If like many other people you have been refused a mortgage then there are a number of ways you can make yourself a more suitable candidate for mortgage companies, which will make it more likely for you to get this type of credit in the future.

Downsize
You may be asking for more money than the mortgage lender thinks you can afford, so try downsizing and looking at smaller properties in less expensive areas, which means you will be able to ask for a more affordable sum of money for your budget.

Improve Your Credit Rating
Make sure you keep up with your other credit product repayments and pay off any outstanding debts, as this will improve your credit rating and show your potential lender you are a responsible borrower.

Deposit
Many mortgage lenders offer their best deals with 10-15% deposits, so save as much money up towards a deposit as you can before you apply for a mortgage, as not only will this make you a more attractive borrower for lenders, but you will also get a much better deal in the long run which could save you a lot of money.

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There a wide range of mortgages in offer in the UK market, and these are tailored towards different people so it is important that you understand what each one offers borrowers, to ensure you are getting the right product to suit your circumstances.

Fixed Rate Mortgage
This is ideal for those people who are on a tight budget and need to know exactly what they are going to repay back each month, so that they can plan their incomings and outgoings more effectively.

Variable Rate Mortgage
This type of mortgage will move up and down with the interest rate, so sometimes you will be paying less back per month, other times you might be paying more.

It is important to take some independent financial advice when signing up for this kind of mortgage to help you understand the current financial market, and make a sensible forecast for the future, as you do not want to be signing up to a variable rate mortgage just as the interest rates rise sharply, as you will end up repaying a lot more money than you may have anticipated.

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