If you’ve ever applied for a mortgage you will know that in more recent times lenders have been stringent on their ‘affordability’ rules making it more difficult for some to obtain a mortgage, but the good news is that things may be beginning to ease up a little.
In recent months we have seen a change in qualifying criteria from many lenders, including some of the big high street names, making it easier for borrowers to qualify for mortgages and larger loan amounts.
Oliver Bishton, mortgage specialist at Homeline Mortgages said, “The mortgage market is very competitive, and lenders are committed to offering money to home buyers. In order to make their loans attractive and accessible to mainstream borrowers, they are taking a more pragmatic approach with their lending criteria.”
Changes have included fewer items considered to be ‘essential living costs’ which in turn means that the amount of disposable income they deem you have available to pay off your loan increases a little.
Oliver went on to say, “I doubt we will ever see the situation get to where it has been in the past, where money was being thrown at people. Since the crash, the finance market is more highly regulated, which is a good thing. So, although you will still need to meet lending criteria, there are some excellent mortgage deals to be had, especially while interest rates remain low.”
Homeline Mortgages offer independent, comprehensive advice which means that they have access to all mortgage lenders from big name banks and building societies to lesser known or specialist mortgage lenders.
“Many of our clients are re-mortgaging, maybe as their current deal is coming to an end, they want to borrow more, or they are moving home. Likewise, there has been an increase in the last 6 months or so of first time buyers who are feeling a bit more confident about stepping onto the property ladder. Whatever your personal circumstances are, if you need mortgage advice, our team will provide all-round expert guidance.”
The advisers at Homeline can also assist if you are a ‘non-standard’ borrower, which could include being self-employed, a more senior borrower or a premium borrower on a high value or exclusive property.
“The mortgage market is complex, but there are lenders in the market who we can approach depending upon each individual application. That is one huge benefit of using an independent broker. You can do your own online web searches via comparison websites, but you won’t always see every lender that is available to you. Not only that, but as we assist with all the administrative process we increase your chances of mortgage approval.”
To book an appointment with a Homeline Mortgage adviser call 01202 937444 or visit www.homelinemortgages.co.uk
A fee may be charged should you proceed with a Mortgage or Protection application. Please ask your adviser for further details. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments.