Just 3.5% of mortgage applicants meet the qualifying criteria for every mortgage deal on the market, according to credit reference agency Experian.

Its research reveals that 27% are eligible for a mortgage, but won’t be able to borrow the full amount needed as they don’t meet affordability requirements.

This figure rises to 31% for those looking to remortgage with additional borrowing requirements.

As such, Experian outlines four top tips to help potential homeowners and remortgagors improve their financial appeal to help bag the best mortgage deal on the market:

1) Work out your budget

Work out how much you can realistically afford keeping in mind how much your mortgage repayments will be. As well as the deposit, consider other associated costs including stamp duty, solicitor and surveyor fees.

2) Put a deposit together

Put together the largest deposit you can – the larger your deposit, the better the deal.

3) Get your credit report in shape

Make sure your credit report is accurate, up-to-date and in the best position possible. You can check your credit score for free with an Experian account to give you an idea of where you stand. Some of the things you can do to maintain a good credit score in the run-up to your mortgage application include:

• Try not to make any credit applications in the six months before your mortgage application
• Make sure you don’t have any defaulted credit cards
• Register to vote at your current address as it proves your identity and address
• Never miss a credit payment and always make them on time
• Stay within your credit limits and keep balances to less than 50% of your limit.

4) Prepare well before applying for a mortgage

This may seem like an obvious tip but take extra care when filling in application forms, the smallest of errors can cause huge delays and in some cases, the whole application may have to be submitted again. Mortgage lenders will want to know your outgoings which also includes your utility bills and other fixed regular costs i.e school fees, phone contracts, Netflix/Spotify subscriptions etc.

You will often need to show them certain documentation, which can vary but usually consists of:

• Details of your solicitors, estate agents and the seller
• A P60 from your most recent employer
• Your last three months of pay slips from work
• If you’re self-employed, two to three years’ accounting from a professional accountant plus tax form SA302
• Current passport or driving licence (to prove your identity)
• Current account bank statements going back between three and six months.