Mortgage in Durham

Why isn’t it easier to get a Mortgage in Durham? | Mortgage Advice in Durham

Problems Getting a Mortgage in Durham

Getting a Mortgage in Durham

Your Mortgage Broker in Durham, Durhammoneyman, has been in the mortgage business for more than ten years! Over these ten years, we have learnt the best way to help you get over almost any mortgage hurdle. Whatever your personal situation is, we have probably been faced with a similar situation. To list a few, we offer First-Time Buyer, Remortgage and even Self-Employed Mortgage Advice in Durham.

Getting a mortgage can become complicated if you don’t know what you are doing. This is because there are thousands of different lenders available with their own unique lending criteria. So, if you decide to go to a lender over a Mortgage Broker in Durham, like us, it could get be complicated and hard to get accepted a mortgage.

Going to a Lender for a Mortgage in Durham

Occasionally, you will find that some Lender’s credit scores are sometimes easier to pass than others. Different lenders love to focus on different parts of the market. You will find that lenders who have the strictest lending criteria will also supply the lowest rates. It’s common to find that customers do not match the criteria of every lender, so don’t worry if you are struggling to find a lender that will accept you.

When a lender has offered a competitive deal, it will always have a tight margin. Firstly, they need to make sure that the customer will be able to afford a mortgage. Lenders want to make a profit off this deal and not lose money. This is why it can be hard to qualify with lenders who have tight criteria.

Lenders with Low Rates

High street lenders who are offering the cheapest rates will always try and find other ways to increase their earnings from their borrowers. Once you have been accepted a mortgage, they will always try and sell you more of their products to try and gain even more profit. Their products will include Bank Accounts, unsecured loans, credit cards and Insurance.

It’s common to find that mortgages with the lowest rates of interest often come with expensive set-up costs and that’s why people often stay away from these products. A lender will only think about their profit when granting you a mortgage. Whereas, a Mortgage Broker in Durham will always have your best interests at heart as we do. We know exactly what to do to save your time and your money, but we do this for you, recommending you the best deal available to you based on your individual circumstances.

You will find that not everyone can just remortgage somewhere else and this is down to multiple reasons:

  • A relationship breakdown
  • Less household income than there was at the start of the application
  • The applicant has had a default or CCJ since they took out a mortgage
  • The value of the home has dropped since it was bought

Lending Criteria and the Economy

Matching lenders’ criteria, depending on the current performance of the economy, can affect how easy or hard it is to get accepted a mortgage. If the economy is suffering, lenders will tighten the margins and vice versa when the economy is doing well. Depending on when you are applying, it can sometimes be hard to obtain a mortgage, yet previously, mid-2000’s, it was too easy. This was prior to the credit crunch where lenders where granting ridiculous mortgages to people who couldn’t afford one at all.

After the credit crunch, lenders took a completely different view and tightened their criteria. You needed a 25% deposit which meant that getting on the property ladder was basically impossible. Rapidly, interest rates began to rise, tempting customers to continue renting.

Mortgage Broker in Durham

As your Mortgage Broker in Durham, we have gained valuable experience and deep insights into what lenders are looking for in mortgage applicants in Durham. We are referring to credit scoring, which most high street lenders now do to try and save time, money and to also produce consistent decisioning.

So, if you are struggling to match with lenders criteria it might be your best option to a speak to a Mortgage Broker. As a Mortgage Broker in Durham, we know lots of different way in how to improve your chances of your mortgage application being successful.

There are lots of very simple ways that you can achieve this and just by giving us a call, you could end up a step closer to securing a mortgage deal. All you need to do is get in touch and speak to an experienced Mortgage Advisor in Durham, this could be your opportunity to get up the property ladder!

Lending Criteria Mortgage Advice in Durham

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Mortgage Advice Durham Open & Honest Mortgage Advice in Durham & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

Durhammoneyman – Portland House, Belmont Business Park, Durham, DH1 1TW

The Financial Conduct Authority does not regulate most buy to let mortgages.

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