{"id":6814,"date":"2016-04-13T08:23:35","date_gmt":"2016-04-13T08:23:35","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=6814"},"modified":"2018-02-16T09:38:51","modified_gmt":"2018-02-16T09:38:51","slug":"3-ways-to-improve-your-chances-of-getting-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/3-ways-to-improve-your-chances-of-getting-a-mortgage\/","title":{"rendered":"3 Ways To Improve Your Chances of Getting a Mortgage"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>So you have finally saved the deposit for a <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> and now it\u2019s time for the final push; getting a <a class=\"wl-entity-page-link\" title=\"Mortgage loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/mortgage-loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mortgage_loan;http:\/\/rdf.freebase.com\/ns\/m.0273t5w;http:\/\/dbpedia.org\/resource\/Mortgage_loan\" >mortgage<\/a>. Buying a house is a huge investment and taking out a mortgage will most likely be one of the biggest financial commitments of your life so it is imperative you get the best deal possible.<\/p>\n<p>The application for a mortgage can be rigorous; the mortgage lender needs to believe you are a reliable <a class=\"wl-entity-page-link\" title=\"lenders\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/loan;http:\/\/rdf.freebase.com\/ns\/m.01dnzs;http:\/\/dbpedia.org\/resource\/Loan\" >lender<\/a> so will delve into your income, expenses, credit score and overall lifestyle to make sure you can repay the money.<\/p>\n<p>The \u2018M\u2019 word can fill people with dread and, while there are no guarantees you will qualify, there are a few ways to <a href=\"http:\/\/strata.co.uk\/about-strata\/blog-news\/march-2016\/how-to-four-ways-to-improve-your-chances-of-mortga\/\">improve your chances of getting a mortgage approved<\/a> by your lender.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Improve Your Credit Score <\/strong><\/p>\n<p>Your credit score is crucial to whether you are eligible for a mortgage or not. A credit score is an analysed summary from your credit report calculated from payments owed, types of credit in <a class=\"wl-entity-page-link\" title=\"Land use\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/land-use\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/land_use;http:\/\/rdf.freebase.com\/ns\/m.0flb7;http:\/\/dbpedia.org\/resource\/Land_use\" >use<\/a>, your payment history and the length of your credit history. You shall receive a three-digit number and the higher the number, the better your rating is, and therefore the better the mortgage rate you can get.<\/p>\n<p>Once you have your credit report (this is free and can be requested from any number of credit rating agencies!) do not presume it is all correct; make sure you go through the whole report and look for any errors that may affect your credit rating. To improve your credit score, make sure all your bills are paid on time, you have taken out a credit card but all the payments are low and you have worked out any existing debt.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>The Bigger the Deposit, the Better the Mortgage<\/strong><\/p>\n<p>The <a href=\"http:\/\/www.which.co.uk\/money\/mortgages-and-property\/guides\/how-to-get-the-best-mortgage-deal\/what-a-mortgage-lender-will-lend-you\/\">size of the deposit<\/a> is crucial to the <a class=\"wl-entity-page-link\" title=\"Rates (tax)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/rates-tax\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/rates_tax;http:\/\/rdf.freebase.com\/ns\/m.03hnzm;http:\/\/yago-knowledge.org\/resource\/Rates_(tax);http:\/\/dbpedia.org\/resource\/Rates_(tax)\" >rate<\/a> of your mortgage. The more you can save before applying, the better choice of mortgages will be on offer to you. Remember, mortgage companies save their best rates to those with a large deposit; so even though it may seem frustrating waiting longer to save more, stay patient because it is worth it in the long run. Opening a savings account is the first <a class=\"wl-entity-page-link\" title=\"Stairs\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/stairs\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/stairs;http:\/\/rdf.freebase.com\/ns\/m.01lynh;http:\/\/dbpedia.org\/resource\/Stairs\" >step<\/a> to saving for a deposit. A separate account can help you keep track of your savings and stop you from overspending. Creating a standing order is one of the best practices when trying to save, it will help you make monthly contributions and take the money out before you end up spending it.<\/p>\n<p><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image.jpg\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-6815\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image.jpg\" alt=\"credsit score image\" width=\"700\" height=\"467\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image.jpg 700w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-260x173.jpg 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-600x400.jpg 600w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-100x67.jpg 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-150x100.jpg 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-200x133.jpg 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-300x200.jpg 300w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/credsit-score-image-450x300.jpg 450w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><strong>Get on the Electoral Roll<\/strong><\/p>\n<p><a href=\"https:\/\/www.gov.uk\/register-to-vote\">Registering to vote<\/a> is fundamental to your chances of getting a mortgage. It is near impossible to get a mortgage without being on the electoral roll. This is because mortgage companies use data from the electoral roll to determine identity checks for the mortgage application.<\/p>\n<p>Given the rising nature of <a class=\"wl-entity-page-link\" title=\"House price index\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house-price-index\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house_price_index;http:\/\/yago-knowledge.org\/resource\/House_price_index;http:\/\/rdf.freebase.com\/ns\/m.0gn3x3;http:\/\/dbpedia.org\/resource\/House_price_index\" >house prices<\/a> and the fact that <a href=\"http:\/\/www.policyexpert.co.uk\/insurance-blog\/house-home\/rents-to-rocket-to-up-to-72000-a-year-by-2033\/\">the cost of renting is expected to increase<\/a> at an average annual rate of 7.5% over the course of the next 18 years, now is the ideal time to take the plunge and buy a new <a class=\"wl-entity-page-link\" title=\"homes\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home;http:\/\/rdf.freebase.com\/ns\/m.01l0mw;http:\/\/dbpedia.org\/resource\/Home\" >home<\/a>. <strong><em>These steps should help you on your way, as you look to make what is arguably the most important fiscal decision of all.<\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So you have finally saved the deposit for a house and now it\u2019s time for the final push; getting a mortgage. Buying a house is a huge investment and taking out a mortgage will most likely be one of the<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/3-ways-to-improve-your-chances-of-getting-a-mortgage\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":6816,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[7,15,14],"tags":[48,55,93],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/04\/mortgage-advertorial-image.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/3_ways_to_improve_your_chances_of_getting_a_mortgage","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6814"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=6814"}],"version-history":[{"count":2,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6814\/revisions"}],"predecessor-version":[{"id":14710,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6814\/revisions\/14710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/6816"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=6814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=6814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=6814"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=6814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}