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5 ways to increase your chances of getting your new mortgage

21 August 2012

 

There are several steps that you can take to increase your chances of being accepted for your new mortgage. Here are our five top tips.

Repay your debts

Lenders will take your debts into account when they calculate how much they will lend. Many lenders will reduce your income by the amount you pay to loans and credit cards which could have a significant impact on your borrowing potential.

Speak to a mortgage broker

Unless you shop around, you may not secure the best mortgage deal or the most appropriate lender for you. One of the best ways of getting the best deal for you is to use a mortgage broker.

Be patient

When looking for a new mortgage, the more you save, the better position you will be in. Not only will you be able to buy at a lower price (if house prices keep falling) but you will also have a larger deposit.

Get your parents involved

A great way to get on the property ladder is to seek the help of your parents. Even if your parents can't help you with your deposit, there are a number of mortgage deals where they can use the equity in their own home to ‘guarantee' your mortgage.

Check your credit record

Before you apply for your mortgage, get a copy of your credit file from Experian, Equifax or CallCredit. Check that all your details are accurate and make sure you correct any mistakes.

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