Been Declined a Mortgage? Mortgage Advice in Hull
Getting a Mortgage isn’t always easy!
Interestingly, a recent analysis by Experian revealed that 33% of all applicants are declined a mortgage. Usually as a result of the applicant being outside of the mortgage lenders criteria.
We believe that this really highlights the value of using a Mortgage Broker in Hull, like ourselves. We work hard to get you the correct lender for you, the first time.
Been Declined a Mortgage
Conclusions from Experian found that only 3.5% of people searching for a mortgage fit the criteria for every deal on the market. So in summary, 96.5% of people will struggle to find the right mortgage lender for them online. Invaluable help is available from your friendly local mortgage advice team!
Mortgage Advice from Price Comparison Sites
Typically, according to Experian, 22% of applicants start their mortgage journey by using price comparison websites. Nothing wrong with starting there. However, these can’t search through the maze that is lending criteria.
Time can be wasted, as it can be weeks down the line of an application sometimes when a mortgage lender finally declines a case. Consequently, this can result in you losing your property and/or breaking down a chain.
Reduction in Loan Amount
Furthermore, the analysis also showed that 27% were eligible for a mortgage but only for a reduced loan amount. As per the lender’s in-depth affordability requirements.
In addition, a mortgage lender will say you can borrow one amount. However, down the line, they’ll find a reason to reduce this. The difference in lending amounts can be very surprising, therefore, don’t be fooled!
Mortgage Advice in Hull by Hullmoneyman
In conclusion, it will save you a lot of aggravation, in the long run, to use a Mortgage Broker in Hull (like us). Without a doubt, paying us a small broker fee will prove invaluable. Please refer to our reviews for more information about the Mortgage Advice service we provide in Hull.
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