How to Get a Mortgage in Wales: 29 Practical Ways to Boost Your Chances

If buying a property is on your horizon and you’re wondering how to get a mortgage, you’re not alone.

The process can feel like climbing a mountain – paperwork, checks, jargon, and lots of people looking closely at your finances. The good news: there are clear, practical steps you can take to make yourself a stronger applicant.

#1 – Understand what kind of mortgage you actually need

Before you even think about applying, you need a rough idea of what type of mortgage fits your situation:

• Repayment vs interest-only

• Fixed, tracker, variable, discount

• Using Help to Buy – Wales, Shared Ownership, or buying normally

For most first-time buyers in Wales, a repayment mortgage with a fixed rate for 2–5 years is the starting point.

Interest-only can look cheaper, but:

• Lenders are much stricter

• You need a clear, credible plan to repay the capital later

• It carries more risk if house prices fall

A broker can help you match product type to your circumstances and appetite for risk.

#2 – Learn what lenders actually look at

Every mortgage provider has its own criteria, but they all care about the same core things:

• How much you want to borrow

• How much deposit you have (your LTV band)

• Your employment status and income

• Your credit history

• Your monthly outgoings and existing debts

If you’re weak in any of these, you’re not doomed – but you’ll need a plan to improve your position or pick a lender that’s comfortable with your profile.

#3 – Show stable income (or explain it clearly)

Lenders love stability. You’ll usually find it easier if:

• You’re in permanent employment

• You’ve been with the same employer for at least 6–12 months

If you’re changing jobs, try not to do it mid-application if you can avoid it – it just adds more checks and stress.

If you’re self-employed or a contractor, stability looks like:

• 2–3 years’ SA302s / tax calculations or accounts

• Consistent or growing profit

• Clear documentation from your accountant

#4 – Be brutally realistic about affordability

The question isn’t “Can I just about squeeze this?” – it’s “Can I afford this comfortably, even if things change?”

Do a proper budget:

• Monthly net income

• All regular bills and living costs

• Add in expected mortgage repayment

• Add a buffer for rates rising or emergencies

If the numbers only work by cutting everything to the bone, you’re too close to the edge. Lenders will spot that – and even if they don’t, you’ll feel it later.

Use our Mortgage Calculator to sanity-check monthly payments before you ever press “Apply”.

#5 – Check your credit file before they do

Before a lender sees your credit history, you should.

Check all three main agencies if you can (Experian, Equifax, TransUnion). You’re looking for:

• Missed or late payments

• Defaults or CCJs

• Old linked addresses or people

• Any signs of fraud (credit taken out in your name)

Your file typically shows around six years of history. You can’t magically erase the past, but you can:

• Make sure everything is accurate

• Start building a clean record from now on

#6 – Improve your credit score (slow and steady)

If your report isn’t where you’d like it to be, don’t panic – but don’t rush straight into a full application either.

To improve your score over time:

• Pay all bills on time, every time

• Reduce existing debts where you can

• Use a credit-builder card sensibly and pay in full each month

• Remove financial links to ex-partners / flatmates where appropriate

• Correct errors and update addresses

This takes months, not days – so if your credit is rough, use the time to build a bigger deposit as well.

#7 – View yourself through a lender’s eyes

Ask yourself honestly:

• What do my spending habits say about me?

• Do I look like someone living comfortably within my means, or barely hanging on?

• If interest rates or bills went up, could I still cope?

Lenders will crunch the numbers, but they also have a sense check:“Does this person look like a sensible risk?”

If the answer is “not yet”, work on that first.

#8 – Decide if now is the right time

Sometimes, the issue isn’t “if” you can get a mortgage – it’s when.

Approval is harder if:

• Your income is currently reduced or unstable

• You’ve only just changed careers or gone self-employed

• You’ve had recent significant credit blips

Multiple rejections don’t help you. If your situation isn’t strong yet, it may be better to:

• Wait a few months

• Fix the weak points

• Then apply with a cleaner profile

#9 – Register to vote (seriously)

Being on the electoral roll at your current address is a big deal.

