Am I eligible for a mortgage?
Establishing the likelihood of your potential in obtaining a mortgage is fundamental prior to commencing your property search, as you may find the amount you desire isn’t quite achievable or your circumstances may shorten the options available to you. In both instances it’s wise to consider all options.
First and foremost, the latter point is best to be attended to first, as by creating a shortlist of the mortgage lenders from across the UK market that could potentially lend to you, will ultimately help pinpointing the most suitable lending option available to you. It may be that in your own scenario that you have the pick of pretty much all lenders, however with lenders applying their own tailored lending criteria based upon an expansive range of areas, such as looking at the applicant’s credit profile, how income is derived, overall affordability of the requested loan, and the intricacies of the property in question, just to name a few.
The next objective is to calculate how much in theory could be borrowed from the lenders that have been shortlisted. The key here is accuracy, as lenders base their formulas and results on the basis that the data input is factual and correctly keyed as per the stated lending criteria. This takes a lot of care, as incorrect information or a simple oversight can potentially lead to a property transaction falling through on the basis the mortgage applied for was done so using inaccurate data. The ramifications of this can be vast, plus the emotional turmoil would be far from ideal.
This is where we come in. Our mortgage broker proposition is quite simple; we ensure that in al instances that the research and subsequent advice provided is of the highest standard, and is always accurate and in your best interests. We help hundreds of clients each year to arrange a mortgage that is perfectly suited to them, so if you’d like to find out how we can help you, then simply get in touch with us today to speak with one of our mortgage brokers.