How To Become Mortgage Ready

To expedite the mortgage process and increase your chances of approval, it’s crucial to be well-prepared. Here are the steps and tips to follow to become mortgage ready:

Obtain Your Credit Report

Obtain a copy of your credit report; we recommend checkmyfile.com as they use data from Experian, TransUnion, and Equifax. You can get a free* trial for 30 days by using the link below.

Review the report for any errors or negative information that could affect your credit score. Dispute and rectify any inaccuracies with the credit bureaus to improve your credit standing.

Determine Your Monthly Payment

Calculate your monthly budget to understand how much you can comfortably afford to pay for your mortgage. Consider other monthly expenses, including utilities, insurance, and maintenance costs.

Resolve Outstanding Debts

Pay off as many outstanding debts as possible before applying for a mortgage. Avoid taking on new loans, especially payday loans, as they can negatively impact your mortgage application.

Save for a Deposit

Save for a deposit to increase your chances of getting approved and securing a better mortgage deal. The bigger deposit you have, the better rate terms you may be able to access. Access to 100% mortgages is usually unavailable, so have a deposit of at least 5% of the purchase price.

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Written in August 2023 by:

Sam Chester

Consult with a Mortgage Broker

Seek the advice of a mortgage broker who can offer expert guidance and access a wide range of mortgage options. A broker can help you find a better deal that suits your unique financial situation.

Check Your Credit History

Regularly monitor your credit history and address any negative information or errors promptly. Use reliable services like checkmyfile, which combines data from multiple credit agencies for a comprehensive view.

Maintain a Long Account History

Lenders prefer customers with a long-standing relationship, so avoid frequently opening and closing accounts.

Be Mindful of Credit Card Use

Use credit cards responsibly to demonstrate good financial management and build a positive credit history. If you can repay in full every month, then do so. In any case always make timely payments, avoid carrying high balances as this will hinder your credit score.

Timely Payments

Pay all your bills, loans, and credit cards on time to maintain a good payment history.

Minimise Credit Applications

Avoid making multiple credit applications within a short period, as it can negatively impact your credit score. Inform your mortgage broker about any necessary credit applications during the mortgage process.

Credit Cards

Unused and dormant credit cards can negatively affect your credit score. Consider cancelling unused credit cards to maintain a healthy credit score.

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Attention Please!!!

The content within this article is as accurate as the date it was written. To ensure the most up to date information, you should consult with one of the experts that we work with as every lender and their polices are different and can be changed or amended without notice.

This website is for information only and does not constitute financial advice. Our mortgage advisers are all fully qualified to provide mortgage advice in accordance with the Financial Conduct Authority (FCA) regulations. We only exclusively operate with businesses that are authorised and regulated by the FCA. All advice offered will be unique to your individual circumstances.

Some Buy to Let mortgages are not regulated by the FCA. You should carefully consider securing other debts against your home. If you do not keep up your mortgage repayments, your home may be repossessed. Equity released from your home will also be secured against it.