How to Improve Your Chances of Securing a Mortgage

In life, there are certain milestones that most of us want to attain: securing a good job, owning a nice car, building a strong relationship with someone that we love, and buying our perfect home.

Although all of these are important to us, some are more problematic than others, and becoming a homeowner is a prime example. We all know that houses cost an awful lot of money, and most of us will never have the funds to buy a property outright. Instead, we’re forced to rely on mortgage providers like Saffron Building Society to lend us a helping hand.

Yet some of us will find it far harder to secure funding than others. If you fall into one of these problematic categories, here are some tips to help you improve your chances…

#1: Find a Mortgage to Suit Your Circumstances

One of the best ways to secure funding is to find a lender that caters to your needs. There are lots of factors that could be used to rule you out of borrowing, from self-employment to existing mortgages to intending to use your property as a buy-to-let. However, none of these factors in themselves make you ineligible to secure funding. The trick is to find the right lender. Although the terms you find will be dictated by your circumstances, there are always mortgage providers that will cater to the needs of typically problematic groups. To enlist their help, do your research and make sure that you know who they are.

#2: Improve Your Credit Rating

Another great tip is to take steps to improve your credit rating. Mortgage providers will use this as a key indicator of the level of risk you pose, so the better it is, the more likely they will be to lend you capital. Luckily, improving it is relatively simple. One of the easiest methods for doing so it to take out a credit card for a period of six months, making sure that you meet all of your repayments and abide by the terms and conditions.

#3: Save as Big a Deposit as You Can

Thirdly and finally, you’ll find that the more money you can save, the better it will be in the long-term. Although many lenders will finance those with only a nominal deposit available, the harshness of the terms you must abide by will be dependent upon the level of risk you pose. The more money you have in the bank, the more lenders will be willing to consider you, and the better the agreement they’ll offer.

Improve your chances of securing a mortgage today with these three top tips.

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