The Bank of England has announced help for the mortgage market but it will only go some way to solving the problems caused by a shortage of funding. Millions of people are still likely to find it hard or even impossible to get a mortgage. Fortunately, with a little time and thought there is plenty you can do to improve your chances. Here is our ten point guide to increasing your likelihood of acceptance.
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Mortgages - How To Improve Your Chance Of Acceptance
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On Monday the Bank of England announced some welcome help for the mortgage market with the offer of a £50 billion line of credit to help get the market moving again. This should have the effect of freeing up the market but whilst it will help to make mortgages more available it will not return the market to its former position and there is still likely to be a shortage of mortgage funds particularly at the riskier end of the market.
So, if you have a large deposit, have a perfect credit history, can prove your income and don't need to borrow a massive multiple of your income then you're likely to find it relatively easy to get funding. However, if you are one of the millions of borrowers who need to borrow a large percentage of the property value or have a less than perfect credit history you're still going to find it difficult, if not impossible, to get a mortgage.
Fortunately there are some things you can do to give yourself the best chance of success and to increase your chance of being accepted by a lender where others in a similar position are being turned down.
One thing to remember is that most lenders are currently operating with a backlog of applications which they will be under pressure to clear. They will also be in the position where they can be 'picky' and selective in who they lend to. This means that you need to make it easy for them to say yes and difficult to decline you. This doesn't mean that you are guaranteed a mortgage no matter what your circumstances, but you can certainly improve your chances by presenting your application in the right way.
Click here for our ten point guide.
Continued....
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