Why is it Hard to Get a Mortgage in Grimsby | Mortgage Advice in Grimsby
Struggling Getting a Mortgage in Grimsby?
Lending Criteria Mortgage Advice in Grimsby
Getting a Mortgage in Grimsby
Grimsbymoneyman has been part of the mortgage business for more than eleven years now! In these years we have learnt the best ways to save your time and your money. As a trusted Mortgage Broker in Grimsby, we know how to get over almost any mortgage hurdle. We love a good challenge, so even if we haven’t faced anything like it before, no worries, we will still try and get through it!
We specialise in delivering you with expert Mortgage Advice in Grimsby. Whether you are a First-Time Buyer, looking at Moving Home or wanting Self-Employed Mortgage Advice in Grimsby, we would love to help!
Getting a mortgage in Grimsby can be difficult and sometimes stressful. This is due to the hundreds of different lenders out there all with their different lending criteria. A Mortgage Broker in Grimsby, like us, will sort everything for you and search for the best deal based on your personal situation. Whereas, a lender will just offer you one deal and you have to match their criteria to get accepted.
Going to a Lender for a Mortgage in Grimsby
Some Lender’s credit scores can be passed easier than others. You will find that different lenders like to target different parts of the market. You will also find that lenders with the tightest lending criteria will usually give the lowest rates. Don’t worry if you are not matching every lenders’ criteria as they are all different and this is common for all applicants. There are thousands of lenders out there and you will eventually get the right one for you, so don’t worry!
A lender who is offering a competitive deal will most likely have a tighter margin. Before the lender offers a mortgage, they will always check whether the applicant can actually afford it. They will check your income and expenditures, anything they need to, to ensure that you can afford the payments. This is why it can sometimes be difficult to qualify with lenders who have tight criteria.
Lenders with Low Rates
Lenders who supply the lowest rates will always try and increase their earnings with their customer. They will often try to “cross-sell” you more of their products to make even more money off you. It could be bank accounts, unsecured loans, credit cards or insurance.
Remember, mortgages with the lowest rates of interest will most likely come with high set-up fees and that’s why people tend to keep away from these deals. A Mortgage Broker in Grimsby will always have your best interests at heart, however, a lender will only think about the profit that they can make off you. Based on your individual situation, we will try and find you the best deal for you that will save you time and money.
You’ll find that not everyone can just remortgage elsewhere and this is down to a few reasons:
- The breakdown of a relationship
- There is now less household income than there was at the start of the application
- The applicant has had a default or CCJ since they took out got a mortgage accepted
- The value of the home has decreased since it was bought
Lending Criteria and the Economy
Matching the lenders’ criteria, depending on how the economy is performing at the time of applying, will affect how easy or difficult it is to get accepted a mortgage. When the economy is struggling, lenders will tighten their margins and then loosen them when it is performing well. During the mid-2000s, before the credit crunch, it was stupidly easy to get a mortgage. Lenders were granting mortgages to people who couldn’t even afford one.
After the credit crunch in 2007, lenders changed their views and became stricter with their lending criteria. It was common to be asked for a 25% deposit, which was practically impossible to meet. Then interest rates began to rise, tempting customers to continue renting.
Mortgage Broker in Grimsby | Grimsbymoneyman
As an experienced Mortgage Broker in Grimsby, we have lots of valuable experience and we know exactly what lenders are looking for in mortgage applicants. They are always relying on credit scoring, which most of the high street lenders now do in order to save them time and money and also produce consistent decisioning.
In that case, if you are finding it hard to match with lenders criteria then it could be the perfect time to speak to a Mortgage Broker in Grimsby, like us. We can talk you through some simple steps you can take to improve your chances of your mortgage application being successful.
These steps can be very simple and easy to do. Speaking to a Mortgage Advisor in Grimsby could get you a couple of steps closer to securing a mortgage deal. We will help you all of the way through the mortgage process, all you need to do is get in touch. Speak to an experienced Mortgage Advisor in Grimsby today.