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33% of All Mortgage Applications Are Ruled Out By Lenders

Application Statistics Provided by Experian

Experian statistics show that 33% of all mortgage applications are ruled out by lenders, due to mismatches in criteria.

To us, the statistics highlight the importance of customer care and their values when using a Mortgage Broker in Birmingham and the importance of getting it right the first time. We have experience dealing with customers going through a variety of circumstances.

What Did They Discover?

Experian also found out that only 3.5% of people searching for mortgages were eligible for deals on the market. However, just because you had seen these cheap deals online, it cannot guarantee that you will qualify for it. As our customer, we will offer you full customer service, trying to find you the perfect deal.

Experian had shown that 22% of applicants started using price comparison websites to find the right mortgage. We recommend that if you happen to fall inside that demographic, remember that price comparison websites exclude the matching of a lender’s criteria. On top of that, the application can take weeks to process, not to mention the lender can dismiss your case. Ideally, speak to one of our members of staff. We’ll search 1000’s mortgage deals and picking the right ones for you, saving you time and money.

What Does This Reveal?

The analysis also showed that 27% were eligible for a mortgage but only for a reduced amount to meet the lender’s affordability requirements. Again, we find this happens all the time. A lender says you can borrow one amount, but down the line, find a reason to reduce the mortgage available.

We Can Help You

Our customers are our priority, and as a trusted Mortgage Broker in Birmingham, whether your Self employed or looking to Remortgage, we’ll recommend the best deal tailored to you and ease the pressure throughout the entire purchase. Our brilliant mortgage advisors and outstanding back office team will do the bulk of the work for you.

Birminghammoneyman.com & Birminghammoneyman 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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