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Why isn’t it easier to get a Mortgage in Hull?

Getting a Mortgage in Hull

As a mortgage broker in Hull with a lot of experience in the industry, we have learnt how to help you get through almost every mortgage situation. You could be a First Time Buyer, looking to Remortgage or even Self Employed in Hull. No matter where you are in life and what you’re looking to do, our team may be able to help.

The process of obtaining a mortgage can quickly change, going from simple to very complicated in no time at all. This is down to the variety of lenders available and the unique lending criteria from each you would be matched against. Going with a Mortgage Broker in Hull like us could be just what you need to stop the process from getting too difficult to deal with.

Going to a lender for a Mortgage in Hull

You may find the credit scores of some lenders easier to pass than others. Different lenders have their own niche products and will target specific parts of the market. You will find that lenders with the lowest rates also tend to have the strictest criteria and it is pretty standard for a customer to not match against all criteria.

Lenders who offer competitive deals will always be the hardest to fit into. Firstly, they need to make sure that the customer will be able to afford their monthly payments over the term. Realistically, lenders want a profit. If you can’t pay, they’re out of pocket which is not what they want. Unfortunately, this can make it difficult to obtain a mortgage from certain lenders.

Lenders with lowest rates

High street lenders with the cheapest deals will try and find other ways make the most out of their profits when it comes to borrowers. Once your mortgage has been accepted, they generally try to sell more products, as they will be working on a commission basis. These products usually include things like Bank Accounts, unsecured loans, credit cards and Insurance.

Nothing is ever simple though and there is a catch with these, as mortgages with lowest rates of interest tend to come with higher set up fees. That’s why a lot of people tend to ignore their products. Lenders are only in this game for themselves, whereas a local mortgage broker in Hull will only ever want to do right by you. We are able to save both your time and money, finding the most appropriate deal for you, by matching you against multiple lenders’ criteria, rather than just one standalone lender.

You will find that not everyone can just remortgage elsewhere and this is down to a variety of reasons:

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

Lending criteria and the economy

The economy can have a direct effect on how difficult it may be to match lender criteria and obtain a mortgage, depending on how it is performing. If the economy is not doing well, mortgage lenders will make their criteria stricter and allow less people to match. If the economy is doing well, things may be relaxed and allow more people to match. It’s all dependant on time frame, as it can sometimes be quite difficult to obtain a mortgage. In the mid-2000’s this was different, just before the credit crunch. Lenders gave mortgages to everyone, and we all know how that turned out…

Once the credit crunch was over, lenders rightfully took a completely different view and tightened their criteria. You needed a 25% deposit which meant that getting on the property ladder was near impossible for most people. Interest-rates began to rise, tempting customers to continue renting instead of buying.

Mortgage Broker in Hull | Hullmoneyman

Being an experienced and dedicated mortgage broker in Hull has allowed us to gain valuable knowledge regarding lender criteria and credit scoring, something that gives us an advantage when trying to give customers the best possible chance of obtaining a mortgage.

If you’re finding it hard to match with lenders criteria it may be time to approach a mortgage broker in Hull. With trusted mortgage advisors on hand, our team 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. Get in Touch and we’ll get the ball rolling, moving you one step closer to achieving your goals.

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.

© 2021 Hullmoneyman

Hullmoneyman, 410 Wincolmlee, Hull, HU2 0QL.

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