Uk mortgage approvals decline- The Importance of advice
UK Mortgage approvals were down to an 8 month low according to the Bank Of England. UK Mortgage lenders criteria has become more stringent because the actual lenders lenders are finding it harder and more expensive to secure money to lend. They also expect mortgage lending to slightly decline into the second quater.
What does this mean to the consumer ? Well basically those with lower credit scores and higher loan to values will find it harder to obtain credit.
In these economic conditions the importance of good mortgage advice has never been so great. The automated systems of certain banks, online systems and tick box criteria make it even harder to obtain a mortgage. Talking through your personal situation with a qualified advisor will allow the advisor through his experience to recommend the most suitable lender. This means that you don’t have to apply to different lenders if you have had a mortgage refused and you do not have to waste credit checks.
Lenders have different criteria and are looking for varying clients. For example one lender may lend 3x income whilst overs may lend up to 5 x income. This is just one example of many where criteria can differ. It is a mortgage advisor’s job to research the different mortgage products and to recommend the most suitable mortgage product from your circumstances.
As mortgage criteria tightens please do not leave it chance when trying to get a mortgage but speak to professional who can help you .