Just how to get the best mortgage deal offered by lenders?

To be accepted for the best mortgage deal borrowers are being advised to make themselves more attractive to lenders. The Bank of England is warning borrowers that it will most likely become increasingly difficult to get a mortgage in the first half of 2012 as lenders tighten their lender criteria and pull their lowest rate deals.

As more lenders launch first-time buyer products and new LTV deals for first-time buyers with small deposits, the situation should start to look up for individuals wanting to buy property. However things are not quite as they seem. While the best mortgage deal offerings are increasing in number, the possibility to be accepted for one are decreasing.

To have a mortgage application successfully accepted, borrowers are being advised to work on their credit score. They are recommended to ensure all information is accurate and up to date, any errors should be challenged and corrected. A positive credit rating is essential.

Lenders like borrowers to show stability by not having moved house or jobs too frequently. Lenders also prefer some types of property to others, for example high rise flats, ex-local authority property, leasehold property with a short lease and flats above shops are not so popular.

The larger the deposit the more chance a borrower will have in being accepted for a mortgage. At least 10 per cent of the purchase price will be needed from buyers wanting the best mortgage deal. Deals are available for buyers with a 5 per cent deposit however lenders rates will be higher.