We have been in the mortgage business for over ten years now! During these ten years, we have learnt how to help you get through almost every mortgage situation. Whatever your personal situation is, it’s more than likely that we have got by something similar before. Mentioning a few, we offer First Time Buyer, Remortgage and even Self Employed Mortgage Advice in Hull.
Getting a mortgage can get very complicated, very quickly. This is because there are thousands of different lenders, all with their own unique lending criteria. So, if you go to a lender over a Mortgage Broker in Hull like us, it could get very tricky and confusing.
Some lender’s credit scores are easier to pass than others. Different lenders like to target different parts of the market. You will find that lenders with the lowest rates have the tightest lending criteria. Also, it is more than common that customers do not match the criteria of every lender.
Lenders who offer competitive deals will always have tight margins. Firstly, they need to make sure that the customer will be able to afford recurring payments because at the end of day lenders want to make a profit. This is why it can sometimes be difficult to qualify with certain lenders.
High street lenders with the cheapest deals will try and find other ways to maximise their earnings from their borrowers. Once your mortgage has been accepted, they will always try and sell you more of their products to try and get even more commission. These products include Bank Accounts, unsecured loans, credit cards and Insurance.
There is a catch though, mortgages with lowest rates of interest tend to come with high set up fees and that’s why people sometimes ignore these products. A lender will only think about their profit whereas as a Mortgage Broker in Hull will always have your best interests at heart. We know how to save your time and your money, but we do this for you, recommending you the best deal available to you based on your personal situation.
You will find that not everyone can just remortgage elsewhere and this is down to different reasons:
Matching the lenders’ criteria, depending on how the economy is performing, 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 just before the credit crunch where lenders where stupidly granting mortgages to people who couldn’t even afford one.
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. Interest rates began to rise, tempting customers to continue renting.
Being an expert Mortgage Broker in Hull has allowed us to gain valuable experience and deep insights into what lenders are looking for in mortgage applicants. We are referring to credit scoring, which most high street lenders now do in order to save them time and money and also produce consistent decisioning.
So, if you are finding it hard to match with lenders criteria it may be time to approach a Mortgage Broker in Hull. As a Mortgage Broker in Hull, we can share simple steps with you on how to improve your chances of your mortgage application being successful.
These steps are very easy and just by giving us a call, you could end up a step closer to securing a mortgage deal. We will take a look for you, all you need to do is get in touch, speak to an experienced Mortgage Advisor in Hull today.