When it comes to securing a new mortgage deal, whether you’re a first‑time buyer, moving home, or coming to the end of a low five‑year fixed rate you locked in back in 2021, today’s mortgage market can feel overwhelming. Rates have shifted, affordability rules have tightened, and lenders are scrutinising applications more closely than ever.
The good news? With the right preparation, you can place yourself in the strongest position to secure a great deal when the time comes. If you’ll need a new mortgage in 2026, now is the time to start making yourself as ‘Mortgage fit’ as possible for the new year!
Follow these 8 steps to secure the best mortgage deal…
1. Why your credit rating matters
Most people start their home-buying journey by scrolling through Rightmove, checking Ofsted reports for schools, or calculating commute times. Yet the most overlooked factor in securing the best mortgage possible is your credit rating.
Your credit rating reflects how financially reliable you appear to lenders. The stronger it is, the more comfortable lenders feel offering you competitive rates. Surprisingly, many clients I speak to have never checked their rating or even know what it is. It’s simple to check yours. Visit a Credit reporting website, such as Experian or Equifax, to see where you stand.
If your score isn’t as strong as you’d hoped, don’t panic. There are often quick fixes, and even if issues are more stubborn, specialist help can still open doors.
For example:
Fix errors on your file: correcting mistakes on your credit file, like a wrongly recorded missed payment or a “shadow” left by a previous property owner’s debt at your home address, can make a big difference.
Build a credit history: If you’ve never had credit before, consider taking out a starter card, but use it wisely; pay off the balance in full each month and keep usage below half the limit.
Register to vote: being on the electoral roll helps lenders verify your identity.
Pay bills on time: even small late payments can show.
If you’ve had adverse credit in the past, don’t bury your head in the sand. Review your report, understand the impact, and seek advice early.
And one important rule: if you’ve been declined for credit, resist the urge to apply again straight away. Each application leaves a mark, and repeated checks can lower your score even further.
Your credit rating is one of the most powerful tools you have in securing the best mortgage deal. Treat it as part of your preparation, just as important as saving for a deposit or choosing the right property.
2. Saving for a larger deposit
Another powerful way to boost your chances of getting the best mortgage is by saving a bigger deposit. The more you put down, the lower your loan‑to‑value (LTV) ratio, and lenders reward that with better deals. Even a small shift, for example, moving from 90% LTV to 85%, can unlock lower rates and save you thousands over the life of the loan.
If parents or grandparents have ever hinted at gifting money or giving you some early inheritance, now’s the time to have a chat and see if they are serious.
3. Reducing other debt
Lenders don’t just look at your income; they also assess your monthly commitments. Paying down credit cards, personal loans, or car finance improves your debt‑to‑income ratio, making you appear more financially secure and a more attractive borrower. Even reducing balances rather than clearing them entirely can strengthen your overall affordability profile.
4. Stabilising your income
Consistency is key. Lenders prefer applicants with stable employment and regular income. If you’re self‑employed, having at least two years of accounts ready is essential.
We specialise in helping doctors and dentists of all types to find the best mortgage for them, including newly appointed Consultants and Locums. So if your situation feels a little outside the norm, don’t hesitate to get in touch. We’re used to navigating complex income structures. If you’re considering a job change, it may be wise to wait until after your mortgage application is agreed.
5. Getting a mortgage in principle
A Mortgage in Principle (MIP) is a powerful tool. It demonstrates to sellers and estate agents that you’re serious, and it gives you a clear idea of what lenders are willing to offer. Think of it as a head start in the buying process. In many cases, agents won’t even take you on a viewing without an MIP being in place, so get yours sorted as soon as possible. We can help with this quickly and easily.
6. Shopping around with a specialist broker
Don’t just rely on your bank or reading deals in the Sunday papers or online. As specialist mortgage advisers, we can access thousands of deals, including exclusive offers you won’t find directly. At Legal & Medical, we have decades of experience in helping doctors and dentists, who often qualify for preferential rates or higher income multiples due to their career trajectory and earning potential. By exploring the whole market rather than a single lender, you vastly increase your chances of securing the best mortgage possible.
7. Timing matters
Mortgage rates fluctuate with wider economic conditions, and the difference between buying at the right or wrong time can be substantial. For example, in November 2023, the average two-year fixed rate climbed to 6.29%1. Today, that figure is 4.94%2.
On a £400,000 mortgage over 20 years, that rate difference would mean your monthly payments vary by roughly £306, and over the full term could amount to more than £73,551 in additional interest. (In reality, you’ll remortgage several times, but the point stands: timing can be costly). Mortgage Repayment Calculator
Locking in when rates dip can save you thousands over the term of your mortgage. Understanding when to act and when to wait requires experience, insight and guidance. Another reason to speak to a mortgage expert.
8. Be ready with documentation
Finally, organisation counts. Having payslips, bank statements, proof of deposit, and ID ready in advance can speed up the mortgage approval and reduce unnecessary delays.
The smoother your application process, the faster you can secure your deal. When rates are changing quickly, this preparation becomes even more important. The last thing you want is to miss out on a better deal or end up paying more each month, simply because you were busy getting your personal documentation in order.
Getting “mortgage fit” isn’t just about finding the right property; it’s about preparing your finances so lenders see you as a ‘good bet’. By checking and improving your credit rating, saving a larger deposit, reducing debt, stabilising your income, and working with a specialist broker, you’ll be ready to secure the best possible deal when your current mortgage ends or when you buy your first home.
Always remember your home may be repossessed if you do not keep up with repayments on your mortgage.
References:
1Average two-year fixed rate inches closer to 6% – FTAdviser
2Weekly Mortgage Roundup | Top UK products