Something as small as an unpaid bill could be enough to see a mortgage application declined. Here are the some key steps to take before you apply: ¦ Check your credit report. Lenders will look at your credit history to judge the strength of your financial situation.Occasionally the reports contain mistakes. Use Experian , Equifax , or Call Credit to make sure everything is in order. ¦ Try to pay off existing debts before you apply. Lenders want to see that you can pay back loans on time and in full each month. ¦ Avoid drastic changes in financial circumstances before you apply. Lenders want to see a borrower who has a settled financial history so try to avoid taking more credit in the months immediately before you ask for a mortgage. ¦ Check you are on the electoral roll. Banks and building societies will use this to verify your identity so make sure you are listed before starting the mortgage process and avoid problems later on. This can be done quickly and easily by contacting your local council. ¦ Avoid job changes. Before accepting a loan most mortgage providers like a borrower to have held a job for a number of months to prove that you have a steady income stream.
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