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What borrowers should do if living in a low acceptance rate area


Mortgage brokers Choice Finance has provided key advice for homebuyers on how to boost their chances of securing a mortgage in the East Midlands.

Matthew Pennell, managing director of Choice Finance, said: “The East Midlands has lots going for it in terms of economy, beautiful scenery and plenty of property options. 

“It’s easy to get downcast when you hear that your area is one of the toughest to get accepted for a mortgage, but dealing with the things you do have control over is a really positive step, and will show lenders that you’re serious.”

Choice Finance’s key tips are: 

Get on the electoral role – Homebuyers should be on the electoral role to improve their credit score as it helps to confirm a person’s identity. It also suggests that house moves are recorded and that they register every time to boost credit scores. However, moving house frequently in a short space of time will also bring up a red flag.
Pay bills on time – Paying any bills or direct debits on time will mean that future lenders will be more likely to accept mortgage applications. Setting up a system whereby all payments go out just after payday will help to ensure that everything is paid up on time.
Keep hold of payslips – Payslips for at least the last three months may be required in a mortgage application, however, the mortgage broker suggests retaining around six months’ worth of payslips. Self-employed homebuyers should have SA302 forms from HMRC for the last three years or full accounts for the same period.
Prepare to compromise on the property – Lenders don’t like unusual properties or ones that might not hold their value. Older buildings that have structural issues or apartments over shops or cafes can also be a cause for concern.
Speak to a qualified broker – Figures from the Intermediary Mortgage Lenders Association show that almost nine out of 10 (88%) mortgage applications made via intermediaries resulted in offers in the second quarter of 2017. Brokers give access to deals that aren’t on the high street or online, meaning that they are worth contacting in difficult markets such as the East Midlands.

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