With mortgage rate increases announced this week, Norton Finance predicts a surge in applications for remortgaging and secured loans, as Brits batten down the hatches to ensure against the ever-rising cost of living.

Independent finance broker Norton Finance estimates 10% of applicants get turned down first time around. If you don’t get any offers when you make your first application, it can be disheartening, but there are things you can do to improve your chances next time around.

It’s worth bearing in mind that these changes take time to have an effect, so you may need to wait a few months before reapplying to be sure your credit report is in the best shape.

Here’s how to improve your chances in 5 steps:

Check your credit report and learn how to improve it. Find out how here with Norton Finance’s helpful guide.
Fix any issues where possible before you reapply.
Avoid applying for any other forms of credit including loans, HP and shop now pay later tools like Klarna before you make your next application.
Before applying always review the spending on your bank statements, including any subscriptions or unnecessary expenses which you may be still paying for but had forgotten about. Also ensure any gambling is at appropriate levels i.e. less than 5% of your overall expenditure
Be honest when it comes to your debts and spending patterns. Lenders will find them regardless and covering up can result in a very quick “no.”

Norton Finance explains: “Whilst it’s true to say lenders have tightened their criteria since March 2020, these guidelines should stand you in good stead if you’ve been turned down for remortgaging in the past. We recommend waiting six months between applications once you’ve followed the steps above to give yourself the best chance of success.”