MARTIN Lewis has explained the two checks you need to pass in order to get accepted for a mortgage. In the latest MoneySavingExpert newsletter, Martin revealed his step-by-step guide if you’r…
Martin added that it might be best to try to be "more frugal" in the run-up to a mortgage application.credit scoreWhen you apply for credit – like a loan, credit card or mortgage – the lender tries to predict your future behaviour based on the way you've acted in the past.This could include how many applications you've made recently, how much you owe, what credit products you've had and whether you paid them all off on time.
Check first for fees for this service, as it can cost you extra, but could be worth it in the long run if you save cash.We've rounded up some of the ways you can boost your credit score and affordability.Anyone expecting to apply for a mortgage in the near future should look at theirLenders will usually look back over current account activity over the past few months before a mortgage application is made.
This proves who you are and where you live meaning it's easier to get credit if you're on the list. Also check the electoral roll for any errors. You can sign up byMaking lots of requests in a short period of time can be seen as a sign of financial distress - and each application will be recorded on your file. Use a "soft-search" eligibility calculator to show how likely you are to be accepted.
As we said, you can also go to a mortgage broker who can compare for you, but you may have to pay for this service.You'll also need to factor in fees for the mortgage, though some have no fees at all, or you can add it on to the cost of the mortgage, but beware that means you'll pay interest on it and so will cost more in the long term.
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