This is without a doubt the question we are asked more than any other! Firstly, it important to know what you'll need to take out a mortgage;
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Will I be successful in taking out a mortgage?
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Proof of income and affordability. This could be your payslips and last P60 - if you're self employed this is usually the average of the last two years income as declared to HMRC. The lender will also need to know your outgoings in order to show that they aren't going to make a new mortgage unaffordable.

A deposit... but not always. You should ideally be able to put down 10-20% of the house value as a minimum, however sometimes it's possible to mortgage without a deposit.
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​A good or reasonable credit history. This varies dramatically from lender to lender.
What if I have CCJs, been bankrupt or had a house repossessed?
Severe credit history issues like CCJs, bankruptcies or a prior repossession will severely narrow the field of mortgage lenders who will provide options, but this doesn't necessarily mean you won't be successful.
Unfortunately you will likely be restricted to lower loan-to-value ratios and more expensive interest rates.
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In these cases we'd always reommend you contact us to discuss the situation. Your chances will be slim and getting back on the property ladder may need long term planning.
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Your adviser will liaise with the business development managers of prospective lenders to find out in advance which provider will likely help. Mortgage companies will want to see any severe credit issues explained satisfactorily and ideally more than six years in the past. They will also almost certainly want to see that the rest of the case is strong, ie the mortgage is comfortably affordable and the loan-to-value ratio is under 80%.
What if I have missed payments on my credit history?
This very much depends on three things - how bad, when and why.
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The first step is to order your credit report which you can do by searching the internet for "Statutory access credit report". You should pay no more than £2 for this.​

Your adviser will then assess your chances and liaise with mortgage providers before making a recommendation, but as a general guide mortgage companies will want to see any missed payments explained satisfactorily and ideally more than a couple of years in the past. Most credit issues will "fall off" your credit report after six years.
I'm self-employed, what will I need to prove my income?
If you are a sole trader, a partner, own more than 20% of a limited company or you work on a pure commission basis then most mortgage lenders will class you as self-employed. You'll need to demonstrate reliable income to meet the affordability requirements of the lender which means you'll need to have been trading a couple of years, though if you've been in the same trade for a long time previously this sometimes isn't necessary.

In many cases, there is a conflict of interest between the need to show as little profit as possible on your accounts for tax efficiency and the need to demonstrate income to take a mortgage. If your accountant has offset allowances and expenses to the extend that the books show very low net income it's quite possible you won't be able to take a mortgage.


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What if I have existing debts or my income is low?
If you have existing debts this isn't necessarily a problem provided that you have sufficient income to finance the debts and the new mortgage. If this is not the case then you might have to pay off your existing debt before taking a new mortgage.
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If you are considering re-mortgaging then it may be possible to take a larger mortgage and use this to repay the existing debts. This can make things a lot easier month to month, though taking existing debts over a longer term can increase the overall cost of paying them off.

If you have low income this can narrow your choices significantly or could mean you're unable to mortgage until your earnings increase or your outgoings decrease. Some lenders will take state benefits into account so it's very worthwhile checking that you're in receipt of all benefits you are eligible for.