Lenders use it to:

• Confirm your identity

• Check your address history

Not being registered can seriously damage your chances, even if everything else is fine. It’s free and quick to sort – do it before you apply.

Also double-check that your address is correct and up to date.

#10 – Manage your existing credit carefully

Lenders look not only at what you owe, but also at how much available credit you have.

Key concept: credit utilisation If you have a £2,000 limit and owe £500, your utilisation is 25%.

As a rule:

• Using some of your credit and paying on time is good – it shows you can manage it

• Using almost all your limits regularly looks risky

• Using none at all gives lenders very little evidence of behaviour

Aim to keep your utilisation around 25–30%, and avoid sitting at 90–100% for months on end.

#11 – Sense-check your overall financial position

Put yourself in the lender’s seat:

• Could you still afford the mortgage if you maxed all your available credit?

• Are your current debts manageable, or dragging you under?

• With mortgage payments added, are you still living comfortably within your means?

If the honest answer is “no”, consider:

• Paying down long-term debts (loans, car finance, large overdrafts)

• Reducing limits if they’re far beyond what you need

• Dialling back on non-essential spending for a while

#12 – Close old or inactive accounts (sensibly)

Old, unused credit cards or accounts can be a problem because:

• Details may be out of date

• They represent extra available credit you could suddenly use

But don’t just close everything:

• Long, well-managed relationships with a card or bank can be a positive

• If you’re going to close accounts, start with newer, unused ones

And remember: inactive is not closed. You need to formally close the account with the provider.

#13 – Pay every bill on time

This one is blunt but crucial: no missed payments.

• Set up direct debits

• Keep a small buffer in your current account

• Treat every bill – from mobile contracts to utilities – as non-negotiable

Defaults stay on your credit file for six years.One careless missed payment right before applying can do more damage than you think.

#14 – Pay off long-term debts where possible

Before you apply, ask:

• Can I clear or reduce personal loans, car finance, big overdrafts?

Lenders are happier if you’re not juggling multiple big commitments alongside a new mortgage.

Credit card usage is fine if:

• It’s consistent

• You pay in full or manage the balance responsibly

Read the small print and check for any early repayment charges before clearing loans.

#15 – Don’t apply for new credit right before your mortgage

In the 3 months before you apply for a mortgage, avoid:

• New loans

• New credit cards

• Store credit / buy-now-pay-later deals

Each application leaves a footprint. Lots of applications in a short time can look like you’re scrambling for credit.

Absolute red flag to avoid: payday loans.

#16 – Stay out of your overdraft (if you can)

Occasional, controlled overdraft use is one thing. Living in your overdraft is another.

Regular, deep overdraft usage can signal:

• Poor cash-flow management

• Reliance on short-term borrowing just to get through each month

Try to stay out of your overdraft completely for at least six months before you apply if you can.

#17 – Tidy up your spending behaviour (lenders will look)

Expect lenders to want 3 months of bank statements.

They’re looking to see if:

• Your application matches reality

• You could still cope if rates or bills rise

In the run-up to applying:

• Avoid unusual, very large, or obviously frivolous spending sprees

• Show a consistent, sensible pattern of spending and saving

• Build up a visible habit of putting money aside each month

#18 – Remove unhelpful financial links

You might still be financially linked on your credit file to:

• A former partner

• Old flatmates

• Family you once held joint credit with

If they have poor credit, it can drag you down.

Contact the credit reference agencies and request a “notice of disassociation” where appropriate.

#19 – Don’t assume “premium” bank accounts are magic

Having an “Advantage” / “Platinum” / “Premier” bank account:

• Might make you look slightly more established to that bank

• Will not, on its own, make or break a mortgage application

Don’t pay extra for bells and whistles just to impress a lender. Focus instead on the fundamentals: stable income, good credit, solid deposit, sensible spending.

#20 – Make your rent work for you

Traditionally, rent payments don’t count towards your credit score.

However, there are now services that can report your on-time rent payments to certain agencies. Used properly, this can:

• Evidence a track record of paying housing costs reliably

• Potentially support your case with certain lenders

It’s not a silver bullet, but it’s worth exploring if you’re renting and always pay on time.

