for a mortgage, try to reduce any debts you have – this will help demonstrate that you manage your money responsibly. It will also mean you will potentially be able to borrow more when it comes to a lender’s affordability calculations. "



5. You’ll need proof of income

Mortgage lenders will want to see proof of how much you earn, so you’ll probably need a P60 form which you get every year from your employer and shows a summary of your pay and how much tax has been deducted.


You’re also likely to be asked for three months’ worth of bank statements and payslips so the lender can look at both how much you have coming in as well as your outgoings.


6… or accounts if you’re self-employed

Getting a mortgage when you’re self-employed can be more tricky, especially if you’ve only recently decided to go it alone. Lenders want proof of income and so they’ll usually ask to see SA302 forms relating to the current / recent years from HMRC, or your full trading accounts.


7. The bigger the deposit the better

The more you can save up to put down as a deposit, the bigger the choice of mortgages that will be available to you. Lenders reserve their best rates for those with hefty deposits, so you’ll also benefit from lower monthly payments because you’ll have qualified for a better deal.


8. Buying with someone else can be easier

If you are struggling to building up a decent deposit on your own, you might want to think about buying with someone else. This could boost your chances of securing a decent mortgage, particularly if they’ve got an excellent credit history and a higher income than you. But remember that this is a big commitment, so you’ll need to sit down and work out with the other person what would happen if one of you wanted to move in future.


9. You shouldn’t chop and change your application

Once you’ve started your mortgage application, don’t mess around with it and start changing figures as it could hold up your property purchase.


10. It can pay to get help

If you’re struggling to find the right mortgage deal, or you don’t know what you’d be eligible for or how much you can borrow, it is always a good move to have the help of a mortgage broker. They can research the market for you and help you through the application process so you don’t have to go it alone.


Here at Acres we offer a comprehensive mortgage service giving independent financial advice, with access to the whole of market / high street lenders, often with exclusive deals. For further help please call any of our offices detailed below, or click to the link above.


Your home may be repossessed if you do not keep up repayments on your mortgage


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