33% of Mortgage Applications Are Ruled Out By Lenders
Due to mismatches in criteria, 33% of all mortgage applications may not go through, as recent research by Experian shows. This highlights the significance of using a Mortgage Broker at the start of finding a suitable mortgage to help the first-time buyers get it right when looking for their perfect home.
Experian also points out that only 3.5% of people looking for a dependable mortgage were eligible for the available deals on the market. This means that just because a cheap deal becomes prominent online, it’s far from certain that you will be accepted.
According to Experian, 22% of applicants start off trying to find a mortgage on price comparison websites. There is nothing wrong with using these sites but remember they won’t always match you with all the underlying specific details that come with the Lender’s criteria.
Dependant on the lender, there is still a possible chance of not being accepted at any time throughout the duration of the Mortgage application – this can cost you the house if it takes too long. This highlights the importance of how a Mortgage Broker in Grimsby can help get you to where you need to be more securely and in a faster amount of time.
The researched also showed that 27% were eligible for a mortgage but only for a reduced amount on the basis that it meets the lender’s affordability requirements. Again, this occurs quite often within the market.
A lender will state how a person may borrow certain amounts, but sometime later there can be certain reasons which are found which allows the lender to rearrange the finances involved with the mortgage. It’s apparent that there are vast differences in the amount one lender will lend you in contrast to all others within the same area.
The amount of stress involved with applying for a mortgage can easily be reduced if a Mortgage Broker is approached as a first option. The cost may be slightly increased because of the Broker fee that is included but this is easily levelled out with the security of the effortless process towards gaining a secure mortgage.
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