MISTAKES TO AVOID WHEN APPLYING FOR A MORTGAGE
1 payday loans, Payday loans can have an undesirable effect on your mortgage application because this shows a sign of financial distress which means you need to borrow money to live and pay your bills.
2 Missed payments, the odd missed payment is unlikely to be a big issue. But, if you had two or more missed payments, this could become a problem for a lender. mortgage missed payment is know known. I would recommend that you obtain a free copy of your credit report to understand your overall credit profile.
3 USAGE OF CERDIT CARDS /OVERDRAFTS; Keep your credit utilization low. Your credit usage is how much available credit you use. For example if have credit limit of £2000 and you’ve used a£1000 , then credit usage is 50% so you’ve using half of your credit limit. Usually using 25% of your available credit will be seen positively by lenders and it will also increase your credit score.