Common Mistakes to Avoid When Applying for a Mortgage

Avoid these common mortgage application mistakes that can delay or derail your approval and boost your chances of success.

Applying for a mortgage is one of the biggest financial steps you will take. Even small missteps can delay or derail the process. The good news is that most of these mistakes are avoidable if you know what to look out for.

Here are the most common mistakes buyers make and how you can avoid them.

Not checking your credit report first

Lenders will. Spotting errors or issues early can save time and stress later.

Failing to budget for all costs

It is not just the deposit. You will need to cover solicitor fees, stamp duty if applicable, moving costs, and more.

Changing jobs right before applying

Lenders want to see stability. A big job change or probation period can raise questions about affordability.

Taking on new debt

New loans or credit just before you apply can reduce what you are offered or even lead to rejection.

Incomplete or late paperwork

Missing documents are one of the biggest causes of delay. Having everything ready keeps your application moving.

The Bottom Line

Mortgage applications do not have to be stressful. With the right preparation and support, you can avoid these common pitfalls and give yourself the best chance of approval.

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.

• What is the most common mistake first-time buyers make?

  Not budgeting for all the extra costs beyond the deposit.

• Can changing jobs affect my mortgage application?

  Yes, especially if you are in a probation period. Lenders prefer employment stability.

• How can I make sure my application runs smoothly?

  Work with a broker, prepare your documents early, and avoid taking on new credit.