Each mortgage lender works differently, using their own different ways of deciding who gets accepted for a mortgage and who unfortunately doesn’t. Some lenders criteria are harder to match up against than others may be. The key to success all depends on how strict they are and how good your credit score is.
Through our many years of service, we’ve often found that mortgage applications are declined for no other reason than because the customer does not meet the right criteria for that particular deal. It’s reasons like this why it’s always worth your time seeking the advice of a dedicated mortgage broker in London. Our team of experienced and loyal advisors will work hard to get you the most appropriate lender for you and your personal circumstances.
The first thing you should always do before you apply, is take a look at your credit file to see whether or not it is of a high standard. If it isn’t looking so good, then you will need to look at various ways to improve your credit score. Speaking with an open & honest mortgage broker in London, you’ll be able to learn what to prioritise when improving your credit score.
You must always remember that very few people indeed are realistically eligible for every deal that is available to them. This means that for the most part, homebuyers and home movers are just searching for the wrong mortgage deals. Just because you have seen a deal that is cheap and eye-catching, it doesn’t mean that you will pass the lenders criteria and qualify for that particular deal.
As an experienced and dedicated Mortgage Broker in London, we would always recommend that you properly research into the different types of mortgages available or get in touch to benefit from a free initial mortgage consultation.
A regular occurance over our years of mortgage advice is customers using price comparison websites to find a mortgage in London. Whilst there may be nothing wrong with this, you need to remember that the price comparison websites are only able to analyse the different costs of mortgage deals, as opposed to matching you to all the different nuances of a lenders criteria.
This process can end up wasting a lot of time, as the mortgage lender may finally declines your case weeks down the line. It’s because of this that you may end up losing the property you were hoping to buy or breaking down a property chain that you were a part of. You may also find yourself getting declined because you picked the wrong mortgage, an act which could actually damage your credit score due to a failed application.
Customers may find themselves being eligible for a wide variety of mortgage deals, but in order to match the criteria for those deals, the lenders may end up only offering you a reduced deal. This seems to happen on a regular basis, with lenders first having a tendency to say that you can borrow a set amount, only to later change their mind and find a way to reduce the previously available mortgage.
As we’ve touched upon, all lenders have their own unique way of handling the mortgage process. You will often find that there is a big difference between mortgage lenders and it’s very unlikely that you are going to match up against all of their individual criteria. You need to narrow down your options and work out what the most appropriate option will be.
It doesn’t matter if you’re a First Time Buyer in London or looking at Moving Home in London, we always believe that getting in touch for some expert mortgage advice will help you out during your mortgage process. Our dedicated team will support you throughout your journey, and try to find you the most appropriate mortgage deal for your personal circumstances.
Over the years we have worked alongside thousands of customers, assisting with specialist mortgage cases to help them find a level of success with mortgages that they otherwise thought they’d never achieve.
By approaching a trusted and dedicated Mortgage Broker in London, you’ll also be able to learn how best to improve your personal credit score, in the event of any unfortunate financial circumstances.
If you need help with a Specialist Mortgage situation in London, get in touch today with a Mortgage Broker in London for your free initial mortgage consultation.
Date Last Edited - 23/02/2021