What’s harming your mortgage application?

First published on 11 of March 2019 • Updated 11 of March 2019

Rejection hurts. You’re sure you could afford a mortgage, so why won’t the lender agree with you? A new online tool makes it possible to test your application first to increase your chances of a perfect match. Article by Nick Green.

Find the perfect match with our Mortgage Checklist

There are few better feelings than having your mortgage approved. It’s like landing a new job, receiving great exam results or passing your driving test. But like all of those things, it can take a lot of hard work to achieve.

If you’ve ever applied for a mortgage, you’ll know it can be like the job interview from hell. You face a rigorous interrogation on your finances and your lifestyle: what you do for a living, what you earn, what you spend it on, and your past and present financial relationships. What’s more, it’s going to be a far longer commitment than most jobs will ever be – because with mortgage terms typically 20 to 25 years, it’s more like agreeing to marry someone after one date.

Even if you’re ready for that kind of commitment, it doesn’t necessarily mean the lender will agree. And the problem with having your mortgage application rejected is that it can make the next one more difficult.

What you really need is a trial run, so you test the strength of your application before taking the plunge. And at Unbiased we’ve created the very thing.

Test your mortgage readiness

A rejected mortgage application isn’t the end of the world – even if one lender rejects you, another one with different criteria might snap you up. But a rejection can harm your credit score, so you won’t want to risk too many of them. With the Unbiased Mortgage Checklist, you can practise your application in a completely safe environment to make it as strong as possible before you face a real lender.

The Mortgage Checklist takes you through the types of questions a lender will ask. It then flags up any weak spots in your application and gives you tailored tips for improving it. You can also check how much you may be able to borrow, and the maximum price of property you can afford.

As well as helping you secure the best possible mortgage deal, it can help you identify and address obstacles like:

  • Low deposit size
  • Poor credit score
  • Debt
  • Income vs spending
  • Lack of information

So if you’re hoping to jump on the housing ladder but need a bit of a run-up first, use our new tool to get yourself mortgage-fit!

Try the Unbiased Mortgage Checklist

About the author
Nick Green
Nick Green
Nick Green is communications manager at Unbiased, the UK's favourite place to find advice you can trust. He has been writing professionally on finance, business and many other topics for over 15 years.