boydens.co.uk 15 Finances In our winter edition, I looked back on the effect that the pandemic had on the mortgage market, and changes that have been brought about by mortgage lenders as a result. Thankfully, a lot of the temporary restrictions in lending have since been removed, but now, more than ever, we are finding our clients asking what they can do to look more favourable to mortgage lenders in readiness for their upcoming mortgage application. I have summarised some of the key considerations for anyone that is starting to plan ahead: Credit behaviour Lenders will usually assess your credit behaviour when deciding whether to approve an application or not. A good risk for a lender is someone who doesn’t miss payments and who shows consistent information, so check that your address is correct on all of your bank accounts and bills and also that you are registered on the electoral role. You can ensure that you do not fall into the trap of missing payments on credit cards by setting up a direct debit to pay the minimum required payment each month. If you have missed a payment in the past, it is best to speak to the lender as soon as possible who will be able to provide advice. Time is a healer for someone’s credit report, but the sooner any mishaps are taken care of, the better.
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