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Struggling To Get A Mortgage In Birmingham?

Are you trapped inside a Mortgage maze?

Many applicants felt like obtaining a mortgage directly with there Lender, and their strict criteria made them feeling like they are stuck in the middle of a ‘mortgage maze.’

Thankfully getting in touch and speaking with an experienced and knowledgeable team like us, we have learned how to help new/ existing customers get through almost every mortgage-related situation they have faced.

We offer First Time Buyer, Remortgage, and Self Employed Mortgage Advice in Birmingham. Getting a mortgage can get very complicated, very quickly. The reason being there are thousands of different lenders, all with their unique lending criteria.

So, if you go to a lender over a Mortgage Broker in Birmingham like us, it could get very tricky and confusing.

Going to a lender for a mortgage in Birmingham

Some lender’s credit scores vary in difficulty to pass than others. You will find that lenders that have the lowest rates have the strictest lending criteria.

But it’s quite common that customers do not match the requirements of every lender; everyone has there own circumstances and situation. 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 lenders want to make a profit. In any case, this is why it can sometimes be difficult to qualify with specific lenders.

Lenders with lowest rates

High street lenders with the cheapest deals will try and find other ways to maximise their earnings from their borrowers. Once your mortgage gets 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 the 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 Birmingham 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 situation.

You will find that not everyone can remortgage elsewhere and this is down to different reasons:

  • A relationship breakdown.
  • 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
  • The value of the home has dropped since purchase
  • Lending criteria and the economy

Post credit crunch

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. In any case, 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 impossible. Interest rates began to rise, tempting customers to continue renting.

Mortgage Broker in Birmingham | Birminghammoneyman

Being an expert Mortgage Broker in Birmingham 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 to save them time and money and also produce consistent decisions.

So, if you are finding it hard to match with lenders criteria. It may be time to approach a Mortgage Broker in Birmingham.

As a Mortgage Broker in Birmingham. We can share simple steps with you on how to improve your chances of your mortgage application being successful.

These steps are straightforward, 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 Birmingham today.

Mortgage Advice in Birmingham

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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