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9 Tips for getting your mortgage application approved

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).

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