Mortgage Approval
What Affects Mortgage Approval?
Lenders look at far more than your salary. Your credit, spending, deposit, job and even the property itself all play a part. Here is what lenders actually check, and how to give yourself the best chance of a yes.
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What Lenders Check
It Is Not Just About Your Income
Every lender has its own rules, but most look at the same things before saying yes.
- ✓Income: how much you earn, how it is paid and how long you have had it
- ✓Credit: your history with cards, loans, phone contracts and bills
- ✓Outgoings: childcare, car finance, subscriptions and regular spending
- ✓Deposit and property: how much you put in and what you are buying
How We Help
How to Get Mortgage Ready
Five things to sort before you apply.
Check Your Credit Files
Look at Experian, Equifax and TransUnion. Fix any mistakes and make sure you are on the electoral roll.
Tidy Your Bank Statements
Lenders read them. Gambling, payday loans and regular overdraft use can raise questions.
Reduce Your Debts
Lower balances and fewer monthly commitments usually mean you can borrow more.
Get Your Paperwork Ready
Payslips, P60s, accounts or tax calculations, ID and proof of deposit.
Pick the Right Lender
Applying to the wrong lender can mean a decline and a search on your file. We match you first.
Common Stumbling Blocks
Things That Can Trip You Up
Most are fixable if you know about them early.
New Job or Probation
Some lenders want a track record, others will lend from day one. It depends on the lender.
Check My Options →Self-Employed Income
Usually based on one to two years of accounts or tax returns. Some lenders are more flexible.
Talk It Through →Gambling Transactions
Regular gambling on your statements can put some lenders off.
Get Straight Advice →The Property
Flats above shops, non-standard construction or short leases can limit lenders.
Ask a Question →Credit Problems
Missed payments or defaults do not always mean no. Specialist lenders can help.
Talk It Through →Common Questions
Mortgage Approval Questions, Answered
The things people ask us most before they apply.
What do lenders look at when approving a mortgage?
Your income, credit history, outgoings, deposit, job and the property. Each lender weighs these differently.
How do lenders check affordability?
They look at your income against your regular spending and commitments, then test whether you could still pay if rates went up.
Do lenders look at bank statements?
Usually, yes. They check your income goes in and look at your spending, including gambling and payday loans.
Can I get a mortgage with a low credit score?
Often, yes. There is no single credit score lenders use. Some lenders specialise in less than perfect credit.
How long does mortgage approval take?
It can be a few days to a few weeks, depending on the lender, the valuation and how quickly paperwork is sent in.
Will a mortgage in principle guarantee approval?
No. It is a first look. The full application checks everything properly, which is why getting the right lender matters.
Related guides
- Mortgage declined after an agreement in principle
- How online gambling affects your mortgage
- Bad credit mortgages Scotland
- How much can I borrow?
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
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