How to get mortgage ready

Tips to prepare for a mortgage application

For most buyers, a mortgage is essential. Being “mortgage ready” doesn’t just speed up the process — it can also help you secure a better deal. Here’s how to prepare before you apply.

Review your finances

Lenders will scrutinise your income, debts, and spending habits. Check your bank statements for regular outgoings, subscriptions, or debts you could reduce. A stable financial picture reassures lenders.

Improve your credit score

Your credit history is one of the biggest factors in mortgage approval. Request a report from major agencies and correct any errors. Pay bills on time, avoid payday loans, and keep credit card balances low.

Save for a deposit

Aim for at least 10% of the property’s value, though 15–20% will give you access to more competitive rates. Consider a Lifetime ISA or Help to Buy scheme if eligible.

Reduce debt-to-income ratio

Even if you have a good salary, too much existing debt can weaken your application. Prioritise paying off high-interest debts like credit cards.

Get your paperwork ready

Mortgage applications require proof of ID, payslips, P60s, and bank statements (usually the last 3–6 months). Having these ready avoids delays.

Seek professional advice

Mortgage brokers can provide access to deals not always available on the high street and guide you through the process. An expert ensures you don’t miss out on the right product for your circumstances.