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How it Works
Securing an excellent mortgage offer with Revolution Finance Brokers couldn't be easier
1Get in Touch
Complete a quick form to give us an overview of your mortgage or financing requirements, and we'll provide recommendations about the best opportunities for you.
2Submit Your Application
Once you've chosen your preferred mortgage deal, we'll steer you through the paperwork with comprehensive application management from start to finish.
3Mortgage Completion
Revolution Finance Brokers will finalise the details and enable you to move forward without delay!
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How Can I Improve My Chance of Mortgage Approval?

Full details about the optimal ways to boost your mortgage approval prospects, repair your credit score and lower the perceived lender risk to get the mortgage offer you want on the table!

How Can I Improve My Chance of Mortgage Approval?

Applying for a mortgage, and waiting for the outcome, can be nerve-wracking! Whether you're a first-time buyer or applying for a remortgage, our role is to make sure you apply to the right lender, for the right product, at the most competitive rates.

Here we'll run through how lenders assess each mortgage application and what you can do to make it more likely that you'll get a positive response.

If you've been turned down for a mortgage or would like to ensure you get your mortgage approval the first time, give us a call on 0330 304 3040, or drop a message to [email protected].

How Do UK Mortgage Lenders Assess an Application?

The first thing to do to make sure your application is approved is to know what the lender will look out for.

There are three primary criteria:

  • Affordability - whether you can afford to repay the debt. That looks at your income, debts, outgoings, and the stability of your employment.
  • Deposit - the higher the deposit, the lower the risk to the lender. They also need to know where that deposit comes from, with savings or family gifts the most acceptable sources.
  • Credit history - lenders will need to run checks on your credit file to ensure you haven't had any history of defaults or failure to keep up with your debt repayments.

You have to prove the information you put on the application form, so you need to have documents to have to show:

  • Your ID and address - such as a passport and recent utility bills.
  • Your income - payslips, P60s, self-employed tax returns of accounts.
  • Your expenses - information about credit cards, loans, and bank statements.

What is the Best Way to Get My Mortgage Approved?

Let's run through the basic steps to getting your mortgage funding.

First, you need to know how much you can borrow. This is calculated against your annual earnings, less debt repayments.

Next, you need to know how much of a deposit you have to put down and where those funds have been sourced from.

Third, we’d recommend accessing your credit report and ensuring it is accurate and up to date.

Once you know your deposit and the maximum mortgage you can borrow, you are in an excellent position to decide what value property you can afford.

Finally, you should consult an independent broker to put those puzzle pieces together and recommend the most suitable lender for you.

How Long Should a Mortgage Application Take?

It depends on how complicated it is. A straightforward application with no queries can take a couple of weeks. More involved applications can take 40 days or longer.

Most of the time, the process is split into two stages. You usually apply for an agreement in principle as an indicative offer to lend. AIPs are worth applying for since, although they aren't a firm guarantee, they do mean that you have better negotiating power when making an offer on a property.

You don't have to have an agreement in principle. Still, it is an integral part of the process since it will outline the maximum you can borrow and reassure you that you have passed the credit checks.

When you're ready to proceed with the application, you submit a full application and wait for a formal offer to lend from the mortgage provider.

Once you have a formal offer, it usually takes around three or four weeks to complete your purchase.

The time delays depend on lots of things, such as:

  • Whether you have bad credit issues that need investigating.
  • If the property is non-standard or an unusual construction.
  • Whether you have variable income or are self-employed.

When is the Right Time to Apply for a Mortgage Pre-Approval?

Most agreements in principle are valid for two or three months. It's wise to apply in advance since that means you are in a good position to proceed with a full application when an offer is accepted.

However, you might need to reapply if you don't find a property you wish to go ahead with before the AIP expires.

The best way to find an AIP is to work with an independent broker who will assess your circumstances and make sure you apply to the right lender the first time around. This avoids racking up hard credit checks and making it even more challenging to get approved for a mortgage next time around.

Can I Get a Mortgage Offer with an Adverse Credit History?

You can, yes, but will almost certainly need help from a whole-of-market broker with experience negotiating with specialist bad credit lenders.

Pre-approval looks at your credit record, but if anything else comes to light from a full credit check when you apply for the full mortgage, it is still possible to have an agreement in principle withdrawn.

There isn't a fixed minimum credit score you need to get a mortgage since every lender has a different policy.

Are There Mortgage Approvals for Self-Employed People?

Yes, self-employed mortgages work like any other, with the lender reviewing:

  • Your trading history, with a period of three years or more being ideal.
  • Profits and how much the business makes on average, usually over the last two or three years.

For sole traders, the lender will assess your net profit. For self-employed limited company directors, they will usually rely on your salary, plus dividends drawn from the business.

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As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.

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