Mortgage application preparation: are you UK mortgage fit?

Are you mortgage fit?

The process of applying for a mortgage involves getting mortgage fit. That doesn’t mean you have to go to the gym but the key documentation must be in order and to hand. It’s not about physical fitness but getting the paperwork to a state where you give yourself the best chance of being offered  the best  mortgage comparison.

A mortgage advisor like Mike Roberts of Truce Cost Mortgages (TCM) can help. You can read his thoughts on inflation and interest rates today in this TCM blog.

Mortgage Calculator

You can use a mortgage calculator to work out the repayments and interest but it won’t tell you about mortgage fitness. Here is the latest news about mortgages in the UK. Lenders are usually cautious when offering applicants a mortgage. Documents showing old addresses and credit deals almost at the limit can seriously affect your mortgage fitness. Below we examine the areas in which you can look at to become mortgage fit.    

Correct Address on Documents

Your current address should be correct on your name ID, wage slips and bank statements.

Bank Statements

Make sure your balance is not approaching any overdraft limit, try to be in credit and avoid returned items.

Credit Cards

Don’t appear to lenders to be dependent on credit cards. Limit use to 1 or 2 cards and meet the monthly repayments.  Any balance should be less than 50% of your limit.

Credit Report

There are credit agencies which will provide a free report.  Ensure that any information the lenders sees is correct and if not contact the credit agency.

Wage Slips

Wage slips should display your correct name and address and an accurate current wage.

Own Deposit

The lender needs to see your deposit contribution and proof from 3 months bank statements that you are funding the deposit personally.

Gifted Deposit

The lender needs to see evidence of funds held by the donor and a letter stating the deposit is a gift and not to be returned.

Mortgage Application

Your chances of being accepted for a mortgage are improved if the required documents are correct and in order. Your broker will need to see the appropriate documents before the application and can make further recommendation if necessary. However, if you follow the guidelines described above the application proceed without delay.  

If you require any further advice please contact our mortgage brokers on our free phone number 0800 035 2989 or visit the contact us page.

Mortgage Eligibility FAQs

Here are the answers to some common questions about improving your eligibility by getting mortgage fit:

Can a mortgage calculator UK tell you if you are mortgage fit?

A mortgage calculator UK can work out the interest and repayments but won’t indicate if you are mortgage fit.

What’s happening with interest rates UK today?

The Bank of England resisted increasing interest rates in November but worryingly high levels of inflation may make a rise in December inevitable. 

What documents do you need to be correct for mortgage fitness

The following documents must be correct to increase mortgage fitness: ID documents, bank statements, wage slips, credit card statements and a credit report.


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