The main factor when it comes to obtaining a mortgage are:

  • The size of the loan you want.
  • How much you have saved as a deposit.
  • The employment status of yourself and your annual income.
  • Your credit rating score and history. E.g., like CCJs
  • Monthly outgoings and budget to see your affordability.
  • Any existing debt you may have. E.g., Student loan, credit card debt

Credit Score

It is mandatory to check your credit score before your broker or lender sees it so you can fix any mistakes or do something to boost your credit score. The reason for this is because it’s your job to convince the lender that you are financially disciplined so that you will be able to pay back your mortgage. One way to check this will be to see your credit history to see if you have a good repayment history.

Your credit report consists of details you have had open over the past six years, including:

  • Credit Cards
  • Loans
  • Overdrafts
  • Mortgages
  • Certain utilities

A question you may be wondering about is: Can I get a mortgage with a bad credit score?

Having a bad credit score does not automatically rule you as an applicant but it does become harder to get one because there will be higher risks. However, to get yourself a better chance it will be advised to get your credit report sorted out first so it will be easier to move forward.

If there is misinformation on your credit score you should directly contact your credit agency as well as tell your lender as they may be able to help.

Ex partner’s Credit Score

If you are financially linked to someone else (which only happens when you apply for joint credit, such as a bank account, mortgage, or loan) but you're now separated or have nothing to do with them, then de-link yourself because it can reflect badly on you when you try to get a mortgage.

It will reflect badly because if they have made late payments or misdemeanour it will reflect badly on you. To resolve this, you should get in contact with your credit agency to ask for a notice of disassociation.

Register to Vote. 

You may not now this but being a registered voter helps you to get a mortgage because it also used as a separate identity check by seeing your electoral roll data.

To see if you have been registered to vote you can check your credit history report or you can check with your local council. Do this at your earliest convenience because it may take longer than a month to be added.

Tips to help you get a mortgage.

  • Do not apply for credit before you get a mortgage.
  • Cut back on expenditures.
  • Do not use your overdraft.
  • If you are paying rent, use Rental Exchange Initiative
  • Put an extra £200 on top of your deposit if you are on the border of a deposit band.
  • Sort out your paperwork to speed things up.
  • Avoid delays and fill out paperwork correctly.
  • Do a test run to see if you can get an agreement in principle (AIP).

An Agreement in Principle (AIP) is an indication of how much you could borrow. It's based on the details that you give us. It's not a full mortgage offer, but it shows sellers and agents that you're a serious buyer.

Please note: This calculation is a guide to how much your monthly repayments would be. The exact amount may vary from this amount depending on your lender's terms.

This Is An Estimate Only.

This website uses cookies. We use cookies to provide social media features and to analyse our traffic.
You consent to our cookies if you continue to use our website. Read our cookie policy. I understand