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How to Boost Your Chances of Getting Accepted for a Mortgage

Applying for a mortgage can be difficult, but there are certain things you can do to improve your chances of getting accepted.

From how to improve your credit score, to de-linking yourself from someone financially, here are all the steps you can take (and things you should avoid) to increase your chances of getting the mortgage you dream of.

We are an online mortgage advisor who can find the perfect mortgage lender for your financial circumstance, so if you require advice or help, please feel free to get in touch!

Check your credit rating

Mortgage lenders will want to find out whether you can be trusted to pay back your mortgage. One way in which they investigate your financial history is by searching your credit report. To get ahead, you should check your credit score before they do to make sure you have a good history.

When you look at your report, check for any mistakes which could affect your credit as these will need to be changed as quickly as possible. Things to look out for include:

  • Debts that you have already paid off
  • Incorrect personal information
  • Information from previous partners
  • Information that is out of date

You should check your report for errors at least six months before you apply for a mortgage to give enough time for any errors to be changed.

If you have a poor credit score, you will still be eligible for a mortgage, but you may need help from specialist mortgage brokers. They will know which lenders are more likely to accept you which will save you time and help avoid any mortgage rejections.

Improve your credit score

Your credit score is the number lenders will look at to work out how creditworthy you are - so it’s pretty important. It is calculated using different credit data including payment history, amounts owed, length of credit history and previous debts.

The higher your credit score, the better the mortgages will be available to you. You can improve your overall score by fixing any mistakes on your credit report, paying debt off, consistently paying bills on time and keeping credit balances low.

Financially linked to someone? Check their rating

If you’re financially linked to someone (such as having a joint bank account, mortgage, or loan), but you’re no longer involved with each other, you should make sure to cut all financial ties with them. If you don’t and they incur late payments, this could go against your mortgage application. Get in touch with your credit agencies and ask for a notice of disassociation to no longer be financially connected with that person.

Register to vote

This is more important than you might think; if you aren’t on the electoral register (even if you have a perfect credit score) it will hamper your choice on a mortgage. Mortgage lenders use electoral roll information to perform identity checks and verify that you are the person you say you are.

It’s completely free to register and very simple, so make sure you do this before applying for a mortgage.

Save, save, save!

The larger your deposit, the better your mortgage options will be. If you have a big down payment it lessens the risk for the lender, so you will have more choices available to you and your application will be much more attractive.

Pay your bills on time

This is one of the most important aspects of getting a mortgage. Yes, it’s obvious, but that’s because it’s one of the most valuable parts of the process. If you have any missed payments on your credit file, these will go against you when applying for a mortgage. They stay on your file for six years, so even if it’s just a small miss payment, it can do a lot more damage than you might think for years to come.

Cut back on spending splurges

When you apply for a mortgage, lenders will take a look at your bank statements to see how you’ve been spending your money. You may be asked to provide three months’ worth of statements for lenders to look through. Not only will cutting back on big shopping sprees help you save for a larger deposit, but it will also show lenders that you are financially stable.

Avoid your overdraft

You don’t want to be relying on your overdraft if you’re trying to get a mortgage. If you do end up in your overdraft you should make sure to stick with pre-agreed limits, but it’s best to avoid your overdraft wherever possible when getting a mortgage.

Finally, take time on your application

Spending time on your application will avoid little errors and mistakes which will help avoid any delays in the process. This includes:

  • State your exact income instead of rounding up
  • Include your full name, even middle names
  • Declare any debt you have; lenders will find them either way
  • Get your address history correct and be honest in all your answers

Doing all of this should mean no delays to your application.

To sum up

Applying for a mortgage and looking for your dream home is an exciting time, so you want to do everything you can to make the process as smooth as possible. Hopefully these tips will help you in your house-hunting journey! If you require any further advice, get in touch with us today and a member of the Mortgages Online team will be happy to help.


Andrew Montlake

As Managing Director, Andrew looks after the strategic goals that drive the vision and culture of the company, maintaining and promoting our Brand, Marketing, PR & Communications, as well as looking after our Corporate, Introducer, and Lender relationships.

He is the author of a highly acclaimed Mortgage Blog and host of our successful Mortgage & Property Podcasts and he has also won 8 major industry awards; Best Press Spokesperson (twice), Best Marketeer (twice), Mortgage Personality of the Year (twice), Mortgage Strategist of the Year and most recently Best Business Leader Broker (11-50 brokers).

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