#21 – Save as big a deposit as you can

Lenders love bigger deposits. So does your future self.

Benefits of a larger deposit:

• Lower LTV → better interest rates

• Lower monthly repayments

• You own more of the property from day one

• You look more disciplined and lower risk

Even edging above the minimum by a few hundred or a couple of thousand can sometimes step you into a better LTV band.

#22 – Be ready with proof if you’re self-employed

Self-employed, contractor or company director? Getting a mortgage is absolutely possible – but the proof bar is higher.

Be prepared with:

• SA302s / tax calculations (usually 2–3 years)

• Full accounts from a qualified accountant

• Explanations for any big income dips

Transparency and documentation are everything. A good adviser will also direct you to lenders who are self-employed-friendly.

#23 – Be cautious with “quirky” properties

Lenders are more cautious with:

• Non-standard construction (concrete, steel frame, some timber systems)

• Flats above busy bars or takeaways

• Unusual conversions

If they think a property could be hard to resell, they may say no – even if you love it.

If your goal is simply “get on the ladder”, sticking to more straightforward, mortgage-friendly properties can make life easier.

#24 – Find the right lender (via the right adviser)

The difference between two mortgage deals can be tens of thousands of pounds over the term.

A good mortgage adviser will:

• Compare products across multiple lenders, not just one bank

• Match criteria to your situation (self-employed, credit blips, schemes etc.)

• Explain trade-offs between rate, fees, flexibility and term

For first-time buyers, this isn’t a luxury – it’s common sense.

#25 – Deal with people, not just call centres

Applying for a mortgage is personal. You’re sharing the details of your finances and life plans.

Many people prefer:

• A named broker who knows their case

• One point of contact from start to finish

• Someone who can push back, chase, and explain in plain English

If you’re anxious about the process, this one-to-one support can make a huge difference.

#26 – Get your paperwork sorted in advance

Don’t wait for a lender to ask before you start hunting for documents.

Have a folder ready with:

• Passport or photo ID

• Proof of address (utility bill, council tax, bank statement)

• 3+ months of bank statements

• 3+ months of payslips (if employed)

• 2–3 years’ accounts / SA302s (if self-employed)

• P60s

• Evidence of bonuses, overtime or benefits

• A gifted deposit letter if family are helping

Submitting everything cleanly in one go speeds things up and looks professional.

#27 – Be accurate and transparent in your application

Tiny “tweaks” or half-truths can cause big problems later.

• Use exact income figures and be ready to evidence them

• Declare all loans, cards and commitments

• Make sure your stated spending matches your bank statements broadly

• Double-check dates, addresses and names

If something doesn’t quite add up, lenders will flag it – and that can slow or sink your application.

#28 – Get a Mortgage Agreement in Principle (AIP)

An Agreement in Principle (AIP) is a quick check of your basic details that tells you roughly:

• How much a lender might be willing to lend

• Whether you look like an acceptable risk at first glance

Benefits:

• Helps you set a realistic budget

• Shows estate agents and sellers that you’re a serious buyer

• Can strengthen your offer vs someone with no AIP

Remember:

• It’s not a guarantee

• It usually only lasts 60–90 days

• Too many AIPs with hard searches can dent your credit file – soft search is better where available

#29 – Don’t fiddle with your application once it’s in

Once you’ve submitted your full application:

• Don’t ask for more money halfway through

• Don’t suddenly change key details without very good reason

You should have done the planning before hitting submit. Last-minute changes can make you look disorganised or impulsive.

If you’re rejected – don’t panic, don’t spam applications

A decline isn’t the end, but don’t immediately apply everywhere else.

Instead:

1. Ask (politely) why you were declined

2. Go back over your finances and this checklist

3. Fix what you reasonably can – deposit, debts, credit file, spending

4. Give it a bit of time if necessary

Only then try again – ideally with a broker who can steer you towards a lender whose criteria actually fit you.

Next Steps:

Mortgage Calculator

Schedule a Free of charge call with our Mortgage Advisor

Your home may be repossessed if you do not keep up repayments on your mortgage.