Why can’t it be easier to get a mortgage in Nottingham?

Specialist Mortgage Advice in Nottingham

Sometimes, many first time buyers in Nottingham and home movers will struggle to get their mortgage journey started. Whether this is down to your deposit size, affordability or credit score, if you’re struggling, it may be time to get professional help. You’re not the only applicant to be experiencing hardship during your mortgage application.

As a mortgage broker in Nottingham, we’ve seen lots of different scenarios where people have been declined for a mortgage. In this article, we are going to look over some of the most common situations that we come across.

Failing to match criteria

Each lender will have their own unique credit scoring, criteria and some will be easier to match than others. You’ll never match every single lender’s criteria as most of them, particularly specialist lenders, have carved out their own niche audiences. Also, an applicant with a high credit score and good affordability will not need to use a specialist lender who usually works with applicants with lower credit scores.

By rule of thumb, lenders offering the lowest rates will have the strictest lending criteria. In order to pass this criterion, it’s likely that you’ll need a high credit score and a clean credit history, etc.

Lenders need to trust you, they need to know that you are reliable. They don’t want to risk taking on an applicant that could fall into areas over the course of their mortgage term. If you’re suffering from bad credit or have had bad credit issues in the past, you may need to choose a specialist over a high street lender.

We are a specialist mortgage broker in Nottingham and have access to many different specialist lenders on our panel. We can check each lender to see whether you match their criteria. It’s our job to help customers who are struggling to start their mortgage process.

Deposit amount

What is the total deposit amount that you need? Is it 5%, 10%, 15%?

Usually, the lower your credit score, the higher deposit you’ll have to put down. Also, you have to remember that the deposit required will depend on the property that you’re buying. An increase in property price means an increase in the deposit.

Without a deposit, it’s very unlikely that you’ll be able to get a mortgage. An example of where you may not need a deposit would be if you’re taking out a right to buy mortgage in Nottingham.

Taking advantage of government-led schemes could potentially help you get a mortgage with a small deposit. These schemes were designed to help struggling mortgage applicants get onto the property ladder. Why not look into the Help to Buy Equity Loan, Shared Ownership or the Mortgage Guarantee scheme?

Find out more here: ownyourhome.gov.uk

Computer says no

Unfortunately, you may not be told the reason why your mortgage application was declined. Sometimes, your lender can just decline your application.

If you find yourself in this situation, you should get help from a mortgage advisor in Nottingham. It could be anything from that you’ve tried to take out the wrong product to that you simply didn’t match the lender’s criteria. We like to call this scenario “the computer says no”.

Nottinghammoneyman will never put you forward for a mortgage product when we know that you won’t pass the lenders criteria.

As a mortgage broker in Nottingham, our job is to try and find you an appropriate mortgage deal that is tailored to your personal and financial situation. Measuring your affordability is a huge part of the first stage of the mortgage process, so we will carry this out for you for free.

Fast & Friendly Mortgage Advice in Nottingham

Once you pass the first couple of stages of our mortgage process, the rest should be stress-free and simple. A mortgage advisor in Nottingham by your side throughout the whole journey may be what you need.

Now, don’t ask “why can’t it be easier to get a mortgage?”, use a mortgage broker in Nottingham!

Advisors in Nottingham are available 7 days a week. Book your free mortgage appointment online today.