Credit where it's due to you - how to borrow what you need

Chase the paperwork

If you need "affordability evidence", such as payslips, a letter from your employer or a set of accounts if you are self-employed, get all the documentation together now so that your transaction will go smoothly.

Get a deposit together

If you are a first-time home buyer, and all the good loans seem to have been taken off the market, don't despair. And certainly don't go on a spending binge to cheer yourself up. The continuing softening in house prices is good news for you. When you eventually come to buy you will probably pay a cheaper price. Use the time now to get a bigger deposit together, which not only makes you a better prospect for a lender but also means you will pay less in interest because you will need to borrow less, or you will be able to afford a better house.

Find out how our independent mortgage service works

If you have a poor credit record...

If you have County Court Judgments (CCJs), or other default notices on your credit record, this is the Blind Date equivalent of a big bottom. You can't really do anything about it, but you can still make the most of yourself. See if a broker can help you find a suitable deal. If you draw a blank, it could be time for that money diet - stop spending, start saving and get your credit house in order so you will be in tip-top condition when lending conditions ease.

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Annie Shaw
09 April 2008 © Moneyextra.com

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