Thought it worth discussing the current state of play on mortgages & what the lenders are looking for.
Although there’s plenty of doom & gloom around the world of mortgages the actual truth is that lending is increasing year on year, although still short of the 2007 /2008 pre-crash figures.
What has changed is the lenders attitude to risk, prompted by FCA reviews. The lender is now tasked with ensuring that a mortgage is affordable to the client from the outset, which means that they are reducing income multiples & taking into account all of an applicant’s current outgoings. No more does equity play any part in a lenders decision other than more favourable rates for the “safer loan to values”.
So, how do you ensure that you can get that elusive mortgage & also ensure that it goes through as speedily as possible?
With these points addressed you are then in a position to get a decision in principle from your chosen lender &, if positive your application will progress at a decent pace.
It’s worth noting that lenders vary what they will include as part of your income, what they will deduct & what adverse credit they will ignore. To save making applications to lenders that would not consider your application I would strongly recommend using a mortgage intermediary who will know lenders criteria and be able to recommend the product most suitable to your needs & situation.
For a free consultation from one of our independent advisers please call Zing on 01702 423900