Getting approved for a first-time buyer mortgage can be challenging, especially in today’s market. With so many people looking to buy their first home, lenders have become more selective about who they lend to. In this blog, we’ll talk you through some steps you can take to boost your chances of getting approved for a first-time buyer mortgage.

One of the most important things you can do to improve your chances of getting approved is to save up a larger deposit. The more money you have to put down as a deposit, the lower your mortgage loan-to-value (LTV) ratio will be, which means you’ll be seen as a lower risk to lenders.

Aim to save up at least 10-15% of the property’s value, although the more you can save, the better.

Another way to boost your chances of getting approved for a mortgage is to improve your credit score. Lenders use your credit score to assess your creditworthiness, so it’s important to make sure yours is as high as possible. You can do this by paying your bills on time, registering on the electoral roll, and avoiding applying for credit too often.

It’s also a good idea to avoid making any major financial changes, such as switching jobs or applying for credit, in the months leading up to your mortgage application. Lenders like to see stability and consistency in your financial situation, so any major changes could raise red flags.

Finally, consider seeking advice from a mortgage broker like dwello mortgages.

A broker can help you find the best deals and guide you through the application process, increasing your chances of getting approved. A broker may also be able to help you with specialist mortgages, such as guarantor mortgages or shared ownership. For more information on how we can help you prepare for your mortgage application, contact us here.