Top Mortgage Tips | Mortgages - Personal Finance 4 All

It?s no secret that getting a mortgage has become quite difficult in recent years, but there are of course things that you can do to make things easier for yourself. There?s no quick fix though, and you have to plan in advance. Below are some of the best ways of making sure that you get accepted, and that your interest rates aren?t too high.

• Be on the electoral roll ? It?s one of the simplest things you can do to boost your credit score. If you?re not on it, do so right away. It takes no time at all, but if you?re not on the list, then you?re unlikely to be accepted, so don?t forget to do it.
• Save, save, save ? It?s very obvious, but save as much as you possibly can before you even think about buying. 25% of the house price will make you much more attractive to lenders, but the more the better. The other plus of course is that the more of a deposit you put down, the lower your monthly payments will be. There are some schemes for very low deposits, but they usually have very high APRs.
• Check your credit reports ? Having a good report is obviously of importance, but always make sure that there are no mistakes on your file ? they can be costly. Often all it will take is a letter to the company who has made the mistake, and things can be resolved quickly. Don?t lose out for something that isn?t your own doing.
• Don?t over-apply ? Failed applications are adverse marks on your record, so you should wait until you?re absolutely ready before attempting to get a mortgage. This does in fact go for any credit product; try to get things right the first time round or you risk losing out the next time.
• Stability is important ? The longer you?ve lived at an address and been with your bank, the better. Lenders like stability, so this will certainly count in your favour. Obviously sometimes you can?t help moving but students for instance, should stay on the electoral roll at their parents? house instead of switching each year. Always make sure that addresses are correct on credit reports and applications.
• Hold down a job ? As with your address and bank, showing that you?ve been in a job for a long time means security to a lender, and will therefore garner favourable results. If you can explain changes however, you might be able to get round this. This is one of the reasons it?s good to get sound advice before making an application, especially if you?re self-employed. Go to Self-Cert-Mortgage-Centre.co.uk for more information on mortgages for the self-employed.
• Have a good relationship with your lender ? Banks are more likely to lend to those who have saved or have bank accounts with them, so if possible, and if the rates are favourable, apply with your current bank. This isn?t always the case, but it?s always worth checking out, especially if you hold savings with them.

Source: http://www.personalfinance4all.com/top-mortgage-tips/

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