Let Us Help You Improve Your Chances of Getting a Mortgage  

Caz Blake-Symes • February 11, 2019

Top Tips 12,13 &14

Here at Bristol, Bath and Exeter Mortgages Online, we understand that getting your first mortgage, or even a remortgage, especially if your circumstances have changed, may look like an impossible task, but we are here to help.

We hold your hand from your initial enquiry through to the completion of your purchase. It's not that tricky and there are ways you can improve your odds and boost your chances of a successful mortgage application.

We’ll help you to be as attractive as possible to lenders if you want to get the best mortgage deal. Here are some top tips on how to boost your chances of getting the deal you want, adapted from www.moneysavingexpert.com .

Whether you are a First Time Buyer or moving house, looking to remortgage or buying an investment property, we would be delighted to get you a great deal on your mortgage. For more information or to book your FREE CONSULTATION please visit one of our websites or contact us

www.bristolmortgagesonline.com 0117 325 1511

www.bathmortgagesonline.com 01275 584 888

www.exetermortgagesonline.com 01392 690 888

email info@swmortgages.com

Tip #12 Make paying your rent boost your credit score

Do you pay your rent on time? If so, there's a free scheme which millions of private renters can use to make paying rent boost their credit rating.
Private tenants can opt into the free Rental Exchange scheme. Launched in March 2016, it records your rental payments and sends the results to credit reference agency Experian..
How does it work?
You pay your rent to a third party called Credit Ladder. Credit Ladder passes on your payment to your landlord or lettings agency and tells credit reference agency Experian whether you've made the payment on time. Experian then updates your credit file accordingly.
If you know you'll be able to pay on time and you're trying to improve your credit rating or build up a credit history, this can be a clever way to make your rental payments count towards that. Of course, if there's a risk you're going to miss payments it could harm your rating.
How we will help you : If you are talking to one of our Advisers at the early stages of your property search and currently renting, this may well be worth considering. Click here to find out more www.experian.co.uk/rental-exchange


Tip #13 Put down £100 extra on top of your deposit if you're on the border of a deposit band

Putting down a little bit more than the minimum deposit required can boost your attractiveness to the lender, or at the very least cut the amount of documentation it wants to see.

For example, instead of applying for a £75,000 mortgage on a £100,000 property (where the loan is 75% of the property value), apply for £74,900 if you can afford the extra £100 deposit.
All mortgages have a maximum loan-to-value (the amount you borrow compared to what the property's worth) but it's best to borrow just under this, if you can.
How we will help you: Due to the fact that our Advisers are fully independent and have years of experience, they will give you a number of options in most cases. These options may well include illustrations of putting down additional funds towards a deposit. We are regulated to always give you the best possible advice.


Tip #14 Sort your paperwork to speed things up
Lenders now have to see proof of your income before they can offer mortgages, so it makes sense to get your paperwork together in advance. Sending all the paperwork in one batch speeds up the process as it reduces the chances of your application being reviewed by more people.
Many lenders won't accept printed internet bank statements, so you may need your bank(s) to send you original copies. Ask for these a few weeks in advance in case you need to wait for the originals to arrive.
Your lender may want to see any or all of:
• Your last three months' bank statements
• Your last three months' pay slips
Improveyourchances1018
• Proof of bonuses/commission
• Your latest P60 tax form (showing income and tax paid from each tax year)
• Your last three years' accounts or tax returns
• Proof of deposits (eg, savings account statements)
• ID documents (usually a passport)
• Proof of address (eg, utility bills or credit card bills)
• A gift letter. If you're getting deposit help, the lender needs to know it is a gift (not a loan), and that the giver won't part own the home.
How we will help you: We will provide you with documents, guides or downloads to advise you on exactly what requirements you will need, as well as liaise with your Solicitors and Estate Agent/developer. Plus, your Adviser and our Administration team will guide you through all the documentation

Useful Information Guides

Each of our websites as a section full of free, useful and informative information to download.

