People often ask us is it still hard to get a mortgage or have things settled down now?
In part the answer is yes it is still hard to get a mortgage and the reason for this I will come onto shortly, however things have settled down, for now.
The reason why it is hard to get a mortgage is mainly because it was too easy in the past. Lenders have been forced to completely change the way in which they lend money. No longer can you get 100%, you cannot self-certify your income. Anyone without a decent salary with payslips or accounts forget it.
We have very much gone back to the old fashioned way of getting mortgages the two Ps stand true good prospects and a good property, without these two key elements you don’t really have a chance.
So if you’re thinking of applying for a mortgage make sure you have a good mortgage adviser as too many people waste time trying to achieve the impossible.
A good mortgage adviser will be realistic about your prospects. It may not be what you want to hear but the fact is they will save you a lot of time but above all they will save you a lot of money in wasted valuation fees and mortgage arrangement fees.
For more information on your circumstances and a free informal chat with a mortgage adviser feel free to contact Mortgage Route on 0845 539 02 02