Mortgage – What can you do to get accepted? It is a question that virtually every homebuyer will ask themselves at one point or another. Laura Richardson covers the basics for you now in her latest article . . .

Having a mortgage application rejected can severely affect your credit rating and hence your chances of being accepted by a different mortgage provider. It is, therefore, crucial to put your finances in the best possible position before applying. Here are some ways in which you may be able to improve your chances of being accepted for a mortgage in Halstead, or across Essex:

(a) Check your credit score:

The better your credit score, the more likely you are to be accepted for a mortgage. There are several companies that allow you to check your credit score free online. At the very least, you should check that your information is accurate, as errors could adversely affect your credit score. If you are concerned about your credit score, it is always advisable to discuss this with a qualified financial advisor such as our trusted partners at Andrew Douglas Wills & Legal Services.

(b) Maximise your deposit:

Lenders look favourably on deposits that minimise your “Loan To Value”. For example, if you put down a 10% deposit, your LTV is 90% which will mean you will usually pay a much higher rate on your mortgage than someone who puts down a 30% deposit, giving an LTV of 70%. It is well worth calculating whether continuing to save for a few more months could potentially move your LTV into a more favourable bracket.

(c) Consider paying off debts:

Lenders use a calculation based on your incomings, outgoings and outstanding debt to calculate how much they could potentially lend to you. Therefore, by paying off credit card debts or unsecured loans you could be eligible for a larger mortgage amount.

(d) Choose your property wisely!

If you choose to purchase an unusual property this may be a red flag to a lender! For example, lenders are more likely to reject an application for the purchase of non-standard construction buildings such as timber-framed.

(e) Consider using a specialist mortgage advisor:

If you have doubts regarding your mortgage application it is advisable to use a specialist mortgage advisor or broker to assist you in your application. Your advisor will be able to narrow down your choice of lender and product based on which provider is most likely to accept your application. At Andrew Douglas Wills & Legal Services we recommend using our trusted partner company for all of your mortgage needs to ensure that your mortgage application is successful and that you receive the best possible mortgage rates for your situation.

If you would like to discuss any of these issues, or simply wish to take the hassle out of applying for a mortgage, call Andrew Douglas Wills & Legal Services today! We offer a free initial consultation whether in Halstead, or the surrounding areas of Essex to discuss your requirements and how we can help you so call one of our team today!

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