Mortgage expert shares common mistakes that can hinder your chance of getting approved

Applying for a mortgage is a crucial part of the home-buying process, and something you want to get right. But many aspiring homeowners could be unknowingly making common mistakes that could impact their approval and borrowing potential.

From taking on new credit to making frequent cash withdrawals, many things can raise potential red flags for lenders and reduce your chances of securing the best possible deal.

According to one finance expert, many aspiring homeowners are unaware of these common mistakes before putting in a mortgage application.

"Lenders scrutinise financial habits closely to assess an applicant's reliability, so, by avoiding these common pitfalls you can improve your chances of getting the mortgage you need," says Tom Blake, founder of Money Saving Guru.

Here are the mortgage expert's four common financial mistakes that UK homebuyers should avoid to get the best chance at securing a mortgage:

Repeated cash withdrawals can raise red flags for lenders, who may interpret them as an indicator of poor financial management or hidden spending habits. Instead, aim to make purchases using a debit card to maintain clear and traceable records.

"Lenders want to see stability and transparency in your finances and excessive cash withdrawals can signal risky spending behaviour, even if it’s all above board," warns Tom.

Applying for new credit lines or loans, such as car financing, shortly before a mortgage application can drastically impact your borrowing capacity. This is because large monthly payments associated with loans can reduce the amount you are eligible to borrow for a mortgage.

"Many people have been unable to secure their desired mortgage simply because they took on new debt too close to their