Know what fits and what doesn’t
Each lender has their own lending criteria. Qualifying for a mortgage with one lender does not necessarily mean that you will qualify for a mortgage with another.
Understanding lending criteria will minimise the risk of damaging your credit status. Do not apply to more than one lender or make applications without being certain of success. We are familiar with each lender’s lending criteria, once we understand your personal circumstances we focus on those lenders that can help you and then determine which has the best mortgage deal for you.
Top of the list for lending criteria is;
Deposit: if you don’t have a deposit then you won’t get a mortgage. The days of 100% mortgage deals are over.
Credit Status: if you have adverse credit then you will need a larger deposit. If you have particularly bad adverse credit then you may not get a mortgage regardless of the deposit you have.
Income: lenders must be satisfied that you can afford a mortgage both now and in the future should interest rates rise. Each lender has their own method of determining affordability and it is no longer as simple as a multiple of earnings less credit commitments
Property Type: some properties will not be considered suitable security for a mortgage. Common issues arise with 1 bedroom flats, properties located above a 4th floor, properties above shops, ex council properties, new builds with builder deposit, unusual properties.