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How to give yourself the best chance of getting a mortgage
With it becoming increasingly difficult over the past 12 months for many first time buyers to get a mortgage, what are the best three things you can do to improve the chances of a lender saying yes, rather than saying no?
1. Improve your credit rating - if you've never had a loan or credit card you probably won't have a good credit rating. There are plenty of cards out there with low interest rates so you could spend a little on one each month and pay it off in full each month, boosting your credit rating.
2. Never miss a payment - if you already have loans or credit cards always make the monthly payments. Even one missed month can affect your chances of getting a mortgage as it stays on your credit record for 6 years.
3. Save a big deposit - the best deals from lenders are only available to those with larger deposits. If you need help boosting your deposit try and get it from family members, rather than through standard loans.
[ 18-03-2010 ]
