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Why isn’t it Easier to Get a Mortgage in Essex?

Mortgage Advice in Essex

During our 11 years of working in the Mortgage Broker industry, we have come across almost every single mortgage scenario possible. When we say this, we mean everything possible!

When we are faced with a complex mortgage situation in Essex, we always try our best to get by it, aiming to secure our client an amazing mortgage deal. This is why it may be within your best interests to approach a Mortgage Broker in Essex like us, as we know exactly what we are doing in almost every mortgage scenario. Mortgages can become very complicated very quickly, especially if you know nothing about them. Whether you’re a First Time Buyer, Home Mover or a Buy to Let landlord, we think that you would find our mortgage advice service extremely beneficial.

Passing lenders credit score

One of the struggles that comes with getting a mortgage is passing a lenders credit score. Basically, every lender has their unique lending criteria that you need to match in order to get accepted by them for a mortgage. Every lender is likely to have a very different criteria from one another.

As a Mortgage Broker in Essex, we often find that people don’t realise that lenders have these strict criteria and apply to a lot of them. This can have a reverse effect, the more you apply for, the more likely it is that you are going to get declined, which actually could leave a negative effect on your credit rating. That’s why we always recommend to not rush anything and always know what you are applying before you go ahead. Again speaking to a Mortgage Broker in Essex could prove extremely useful when applying for a mortgage. In fact, we have over 38 different lenders on panel that we can access for you, there is most likely a deal waiting for you amongst them!

Improving your credit score

To pass a lender’s strict lending criteria you often require a high credit score. Unfortunately, some applicants have low credit scores and can’t match what the lenders want. Having a low credit score could be down to numerous things and sometimes the only way to continue up the property ladder is to try and improve your credit score. In some cases, it’s fairly easy to improve, however, in other cases it can be quite tricky and you may require a Specialist Mortgage Advisor to help you out.

Your credit score is very important, so if you are worried about your score you should consider checking your credit file. Take a look at Check My File for more details and a free 30-day trial. This could make your mortgage journey just a little easier for you, we hope that it can help!

When you apply for a mortgage, your lender will either perform a soft or hard credit search. Soft credit searches will lightly touch upon your file and give them a basic overview of it. On the other hand, if they perform a hard credit search, they will get a more in-depth view of your file which can leave a bigger imprint on it.

How to Improve your Credit Score | moneymanTV

Remortgaging

A First Time Buyer mortgage isn’t the only mortgage scenario out there, there are lots of different situations that we come across as a Mortgage Broker in Essex. It can be hard to obtain a mortgage deal in all circumstances, however, one scenario that stands out is remortgaging.

Remortgaging is essentially renewing your mortgage contract, this can be on the same deal or a completely different one if you are open to switching products. Remortgaging can be quite stressful, searching through lots of different deals can catch up on you. We do encourage to do this though, searching through external deal through different lenders could allow you to land an even better rate. We always recommend shopping around before rushing into renewing your deal.

If you are struggling to find a better remortgage deal or just don’t want to shop around, you can always try a Mortgage Broker in Essex like Essexmoneyman. We will sort out everything for you and search through 1000s of remortgage offers in order to try and find you a competitive deal that will be worth your time. 9/10 times we get it right and we find our customer a great mortgage deal that they thought they could never get.

It’s not always the applicant’s fault…

In some cases, it’s not always the applicant’s fault that they are struggling to find a mortgage. One big factor is the economy and how it is performing during the time of your mortgage application. For example, during the coronavirus pandemic, we saw 95% and 90% deals removed from the market.

A suffering economy and getting a mortgage do not go hand in hand. In terms of saving money and making the most of your mortgage journey, it may be best to wait it out.

If you take a look at the mid-2000s (just before the credit crunch), it was stupidly easy to get a mortgage, just about anyone could get accepted. Now times have changed and the credit crunch has made lenders realise that they should be much more careful when accepting applicants for a mortgage.

Struggling yourself?

If you are struggling to get a mortgage and you want some help from an expert Mortgage Advisor in Essex, we are always here to offer a friendly helping hand. We know that it can be a hard and often stressful process and that’s exactly why we want to help you.

Whether you’re a First Time Buyer, Home Mover, Self Employed, looking at Remortgaging or a Buy to Let Landlord, we are here to help. Our amazing team of Mortgage Advisors in Essex are available from 8am-10pm, 7 days a week and will be ready to answer all of your mortgage questions. Contact us today for a free mortgage consultation.

Essexmoneyman.com & Essexemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.


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