33% of Mortgage Applications Are Ruled Out By Lenders
Due to mismatches in criteria, 33% of all mortgage applications may not go through, as recent research by Experian shows. This highlights the importance of using a Mortgage Broker at the very start in order to help members of the public to get it right the first time.
Experian also points out that only 3.5% of people looking for a reliable mortgage were eligible for every deal on the market. This means that just because you have seen a cheap deal online it’s far from certain that you will be accepted.
According to Experian, 22% of applicants start the process of finding a mortgage on price comparison websites. There is nothing wrong with using these sites but remember they won’t always match you with all the subtle differences that come with the Lender’s criteria.
Dependant on the lender, it can sometimes be weeks into the application and the case still has a chance of not being accepted – this can cost you the house if it takes too long. This highlights the importance of how a Mortgage Broker in Leicester can help get you to where you need to be faster.
The research also showed that 27% were eligible for a mortgage but only for a reduced amount to meet the lender’s affordability requirements. Again, this seems to occur quite frequently within the market.
A lender will state how a person may borrow certain amounts, but sometime later they can find a reason to rearrange the available finances involved with the mortgage. It’s apparent that there are vast differences in the amount one lender will lend you in contrast to many others in the same market.
A lot of stress can be saved if a Mortgage Broker is considered as the first option. It may sometimes cost slightly with the Broker fee that is included but this is easily balanced out with the security of a smooth process towards gaining a secure mortgage.
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