If you are planning to apply for a mortgage in the near future, there are steps you can take in advance to increase your chances of getting a YES from the bank.

It pays to start planning 3-6 months before submitting your mortgage application. That way your accounts will look as good as possible when it comes time to seek pre-approval.

In this article, professional mortgage adviser Jenny Cheevers shares her top tips for getting your mortgage application approved.

9 Tips for getting your mortgage application approved…

• Practice good account conduct – avoid going into overdraft. Even though the bank doesn’t mind, it can still affect you later on.

• Pay increases are worth more than bonuses/commissions from your employer (bank only counts 50% of a bonus if at all).

• Avoid short term debt. Consumer goods. If you can’t afford it now, you shouldn’t be buying it. Things that are on deferred payment really do matter. Avoid deferred payment plans.

• Income is everything, cash in the bank won’t save you.

• Don’t go on holiday if it’s all going on the credit card.

• Job stability helps. The longer you have been with your employer, the better. Keep that in mind if you are thinking of becoming a contractor.

• For self-employed people – banks are looking at your income AFTER your expenses so keep that in mind when you are deciding what to claim.

• Have a savings record. While it’s good to pay off debt, if you pay off all your debt and don’t have a savings record that may be a red flag for banks.

• Sometimes you are better to pay off your student loan to free up cash-flow (especially if it’s a low amount).