Although getting the favourable mortgage deal seems like climbing Mount Everest however actually, it is not that difficult. Well, there are certain mistakes that borrowers do and ultimately, the mortgage deal becomes doubtful. So, what are the factors that can actually boost mortgage chances? First of all, the applicants should make themselves very clear that if they hold a bad credit history. If they are unfamiliar with the actual concept of mortgaging, they won’t be able to qualify for a mortgage. Once, you grasp the detailed concept, things can become easier for you.
- Don’t Over Expect!
The borrowers usually over expect about the mortgage deals. You should not think that every lender will listen to you or will appreciate your profile because when you enter into the real market, such types of things do not happen. The lenders follow different types of criteria and they do not accept an application unless the borrower fits that criterion. In most cases, lenders ponder:
- Your outgoings
- Credit History
- Existing Debt
- Monthly Income
- Monthly Expenditure
- Employment Status
- Analyze your Credit Report!
The credit report should be obtained prior to applying. Before May 2018, there was a fixed fee for the credit report but after GDPR, now it can be obtained free of cost. So, when you decide to apply for the mortgage, the credit report should be checked before lenders.
- Rectify the Mistakes in the Profile!
The mistakes in the profile are important to rectify because if you do not clear such types of mistakes, the lenders will highlight those mistakes. Besides this, the Ombudsperson can also order to rectify the mistakes. In short, it will be better if you correct the mistakes yourself.
- Register to Vote
It is crucial for the borrowers to register for the vote as otherwise, they won’t be able to qualify for the loan. The lenders check such types of things. The financial institutes not only verify your residential address but they also ensure that whether you actually live there or not. Besides this, they also analyze the source of income to know whether the borrowers are involved in the money laundering activities or not.
- Try to De-Link with your Ex-Partner!
The mortgage advisers in Bristol recommend to de-link with your ex-partner as if you have a joint mortgage plan or joint bank account. These types of things also matter a lot and the lenders analyze such facts in a detailed way.