Getting a mortgage can seem like scaling a mountain at the moment; especially with the changing economic situation and cost of living crisis eating into your monthly budget.

When it comes to that mortgage application, you will want to do everything you can to put yourself in the best possible light to get the best deal.

Whilst it’s likely you may be able to secure an application even if your circumstances are not completely straightforward, it’s quite possible you will end up only being accepted on the more expensive rates.

To help you along your journey to boosting your chances of securing a fantastic deal for that perfect home, here are five of our top tips.

Check your credit report and ensure it’s as strong as possible

It should be obvious, but a lender is not likely to have a strong reason to approve that great deal and a patchy credit history with a low overall score is something that will count against you.

Whilst poor credit may cause you to be unable to access the most competitive rates, there are lenders that specialise in bad credit mortgages and you may be able to get access to a product.

The three credit reference agencies in the UK are Experian, Equifax and TransUnion along with Credit Karma, you can check your report for free on their respective websites.

On clicking the third-party website links, you will leave the regulated site of The Mortgage Consultancy. Neither The Mortgage Consultancy nor Sesame Ltd is responsible for the accuracy of the information contained within the linked site.

Register to vote or your chances might be lost before you’ve begun

Even if you have the perfect credit score, without being on the electoral roll it’s. very difficult to get a mortgage. This is because lenders use electoral roll data when carrying out identity checks to make sure you are who you say you are, living where you live and that you’re not laundering money.

Your credit report will say if you are on the electoral roll, however, if you’re not sure you can check with your local council. Usually, you can be added to the electoral roll within a month and it’s free, so make sure you do this in advance.

Don’t apply for other credit shortly before a mortgage

Applying for credit in the three months leading up to your application could hinder your chances of getting it approved (some lenders recommend a six-month gap).

The reason for this is because lenders will search your credit file every time you apply for a loan, credit card, overdraft, and increasingly mobile phone or some utility contracts.

In short, the more searches you have in a short time means you are less likely to be granted credit as you could be viewed as desperately seeking borrowing.

Make paying your rent boost your credit rating

You always pay your rent on time, so why now use that as an opportunity to build your credit rating.

There are several free schemes that you can access with a Google search, however one word of caution – make sure you don’t miss any payments as it will show up on your file and could be off-putting to lenders, particularly for a mortgage.

Don’t plan to change job too soon

Mortgage lenders want to see consistent income and changing your job within 3-6 months of applying for a mortgage (or mid-application) is likely to harm your chances of getting approval.

If you’re planning on getting a mortgage, it’s certainly recommended to hang around in your current role until you have completed on your purchase.

If you are looking to obtain a mortgage, we always recommend choosing an experienced and reliable broker who will be able to ensure you have the highest chance of success with your application.

Our team are here to answer any questions you may have, and you are welcome to contact us online or by calling 01322 553282.