Cost Release Advice To Improve Your Chances Of Gaining Mortgage Approval

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The team at impartial online comparison website Cost.co.uk are constantly working to help their users locate the best deal and advise them on issues they deem important.

Online comparison website Cost

The team of money-saving specialists at online comparison website Cost are continuously putting their customers first sourcing them the right products and deals. The team recognise the importance their customers hold on finding the best and cheapest deal prioritising this to provide the best service possible. Costs also produce regular informative guides advising their users on a variety of relevant issues. The latest advice is a set of guidelines about how to optimise your chances of gaining mortgage approval, after the recent increase in disapproved applications.

Cost’s Chief of finance provided his opinion on about mortgages:

“As mortgage approval rates have recently fallen from a two-year high, it is now more important than ever to have a good understanding of mortgages and what you can do to secure one. It is also crucial to make sure you are choosing the right one for your needs and aspirations.”         

  •     Credit Score: It is vital that you are aware of your credit score and are doing everything possible to improve it before you apply for a mortgage as it will drastically affect the outcome of your application.

You can improve your score by tweaking a few things; always making payments on time, remaining in the first third of your credit card limits (staying below £1000 if your limit is £3000) and keeping open your old accounts open even if they aren’t frequently used.

  •     Repay Other Debts: Before you start thinking about mortgages, you should try (as hard as you can) to pay off your other debts. Not only will this reduce future money troubles when you have a house and mortgage, it will dramatically increase the likelihood of approval if you have zero debts.
  •     Save More For Your Deposit: Aim to save for around 15% of the purchase price for your deposit. Most houses require only 10% of the purchase price but some will need more, also the more you save, the more you have for other housing costs (legal fees, valuation, survey fees, insurance etc).
  •     Be Ready: Perhaps the best piece of advice is to make sure you are wholly ready to apply for a mortgage, after all moving into your first/new home should be a happy experience, not a stressful one. Ensure you have enough capital to cover your deposit, extra housing costs (valuation and other fees) and anything you might need during the moving process.

Cost acknowledges the necessity of keeping up-to-date with changes in the industries it specialises in and provides its users with the latest information in news bulletins.

Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
Cost
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