When applying for a mortgage, you will want to not only be able to borrow the amount you need, but also get the application accepted first-time.

As a mortgage broker, we know what mortgage lenders will look out for so are generally able to do our best to, as far as we can, review your situation to ensure we’re able to recommend the most suitable product.

There are, however, are a number of things you can do in preparation to make your application go as smoothly as possible. Here are five of our top tips.

Be on the electoral role at your current address

This is an important but often overlooked point by more people than you would realise. Particularly if living in rented accommodation, it’s all too easy to overlook registering to vote.

Being on the electoral role is helpful because it gives lenders proof of address and also means your broker is able to access a broader pool of options as some lenders will not accept applicants who are not registered.

Check your credit score and ideally make sure you have credit at your current address

Checking your credit score is something that you will want to do on a semi-regular basis as general good practice, however it’s important when applying for a mortgage.

The better your score, the more chances you have of being granted a mortgage and not only that; the likelihood of getting a lower rate. Whilst there are lenders who will approve applications for people with a poor credit score, you will generally end up paying a higher interest rate.

Checking your credit score is free and Equifax, Experian, Credit Karma along with TransUnion are good places to start. If you are renting, there is also the option of having your rent count towards your score by applying for a specific scheme.

Lenders will also want to see good management of debt over time and also that you do not currently have unsustainable levels of debt, so keep an eye on this too.

Have up-to-date ID

Like with the electoral role point, this is actually quite common and checking your identification is in date, with the correct details is crucial.

Have you changed your name perhaps, got a middle name that doesn’t appear on legal documents, moved but not updated your driving license address? All these are points you will want to check off before applying.

Whilst things such as marriage certificates and other documentation can be used to confirm a name is correct, it’s much easier to have it there in the first place!

Be ready to provide proof of deposit

This is a question we will always ask as a broker before discussing your options as it is becoming more and more important as time goes on.

The basic reason is that, because of money laundering rules, your mortgage lender will need to know that cash is coming from a legitimate source.

If from savings, you’ll need to show evidence, if from inheritance or a gift you will need to have supporting documentation in place to confirm that all is in order.

This is relatively straightforward, but always helpful to know from the start so your broker can recommend the most appropriate product.

Always tell the truth throughout

It’s so important to always be upfront and honest when applying for a mortgage as the lender will go through all documentation with a fine-tooth comb.

For example, if you have bad debt it’s best to disclose it upfront, not exaggerate your income or bend the truth in other ways (such as where your deposit comes from).

Not only could this lead to the lender having concerns and your application being rejected, it could mean that it’s harder to get a mortgage in the future.

This is another reason to use a broker as a broker will know most of the questions the lender will ask, so can do their best to gather and review all the documentation prior to submitting the application.

If you have any questions about your mortgage, our team are always on hand to help. Either contact us online or by calling the office on 01322 553282.