www.bristolmortgagesonline.com/useful-information

www.bathmortgagesonline.com/useful-information

www.exetermortgagesonline.com/useful-information

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#adversecredit

Boost to buying power from changes to affordability tests

By Caz Blake-Symes • May 1, 2025
Adapted from Zoopla’s April 2025 Housing report I mage: The analysis uses average house prices from the house price index and for first-time buyers to assess mortgage payments at different mortgage rates applied to a 30- year mortgage, at different loan-to-values. One emerging trend that we expect to positively support market activity in the coming months is a relaxation in how lenders assess the affordability of new mortgages. While buyers focus on the mortgage rate they will pay, lenders also check whether the borrower can afford a 'stressed mortgage rate' at a higher level than the borrower will pay. ​ While the average 5-year fixed rate mortgage is around 4.5% today, many lenders are currently 'stress testing' affordability at 8-9%. This makes it harder to secure a mortgage without a large deposit. If average mortgage stress rates were to return to pre-2022 levels of 6.5% to 7%, this would deliver a 15-20% boost to buying power. ​ An average first-time buyer with mortgage repayments of £1,020pcm at a 4.5% mortgage rate would typically have to prove they could afford monthly repayments of £1,550pcm at an 8.5% stress rate. If the stress testing is relaxed to 6.5%, repayments would fall to £1,275pcm, boosting buying power. It's a similar pattern for the average homeowner, while the actual impact will vary by lender and type of borrower. ​ This change would consequently supporting demand and sales volumes, helping to clear the stock of homes for sale, rather than boosting house prices. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance.  Comment from Phil Clark “This is potentially very exciting news and will give borrowers a greater choice of products if these rules are relaxed. Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Buy-to-let mortgage searches rose sharply in March

By Caz Blake-Symes • April 15, 2025
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Stamp duty information

Stamp Duty Changes Effective 1 April 2025

By Caz Blake-Symes • April 10, 2025
There have been some important changes to the legislation regarding Stamp Duty Land Tax with effect from 1 April 2025.
Time to remortgage

Check Out Our March Newsletter!

By Caz Blake-Symes • March 31, 2025
This edition includes fantastic new mortgage products, updated guides for those with adverse credit, 17 great tips to follow before making and application and lots more. If you need help with any of the items covered, please call Phil on 0117 325 1511.

Let Us Help You If You Have Adverse Credit

By Caz Blake-Symes • March 22, 2025
Let us help you If you have a poor credit score or issues with your credit history.Call Phil on 0117 3251511 to discuss any credit uissues.

Zoopla House Price Index: February 2025

By Caz Blake-Symes • March 18, 2025
The housing market is resilient, supported by faster growth in average earnings. There are the most homes for sale in 7 years, which will keep price inflation in check. But are buyers missing opportunities in the flats market?
Buyers Guide for mortgage tips

Let Us Help You Improve Your Chances of Getting a Mortgage

By Caz Blake-Symes • March 11, 2025
Here at Bristol, Bath and Exeter Mortgages Online, we understand that getting your first mortgage, or even a remortgage, especially if your circumstances have changed, may look like an impossible task, but we are here to help. We hold your hand from your initial enquiry through to the completion of your purchase. It's not that tricky and there are ways you can improve your odds and boost your chances of a successful mortgage application.
Bath Building Society poster

Fantastic Mortgage Rates from Bath Building Society

By Caz Blake-Symes • March 8, 2025
We are delighted to be able to offer our clients an incredible mortgage deal through Bath Building Society. Bath Building Society is currently offering market-leading discounted mortgage products designed to provide flexibility and great rates.

Check out our February 2025 Newsletter!

By Caz Blake-Symes • February 27, 2025
Check out our February 2025 Newsletter!

Some mortgage rates cut below 4% as competition picks up

By Caz Blake-Symes • February 19, 2025
Adapted from BBC Article by Kevin Peachey, Cost of living correspondent 13 February 2025 Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector. The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates. But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee. The return of such deals might prompt other lenders to follow suit after a period of tepid competition. Nationwide, the UK's biggest building society, has said it will reduce some of its rates on Friday. Mortgage deals with interest rates below 4% have not been seen since November. Across the whole market the average rate on a two-year fixed deal is 5.48%. The typical rate on five-year deals is 5.29%, according to latest figures from Moneyfacts. Time to decide Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027. That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down.  Bank of England governor Andrew Bailey said the interest-rate setting committee expected to be able to cut rates further "but we will have to judge meeting by meeting, how far and how fast". This will affect savers who are seeing lower returns, but could bring better news for borrowers. The Bank's next rates decision is on 20 March. Message from Phil Clark “Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com
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