Applying for a mortgage is rarely a straightforward process. Your mortgage is likely to be the biggest financial commitment you’re ever going to make – with lots of decisions to make, forms to fill in and waits for lenders to respond.
In April 2014, the process was made even tougher with the introduction of new rules on mortgage affordability. The Mortgage Market Review (MMR) was introduced to make mortgage lending more responsible and stable.
Lenders are keen to know whether you’ll you be able to afford your monthly repayments should interest rates go up or if your circumstances change.
So they’re likely to pay close attention to your income, monthly outgoings and savings as well as the information in your credit report and application form.
Experian’s mortgage application guide lays out the steps to take when preparing to make a mortgage application.