Martin Lewis has shared his 'top tip' to get your mortgage accepted by a bank.
In Tuesday's episode of Martin Lewis' The Money Show (February 7), the Money Saving Expert founder discussed rising mortgage rates and ways to overcome them.
Later in the show, Martin Lewis revealed one easy way to increase the chances that your mortgage is accepted by the bank.
In the popular ITV finance show, he told viewers that they should follow a step-by-step process when hunting for a new mortgage and shared one way to improve their chances of being accepted for one.
Martin Lewis' 'top tip' for getting your mortgage accepted by the bank
Tonight 8pm ITV @itvMLshow a Housing special..
— Martin Lewis (@MartinSLewis) February 7, 2023
- What'll happen to house prices, interest rates, rents
- Mortgage rates - time to fix or stick on trackers
- What are your rental rights
And lots more. Do watch or ask a friend to transcribe it.
The one handy tip recommended by Mr Lewis was to put £100 more than you have to on your deposit.
Lewis told fans that this can get them a better rate and increase the chances they will be accepted.
In the show, he turned to one of the guest experts to ask his thoughts on the tip with the expert saying that this has worked in the past.
The financial journalist reasoned that mortgages are typically cheaper to get the higher the amount of money put up-front.
However, he added that putting up more than you have to is a lesser-known trick that could increase your chances of mortgage acceptance as underwriters are less likely to see you as 'scraping by'.
Money Saving Expert's Ultimate Mortgage Calculator
🏡 Housing, mortgages, rent and much more… Next week’s show is going to be jam packed!
— The Martin Lewis Money Show Live (@itvMLshow) February 3, 2023
If you’ve got a question for Martin or our panel of experts, comment below or send an email to MartinLewis@itv.com #MartinLewis
Martin Lewis's site Money Saving Expert has developed a quick and easy way to see how much mortgage deals will set you back in the long run.
With the amount you pay over a few decades obscured because of a number of factors, there is now one easy way to see the full cost of your mortgage and what the best deals are.
By simply inputting the mortgage amount, the mortgage term, the type, the interest rate or the monthly payments, you can see the full cost.
To check your deals, simply go to the Money Saving Expert website to use the Ultimate Mortgage Calculator.
The Money Show airs every Tuesday from 8 pm on ITV1, STV and ITVX.
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