Moneynet.co.uk's top ten tips for borrowers

Published on Friday 4 April 2008 22:19

WISE UP

1 Present your application fully completed with all relevant information.

2 Provide a supporting letter explaining any unusual circumstances.

3 Get a copy of your credit report and make sure your information matches the report.

4 Be realistic with your expectations – any unusual aspects to your application may mean paying a premium on the rate.

5 If your income is irregular or from multiple sources, provide evidence going back as far as possible and reassurance that it will continue.

6 If applying for a high income multiple, provide a realistic budget planner with as much detail as possible.

7 If you have other assets then provide a full assets and liabilities statement with your application.

8 If there is any history of adverse credit or missed payments, provide a full explanation of circumstances which should include a realistic explanation as to why this won't happen again.

9 If re-mortgaging and a high-loan-to-value is required, make sure that the property is presented in the best possible light when the valuer visits to maximise the highest possible valuation.

10 If problems are severe, consider using a mortgage broker, even if this means paying a fee.