How to… boost your chances of getting a mortgage

Are you applying for a mortgage? Then put yourself in the strongest position of it being accepted by getting your financial house in order. Here’s how…

1 Sort your finances

‘Buying a home is a huge financial commitment and mortgage lenders will want to see that you’re a trustworthy borrower,’ says online mortgage broker Trussle’s Miles Robinson. So before you apply, check your credit score and take steps to improve it and ensure any mistakes are corrected. Lenders will analyse your spending habits when you apply, so bear this in mind in the months beforehand.

2 Save, save, save

Having a larger deposit will boost the odds of your mortgage application being accepted and will often also give you access to better mortgage deals, too. ‘So, if you’re able to, try to save a

deposit of at least 10%,’ explains Miles. ‘Reduce outgoing expenses where possible and use a budget planner to manage your monthly spending,’ he adds. You can put the money you’ve saved towards your dream home.

3 Do your research

‘Finding the right mortgage can seem daunting, so it’s important to spend time doing your research ahead of making an application and speaking to a broker can help you with this,’ explains Miles. ‘By reviewing your personal and financial situation, they can offer advice on which lender is right for you, factoring in your personal circumstances.’ For more information, visit trussle.com.