10 Tips for getting a Mortgage One of life’s biggest financial commitments is likely to be your mortgage, so it’s important that you find the best deal. With plenty of ways to improve your chances of getting your mortgage application accepted – Follow our top tips to help you get on the property ladder. 1. Bigger deposit, better choices When looking to get your first mortgage, it’s a good idea to save as much deposit as you possibly can. Having a bigger deposit will increase the choice of mortgages available to you; as well as opening the door to top deals, as mortgage lenders often reserve their lowest rates for customers with large deposits. 2. Stay put If you’re thinking of leaving your current job, it may be worth staying put until you’ve got your mortgage in place. Most mortgage lenders will want to see that you’ve worked at your current employers for a decent length of time before offering you a mortgage. 3.Say goodbye to your debts Having debt will put you at a disadvantage when applying for a mortgage, on the basis that any outstanding loans and credit cards will be taken off what the lender will lend you. So, if possible pay off the credit card, close any unused accounts and reduce any debts as best as you can before applying for a mortgage. Sorting your debts will also show the mortgage lender that you manage your money responsibly and your mortgage application is more likely to be accepted. 4. Know your score In order to qualify for a mortgage you need a good credit score. Make sure you get a copy of yours before applying for a mortgage. This will help you avoid any surprises and will give you time to amend any inaccuracies. 5. Register to vote Not being registered on the electoral roll at your current address could make getting a mortgage almost impossible, as mortgage lenders use it to verify your identity. This could be a deal breaker, but is so easy to avoid if you register to vote. 6. Pay your bills It may sound simple, but any missed or late payments will go against your credit score. Make sure you pay your bills fully and on time. Avoid missing payments by setting up direct debits to ensure all payments are made on time. 7. Have your documentation ready In order to get your mortgage application accepted, you will need to prove who you are, so make sure your passport is up-to-date and your address on your driving licence is correct. A recent letter from your bank, or utility company will also be used to prove your address. You will also need to obtain payslips and bank statements for the last three months; as well as your P60s from the last two years. If you’re self-employed, getting a mortgage can be more difficult. Your mortgage lender will usually want to see an SA302 form from HMRC for the last three years or your full accounts for the last three years. 8. Buying together If you're purchasing property with someone else, it may enable you to build up a larger deposit, putting you in a better position. Both incomes and commitments will be taken into consideration when applying for a mortgage with another person. 9. Keep your application the same To avoid complications and time delays, don’t chop and change your application; this includes changing figures, such as wanting to borrow more money. Not only could this cause major delays, but it could also lead to the lender refusing to give you the extra money, or worse, not lending to you at all. 10. Seek advice Mortgages come in all shapes and sizes, which can often make the process of finding the right one stressful and confusing. It’s important to shop around, but if this is your first mortgage or you just want some help along the way, it may be worth speaking to a Mortgage Adviser or Broker. Our team of qualified mortgage advisers would be delighted to answer your questions. Call us on 0345 606 4488, or book an appointment at your local branch now. Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Should I Pay Off My Mortgage Early?What does the Autumn budget 2017 mean for First time buyers?