How Can I Improve My Chance of Mortgage Approval?

Full details about the optimal ways to boost your mortgage approval prospects, repair your credit score and lower the perceived lender risk to get the mortgage offer you want on the table!

About your mortgage

Error: Yearly income income must be between £1 and £10,000,000.

Error: Regular bonus must be between £1 and £10,000,000.

Based on your yearly income, you may be able to borrow:

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

How Can I Improve My Chance of Mortgage Approval?

Applying for a mortgage, and waiting for the outcome, can be nerve-wracking! Whether you're a first-time buyer or applying for a remortgage, our role is to make sure you apply to the right lender, for the right product, at the most competitive rates.

Here we'll run through how lenders assess each mortgage application and what you can do to make it more likely that you'll get a positive response.

If you've been turned down for a mortgage or would like to ensure you get your mortgage approval the first time, give us a call on 0330 304 3040, or drop a message to info@revolutionbrokers.co.uk.

How Do UK Mortgage Lenders Assess an Application?

The first thing to do to make sure your application is approved is to know what the lender will look out for.

There are three primary criteria:

  • Affordability - whether you can afford to repay the debt. That looks at your income, debts, outgoings, and the stability of your employment.
  • Deposit - the higher the deposit, the lower the risk to the lender. They also need to know where that deposit comes from, with savings or family gifts the most acceptable sources.
  • Credit history - lenders will need to run checks on your credit file to ensure you haven't had any history of defaults or failure to keep up with your debt repayments.

You have to prove the information you put on the application form, so you need to have documents to have to show:

  • Your ID and address - such as a passport and recent utility bills.
  • Your income - payslips, P60s, self-employed tax returns of accounts.
  • Your expenses - information about credit cards, loans, and bank statements.

What is the Best Way to Get My Mortgage Approved?

Let's run through the basic steps to getting your mortgage funding.

First, you need to know how much you can borrow. This is calculated against your annual earnings, less debt repayments.

Next, you need to know how much of a deposit you have to put down and where those funds have been sourced from.

Third, we’d recommend accessing your credit report and ensuring it is accurate and up to date.

Once you know your deposit and the maximum mortgage you can borrow, you are in an excellent position to decide what value property you can afford.

Finally, you should consult an independent broker to put those puzzle pieces together and recommend the most suitable lender for you.

How Long Should a Mortgage Application Take?

It depends on how complicated it is. A straightforward application with no queries can take a couple of weeks. More involved applications can take 40 days or longer.

Most of the time, the process is split into two stages. You usually apply for an agreement in principle as an indicative offer to lend. AIPs are worth applying for since, although they aren't a firm guarantee, they do mean that you have better negotiating power when making an offer on a property.

You don't have to have an agreement in principle. Still, it is an integral part of the process since it will outline the maximum you can borrow and reassure you that you have passed the credit checks.

When you're ready to proceed with the application, you submit a full application and wait for a formal offer to lend from the mortgage provider.

Once you have a formal offer, it usually takes around three or four weeks to complete your purchase.

The time delays depend on lots of things, such as:

  • Whether you have bad credit issues that need investigating.
  • If the property is non-standard or an unusual construction.
  • Whether you have variable income or are self-employed.

When is the Right Time to Apply for a Mortgage Pre-Approval?

Most agreements in principle are valid for two or three months. It's wise to apply in advance since that means you are in a good position to proceed with a full application when an offer is accepted.

However, you might need to reapply if you don't find a property you wish to go ahead with before the AIP expires.

The best way to find an AIP is to work with an independent broker who will assess your circumstances and make sure you apply to the right lender the first time around. This avoids racking up hard credit checks and making it even more challenging to get approved for a mortgage next time around.

Can I Get a Mortgage Offer with an Adverse Credit History?

You can, yes, but will almost certainly need help from a whole-of-market broker with experience negotiating with specialist bad credit lenders.

Pre-approval looks at your credit record, but if anything else comes to light from a full credit check when you apply for the full mortgage, it is still possible to have an agreement in principle withdrawn.

There isn't a fixed minimum credit score you need to get a mortgage since every lender has a different policy.

Are There Mortgage Approvals for Self-Employed People?

Yes, self-employed mortgages work like any other, with the lender reviewing:

  • Your trading history, with a period of three years or more being ideal.
  • Profits and how much the business makes on average, usually over the last two or three years.

For sole traders, the lender will assess your net profit. For self-employed limited company directors, they will usually rely on your salary, plus dividends drawn from the business.

Why Revolution Brokers?
  • Whole of market brokers

  • Mortgage that suits you

  • On time customer support

FAQs

How does our broker-matching service work?

Not in advance, no. An agreement in principle is indicative and usually means you've got a good chance of securing full approval.

The best way to lock in a rate and be confident that you'll get the mortgage you need is to consult an independent broker to manage the application process for you.

It might be more complicated, but yes, you can! You will still need to pass affordability checks and can increase your chance of approval by offering a larger deposit or another form of security.

Usually, yes. If you have significant short-term debt, you might need to consider consolidating those debts. However, a lot depends on how much you owe, how much you rely on credit cards, and whether you have other credit history issues.

If possible, it's best to avoid switching jobs part way through a mortgage application! However, if you have already been approved, some lenders will honour this provided your new role is in the same sector, and the pay is equal or higher.

Other lenders might withdraw their offer, but a lot depends on the circumstances and why you have changed your employer.

Most lenders will ask for three months of bank statements.

If you're concerned about getting the mortgage finance you need or have been rejected elsewhere, the best action is to appoint an independent broker who can identify the best possible mortgage options for you and negotiate on your behalf directly with the chosen lender.

Give Revolution a call on 0330 304 3040, or drop us an email at info@revolutionbrokers.co.uk to get your successful mortgage application started!

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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Revolution Brokers understands that mortgages can be complex and confusing!

Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.