Why can’t it be easier to get a mortgage in Leeds?

Specialist Mortgage Advice in Leeds

For many first time buyers in Leeds, and sometimes for home movers, getting a mortgage can be a struggle. Whether it’s to do with credit score, deposit size or affordability, you may encounter a problem or so along your mortgage application journey.

As a mortgage broker in Leeds, we’ve seen many different reasons why someone has been declined for a mortgage. In this article, we are going to take a look at the most common situations that we come across:

Failing to match criteria

When it comes to matching lender’s credit scores, some will be easy to match than others. Each lender will be targeting their own type of customer, therefore it’s very unlikely that you’ll pass every lender’s criteria, no matter how good your credit score is.

You’ll find that lenders with the lowest rates will have the tightest lending criteria. To pass their criteria, it’s likely that you’ll also need a high credit score and a clean credit history, etc.

Lenders will only take on reliable customers. They will not take on someone who carries a risk of falling into areas over the course of their mortgage term. If you have a bad credit history or currently have bad credit, you may need to approach a specialist mortgage lender.

As a specialist mortgage broker in Leeds, we can access specialist lenders and can check whether you’ll match their criteria. It’s our job to offer help to customers who are struggling with their mortgage journey.

Deposit amount

There is always uncertainty as to how much deposit you actually need for a mortgage. Is it 5%, 10%, 15%?

It is all down to your credit score to how much deposit you will be required to put down. Typically, the lower your credit score, the higher your deposit will have to be. Obviously, your deposit total also depends on the property that you’re buying, as property price goes up, so will your deposit.

If you don’t have a deposit in place for a mortgage, it’s very unlikely that you’ll be able to get one. However, you may not need a deposit if you’re taking out a right to buy mortgage in Leeds.

Utilising government-led schemes could possibly help you get a mortgage with a small deposit. There are lots of schemes out there to help struggling customers get onto the property. You could take a look at the Help to Buy Equity Loan, Shared Ownership and the Mortgage Guarantee scheme. There are lots of different options available.

Find out more here: ownyourhome.gov.uk

Computer says no

Sometimes you may not find out the reason why you can’t didn’t qualify for a mortgage. The lender just declined your application.

In this situation, it could be anything from that you’ve applied for the wrong product to that you simply didn’t match the lender’s criteria. As a mortgage broker in Leeds, we like to call this the “computer says no”.

Leedsmoneyman will never put you forward for a mortgage product that we know you will not get accepted for.

Our job, as a mortgage broker in Leeds, is to try and find you a suitable mortgage deal that matches both your personal and financial situation. We will thoroughly measure your affordability and perform a credit check on you; this way, we can start searching for a product that’s perfect for you.

Fast & Friendly Mortgage Advice in Leeds

Our team will make getting a mortgage seem easy once you pass the affordability stage. Having a mortgage advisor in Leeds by your side could prove extremely beneficial and will allow you to progress through the mortgage application stress-free.

Now, instead of asking “why can’t it be easier to get a mortgage?”, use a mortgage broker in Leeds!

Our team are available 7 days a week. Book your mortgage appointment online today.