Unbiased CEO Karen Barrett's tips on how to better your chances of being approved for a mortgage
Karen Barrett, Founder and CEO of Unbiased.co.uk, gives this advice:
"The news that mortgage approvals continue to fall should come as little shock. With nine consecutive interest rate rises since December 2021, mortgages have become more expensive. This means borrowers' affordability is being severely impacted.
If you're looking at ways to improve your chances of getting a mortgage approved, here's four useful tips that can really make a difference:
Have a credit history: Lenders, brokers and underwriters need to be able to assess your credit history before making a decision, so be sure you have a credit history. Using credit wisely and paying it back on time will improve your credit score. Increasing your maximum credit limit to over £4,000 can also make a difference.
Register on the electoral roll: Being on the electoral roll confirms that you are who you say you are. The more security you can provide to lenders the better.
Only use credit where necessary: Try not to use credit to make lots of different spending commitments as this can put your application in a bad light. Use credit sparingly.
Stay in your job: Being in your job for at least six months can help show that your future income is secure. Lenders will therefore consider you a safer bet than those with irregular earnings."
To connect with one of 27,000 trusted financial advisors to talk about mortgages, Unbiased.co.uk is a good place to start