PHOTO: 123RF Get your application sorted early to give yourself the best chance of success.
Getting a mortgage is not as easy as it once was, but mortgage brokers say there are some things would-be borrowers do that make it harder.
Here are four mistakes to avoid if you’re looking for a loan.
Bad account conduct
If the bank can see you have regularly been going into unarranged overdraft or missing bill payments, it’s a big black mark against you.
Cam Hastie, of mortgage brokers Go2Guys, says this will often “kill a deal dead”, particularly if the borrower has a small deposit.
John Bolton, founder of Squirrel, says it is not always that people are “bad”, or even that they can not afford the loan, but that they are not managing their money well.
Carrying debt
Hastie says even if you make all your repayments, having a lot of consumer loans can also be a problem.
“Are you the kind of person who funds their lifestyle with debt or do you live within your means?”
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