Here, we take a look at how to give yourself the best possible chance of getting a mortgage.
1. Check out your credit rating

Bad credit will severely restrict your options. Applying for a copy of your credit file with Experian and Equifax is an absolute must. These days, people change addresses on a more regular basis than they did in the past. Your credit file may throw up some surprises and inaccuracies. If the details are incorrect or out of date, it is possible to have them altered.
2. Put your name on the electoral roll

A significant proportion of first time buyers don’t know that this is necessary when it comes to home insurance loans. Getting a mortgage will be much easier if lenders can check that you actually live at your current address.
3. Get a credit history

Never had a credit card or mobile phone contract before? Lenders like to see evidence that you have the ability to pay off debts. If there’s no evidence at all, they become wary. One way of improving your chances of getting a mortgage is to take out a minor loan or get a credit card and pay off the balance. Lenders are looking for evidence that you pay off loans in full and on time.
4. Pay off outstanding debts if possible

Lenders will ask for information on your monthly outgoings. This can have an impact on how much you will be able to borrow.
5. A broker

A broker can be invaluable when it comes to getting a mortgage. They know the market back to front and have access to deals that often aren’t available on the high street. Go independent if you want impartial advice. Ask friends, family and colleagues for recommendations.
6. Keep your loan request realistic

Only ask for as much as you can really afford to repay. Your request is highly likely to be refused straight off the bat if you ask for too much.
7. Avoid applying for multiple property mortgages

Avoid applying for multiple mortgages in a short space of time. Remember, each lender will perform a credit check. If a large number of checks are performed in a short time period it can have an adverse effect on your credit rating.
8. Make sure all your paperwork and finances are in order

Fraud checks are carried out by lenders (for example, 1 in every 1000 applicants may be checked for fraud) so make sure your slate is as clean as possible. If you do happen to be selected, be patient. It will hold up your request for a short time.
9. Make sure you understand the mortgage types available

Do your research, get as much advice as possible and apply for products that are suited to your personal circumstances. You’ll have a much better chance of getting a mortgage if you apply for appropriate products.
10. Be prepared to compromise and change plans

If the property you’ve spotted is simply too expensive and you can’t borrow enough money, downsize or look elsewhere. Keep an open mind and look at different houses and flats. You may find a gem that didn’t tick all your original boxes.

CML Director General Michael Coogan says, they are not convinced that underlying trends have shifted sufficiently to change their forecasts for mortgage market activity in 2009, but there are some positive signs for later in the year. According to him, some large banks are making more and more loans available through enhanced lending commitments, which is helpful, but will not satisfy consumer borrowing demand on its own.

The number of completed home loans for house buyers has risen slightly on a monthly basis, running at about one-third of the average of February’s total, ie., 76,000 loans for house purchase between 2002 and 2007. Accordingly, the total value of the completed home loans has remained unchanged at £3.1bn, which remains in stark contrast with the recent years.