How do I improve my chances of getting a mortgage offer?

This is a good question and one we are glad that you are thinking about.

No Further Credit βœ‹πŸ»

You can improve your chances of getting a mortgage offer by making sure that you don’t apply for further credit during the period when you are trying to get a mortgage. This includes up to the point where you have a mortgage offer.

Some lenders will continually monitor your credit rating on a live system and if they see that you have applied for either a credit card, personal loan, goods hire purchase (including sofas and household goods), car loan or other mortgages, then this could affect your current application or even your current mortgage offer.

Don't Increase or Decrease Existing Credit βœ‹πŸ»

If you have a credit card or loan facility, don't suddenly increase or decrease your credit limit. Doing this could alert the mortgage lender. Even if you are decreasing your credit limit to demonstrate a positive step, mortgage lenders don't know that you have done this and may assume that the lender has reduced your credit limit for you.

Credit increases or decreases should be avoided until after your mortgage completes.

Bank Account Conduct

Keep all of your payments on time and don't miss any Direct Debits or Standing Order payments. Bounced Direct Debits or Standing Orders are seen as a sign of account mismanagement and this could cause your mortgage application to be declined. Don't enter into an emergency overdraft and do not suddenly go on a spending spree or go wild with gambling sites. This may also cause a mortgage offer to be declined.

If your mortgage application takes a little while or falls into a new month, mortgage lenders often request more recent bank statements.
Do not make any further applications for credit or finance whilst your mortgage application is being assessed, including loans for furnishings or white goods.
Keep all of your bank accounts in good order and don't miss any payments, don't go on a spending spree and don't enter into an emergency overdraft whilst applying for a mortgage.

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