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Matching Lenders Criteria | Research by Experian

Mortgage Advice in Hull

Every mortgage lender is different, they each have their own way of deciding who gets accepted and who doesn’t. Some lenders criteria are hard to match and some aren’t, it depends on how strict they are and how good your credit score is.

Recently, Experian (credit reporting company) conducted some research on mortgage applications and how likely they are to be accepted. According to their research, 33% of all mortgage applications are declined by lenders due to their applicants not matching their criteria. This is a high percentage, based off these results 1 in 3 people will get declined for a mortgage.

How can I avoid disappointment?

Firstly, before you apply, you should check your credit file to see if it’s looking good, if not, you may need to try and improve your credit score. There are lots of different ways that you can do this, however, we always recommend that you speak to a Mortgage Advisor in Hull before anything. Getting an opinion from an expert Mortgage Broker in Hull will prove highly valuable to you, especially if your lender ends up accepting you the first time!

Experian also found that only 3.5% of people searching for a mortgage were eligible for every deal on the market. This means that most of the time, people are searching for the wrong deals. Just because you have seen a cheap deal, doesn’t mean that you will qualify for it.

As a Mortgage Broker in Hull, we advise that before you rush into anything, either do some research into the different types of mortgages available or get Mortgage Advice in Hull from a Mortgage Broker, like us.

Get in touch and receive a free mortgage consultation today.

What are other applicants doing?

Experian have also said that 22% of applicants start using price comparison websites to find a mortgage. There is nothing wrong with this, although, you need to remember that the price comparison websites can’t match you to all the nuances of a lenders criteria.

Sometimes, it can be weeks down the line before a lender finally decides to decline your application. So if you do get declined because of picking the wrong mortgage, you could end up leaving a negative mark on your credit score for a failed application. There is also a chance that the property you wanted will get swept up by another buyer.

What are lenders doing?

The analysis showed that 27% of applicants were eligible for a mortgage but only for a reduced amount so that they would meet the lender’s affordability requirements. This seems to happen regularly, at first the lender says that you can borrow a certain amount and then further down the line they change their mind and find a way to reduce the mortgage available.

As we mentioned before, lenders are all different and they each have their own way of doing things. There is sometimes a huge difference between lenders and it’s very unlikely that you are going to match all of them. You need to narrow down your options and find out which is the best mortgage option for you.

Your Mortgage Broker in Hull is here to help

Whether you’re a First Time Buyer or Moving Home in Hull, we think that you will find our Mortgage Advice service highly beneficial. Not only will we support you through the whole mortgage process, but we will also try to find you an amazing mortgage deal for your personal and financial circumstances.

We have dealt with thousands of specialist mortgage cases and have secured mortgages for customers who thought that they never had the chance. Approaching a Mortgage Broker in Hull, like Hullmoneyman, will allow you to get an up-to-date credit report too and we will work with you and match you to the perfect mortgage! We love helping struggling customers through the mortgage process and we always do everything that we can to make sure that you will not be part of that 33% that will get declined.

Have a specialist mortgage situation? Not a problem! Get in touch today with your local Mortgage Broker in Hull for a free mortgage consultation.

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited 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.

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