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Top Tips for Lenders

Top Tips to increasing your chances of mortgage approval.

Pay your bills.

Late or missed payments can impact your credit rating which will affect your mortgage options.  To ensure you don’t run into any surprises be sure to stay on top of your payments.

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Be sure simple things like your living address and marital names are correct on your Identification and bills.  Also being on the electoral role will help the lender identify you. If you have mismatched information, this could impact your mortgage options.

Also, be sure to tie up any loose ends.  Any credit or store cards that aren’t used, could be closed down as the lender will see this as available credit and could impact how much they will let you borrow.

Manage your credit

Credit can be a tricky thing to obtain, often requiring evidence of history such as previous loans or credit cards. However, it’s ironic that the more experience you have with successfully managing your finances through borrowed funds, the easier it is for lenders to trust you.

This does not mean racking up an unmanageable amount of debt but simply using your credit card for fuel or food costs each month and paying the card back in either full or the minimum payment, shows the lenders you are responsible to borrow money and pay it back.

Do not, however, withdraw cash from your credit card.  This can be perceived as a red flag by the lenders.

Be mindful when shopping around

Every time you enquire about a mortgage application or sometimes use comparison websites, you may be subject to credit checks, and too many of these could impact your mortgage options.

Payday Loans

Payday loans can appear as a helpful solution in the short term, but when it comes to mortgages they may actually work against you. Even if payments are kept on track, lenders often perceive them as signs of financial strain which could hinder your chances of securing a loan.

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