Securing a mortgage is one of the biggest financial decisions most people make, and understandably, it can feel overwhelming. Whether you’re buying your first home or moving up the property ladder, mortgage approval is never guaranteed. At Comfort Finance, we’re committed to making this process as smooth and stress-free as possible. We believe that being well-prepared can give you the confidence and edge you need to get approved.
Here are practical, straightforward steps to help boost your chances of mortgage approval.
1. Understand Your Credit Profile
Lenders want to see that you’re responsible with money, and your credit report is one of the first things they’ll check. It gives them a snapshot of your financial history: how much you’ve borrowed, how consistently you’ve repaid, and whether you’ve had any issues like missed payments or defaults.
While we can still help you if your credit history is less than perfect, improving it where possible can open more doors and better rates. Simple steps like registering on the electoral roll, avoiding unnecessary credit applications, and paying off outstanding debts can go a long way. If you’re unsure where you stand, it’s worth requesting a copy of your credit report before you apply.
2. Save for a Stronger Deposit
Your deposit shows the lender that you’re financially committed to the property. Generally, the bigger your deposit, the lower the risk for the lender. For example, a 10% deposit is often considered a minimum requirement, but if you can stretch to 15% or 20%, you may be offered more attractive mortgage deals.
If saving feels like a challenge, consider cutting back on non-essential expenses or setting up a dedicated savings account. Every little bit counts, and a larger deposit can reduce your monthly repayments and increase your likelihood of approval.
3. Keep Your Finances Organised
Lenders will ask for several documents during the application process, such as bank statements, payslips, proof of identity, and proof of address. Being organised and having these documents ready can help speed up the process and show the lender that you’re a serious applicant.
Some applicants lose time and sometimes opportunities because of missing or outdated paperwork. Make sure your address is consistent across all documents, and avoid large unexplained transactions in your bank account leading up to your application.
4. Avoid New Debt Before You Apply
Taking on new loans, financing a car, or racking up credit card bills just before applying for a mortgage can work against you. It increases your overall debt-to-income ratio, which may raise red flags for lenders.
If possible, avoid any significant financial commitments in the months leading up to your mortgage application. Focus instead on paying down existing debts to improve your affordability profile.
5. Know What You Can Afford
One of the best ways to strengthen your application is by applying for an amount that fits well within your financial limits. Just because a lender says you’re eligible to borrow a certain amount doesn’t mean it’s the right amount for your situation.
Use mortgage calculators to get an estimate of monthly payments and determine what’s realistic for you. At Comfort Finance, our advisors are happy to walk you through this step-by-step, so you don’t end up overstretching.
6. Get a Decision in Principle (DIP)
A Decision in Principle (DIP) is an essential part of the home-buying process. It shows estate agents and sellers that you’re a serious buyer with the backing of a lender. Essentially, it’s a statement from a mortgage provider indicating how much they’d likely be willing to lend based on your current financial situation.
Having a DIP in hand strengthens your negotiating power and gives you a clearer understanding of what you can afford. At Comfort Finance, we help you obtain a DIP quickly and efficiently, making sure you’re in the strongest possible position when making an offer.
7. Work with a Mortgage Advisor
The mortgage market can be difficult to navigate, especially when each lender has its own criteria and terms. A mortgage advisor acts as your expert guide. We can help you compare lenders, tailor your application, and increase the chances of getting a mortgage that fits your personal circumstances.
We specialise in helping clients from all backgrounds, including those with adverse credit, low deposits, or unique income structures. If your situation is more complex, we can still find a solution that works for you.
8. Consider Your Employment Status
Lenders prefer stability. If you’ve just started a new job or are self-employed without a consistent income track record, it could raise questions during the approval process. Ideally, lenders want to see at least 6 to 12 months of stable income.
If you’re self-employed, you’ll typically need to provide at least two years of accounts and possibly a projection from your accountant. Don’t worry, if you don’t meet this ideal scenario, speak to us. We have access to specialist lenders who are open to different types of employment situations.
9. Stay Realistic with Property Choices
It’s natural to fall in love with a dream home, but make sure the property you’re targeting aligns with your budget and borrowing potential. Choosing a property well within your means increases the likelihood of a smooth and successful mortgage approval.
We’ll help you get a clear picture of what’s affordable, so you don’t waste time on properties that might not be viable from a mortgage perspective.
10. Be Honest on Your Application
It might be tempting to tweak numbers to look better on paper, but honesty is always the best policy. Lenders have thorough verification processes, and providing misleading information can lead to delays or outright rejections.
We help ensure that your application is accurate and complete. If there’s anything that might complicate your case, we’ll find a way to present it positively and proactively.
Final Thoughts
Getting approved for a mortgage doesn’t have to feel like an uphill battle. With the right preparation, expert advice, and smart financial habits, you can position yourself as a strong, credible applicant.
At Comfort Finance, we’re here to guide you every step of the way, from improving your mortgage readiness to securing a Decision in Principle and matching you with the right lender. No matter your background or circumstances, there’s often a way forward.
Reach out to our friendly team today, and let’s take the next step together.