Ronaldo is a mortgage winner

Cristiano Ronaldo has celebrated becoming the Premiership’s highest earning player by splashing out on a new £4 million home.

Not satisfied with his previous estate in Woodford, Cheshire, the Portuguese international has opted for a five-bedroom mansion, boasting an indoor swimming pool, Jacuzzi, sauna, cinema room, and media suite.

Under normal circumstances such a colossal purchase would probably require an equally huge mortgage, but on his new £44 million contract from Manchester United Cristiano probably has the cash to cope.

Unfortunately the same can’t be said for many of the rest of us, and with credit increasingly tight, getting a mortgage isn’t the simple task it was just a couple of years ago.

What’s more, getting turned down only makes it harder, with your credit rating taking a battering if you’re rejected too often. MoneyExpert.com gives the low-down on mortgage applications and credit rating conundrums.

The pain of rejection

MoneyExpert.com research at the end of last year found that the number of rejected mortgage applications had shot up dramatically. In the six months to October the figure rose to 738,000 from 463,000 in the six months to March.

The consequence of rising house prices and consecutive base rate hikes, the lending restrictions were found to be hurting 25-34 year olds the most.

A tightening market

Things are not quite as bad as they seem. The Bank of England has finally relented on interest rates with cuts expected throughout the year.

The housing market seems at last to be cooling, at least keeping prices in check. What’s more, although those with a ‘very adverse credit rating’ have seen their choice of home loan products cut considerably, for those applicants with ‘minor credit issues’ there are still plenty of deals available.

Give the whole story

The key to finding the mortgage to suit you and avoiding an unnecessary rejection is to do your homework and search around. More often than not there’ll be products that take into account in your favour on your credit history, such as a large deposit or a good employment history, despite the rating as a whole having one or two black marks.

In reality there’s very little excuse for being turned down with the details of hundreds of mortgage products, making clear their requirements, available online. To find the best mortgage product for you search online to check out the market, and then think seriously about speaking to a qualified broker before signing any application forms.

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