A copy of your credit Report
When it comes to successful mortgage application, your credit score matters a lot. Accordingly, before you apply for a mortgage, get a copy of your credit score report that is approved by reputed credit reference agency. This is one of the things that lenders will check when reviewing your application. So if you credit rating is not looking great, endeavor to improve it. Remember, there are myriad ways of giving your credit score a boost such as closing credit card accounts that you don't use and ensuring that you are on the electoral roll among others. More details about it is here.
Get a Proof of Your Income
Most mortgage lenders will need to see a proof of your monthly earnings. So you will probably need a P60 from your employer or any other document that provides a summary of how much you take home on a monthly basis as well as the tax that has been deducted. Other lenders will also ask for a proof of a recent bank statement so that they can see the amounts you have coming in and going out.
On the other hand, when you are self-employed, getting a mortgage can be a bit tricky, especially if your venture is new. Most lenders often want to be convinced that you will be in a position to keep up with the repayments. They will therefore ask you to provide them with a proof of at least 3 years' worth of your accounts before they approve your mortgage application. They are more likely to refuse your application if you don't have a valid proof.
The type of mortgage that will be available to you is determined by the amount that you are ready to put down as your deposit. Most lenders reserve the best rates for people with bigger deposits. When you get better deals, your monthly payments are also lowered. Get more info about reverse mortgage solutions.
However, if you cannot manage to build a decent deposit on your own, you can also think of partnering with someone else. It will boost your chances of getting decent mortgage deals, especially if the person whom you partner with has high income and excellent credit history than you. Nonetheless, this is a big commitment and it makes a lot of sense to sit down and agree with your partner on how you will go about things when one party decides to move in future.
Bottom Line
Taking a mortgage is one of the most crucial financial commitments that you will ever make. Therefore, it pays to find the best deal you can. Besides the highlighted elements, go ahead and gather more mortgage tips to increase your chances of your application being accepted.