Most prospective borrowers know the basics – improve your credit rating by registering on the electoral roll, check for any credit file blemishes and avoid excessive spending in the run-up to the application. This makes your bank account look a little healthier because payment for expenditure is effectively delayed by a month, but more importantly when lenders see your bank statements they won’t see where you spend your money. Make sure all credit cards are on a direct debit to avoid the risk of missing a payment.But here are some extra tips and tricks from three leading mortgage brokers to help you convince your lender to give you a loan. If you can’t afford to pay the balance off in full each month set the direct debit for the minimum and pay whatever extra you can afford separately. Reduce any other borrowing (except any 0pc credit card balance transfer deals) by as much as possible before applying for a mortgage.You may even find that online dating isn’t right for you – if that’s the case, all the better to find out without investing much into the process.
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To meet these tough requirements borrowers have had to become savvy and get their finances in order well before they apply for a mortgage.
Most brokers recommend that this is done at least three months before lodging an application, but it can pay to change your spending habits up to a year in advance. Put all expenditure, except things that cost extra if you pay by credit card, on a credit card (preferably one that gives you cashback or some other incentive) and pay it off in full each month.
Assuming the lender doesn’t consider your total debt to be excessive it is monthly payments, not outstanding debt, that determines your maximum mortgage.
So someone who took out a £10,000 car loan a year before applying for a mortgage and chose a five-year repayment term would be able to obtain a larger mortgage than someone who borrowed the same amount over two years and had therefore paid about half of it off. Make sure you don’t exceed any overdraft limit, or go overdrawn if you don’t have an arranged overdraft.
If you are out of work and are having trouble making ends meet, you should consider whether your bipolar disorder is severe enough that you would qualify for bipolar disability payments from Social Security.