33% of Mortgage Applications Are Ruled Out By Lenders

Mortgage Advice in Grimsby

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 in Grimsby at the start of finding a suitable mortgage to help 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.

Mortgage Advisor in Grimsby

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.


Grimsbymoneyman.com & Grimsbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Grimsbymoneyman

Grimsbymoneyman, 13 Dudley Street Business Hive, Grimsby DN31 1UL

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo