Aspects of Mortgage Lending Decisions
The vast majority of mortgage providers keep their lending criteria a closely-guarded commercial secret, which makes figuring out your chances of getting accepted for mortgage tricky, though a mortgage broker may be able to point you in the right direction based on your credit history.
Getting a Mortgage After Changing Jobs: Is It Possible?
When you apply for a mortgage there are probably nuggets of advice you’ve heard time and time again to make sure you increase your chances of getting accepted; like using a credit card to build up a credit history if you haven’t borrowed much in the past, or getting an agreement in principle to give you an idea of how much you’re likely to be able to borrow.
Can You get A Mortgage With A Default, CCJ or Arrears?
Even for homeowners that have been through the process before, applying for a mortgage can be a lengthy and often stressful process. For anyone with a history of adverse credit, it can be even more disconcerting - especially if you’re not sure how negative information on your Credit Report such as late payments, Defaults, or Court Information might affect a potential mortgage lenders’ decision.
Am I More Likely to Get a Professional Mortgage?
Before the Credit Crunch of 10 years ago, finding a mortgage valued up to 95% or even 100% LTV and at more than five times your salary level wasn’t difficult - in fact it’s since become clear that it was too easy and was a financial disaster waiting to happen. As such, mortgages have become harder to get accepted for then, with stricter regulations coming into place ensuring that mortgages are only granted to those who can truly afford them.
Guarantor loans can affect mortgage applications, lenders warn
Guarantor lenders are always keen to point out that you don’t need a credit check to take out one of their loans, just a friend or family member who has a good credit history that is able to act as a guarantor. For those with a poor credit rating, this type of loan provides a solution to a problem – they can afford the loan repayments but are unable to get credit due to prior adverse credit history.
Homeownership among 25 year olds halved in 20 years
Homeownership among 25 year olds has more than halved in the last 20 years, according to a survey conducted for the Local Government Association (LGA). The study carried out by Savilles the estate agents found that only 20% of 25 year olds now own a home of their own, compared to 46% in 1996.
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