Mortgage Advice in Lincoln

Experian reports 33% of all Mortgage applications are declined

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According to recent research by Experian, 33% of all mortgage applications don’t go ahead, due to them being outside of criteria. Because of this, having a friendly and experienced Mortgage Broker by your side can be incredibly beneficial.

We have found that a lot of our customers ring us feeling down and stressed become of their application not going through. It’s moments like these where they wish they’d called a Mortgage Advisor first.

Experian also found that only 3.5% of people looking for a mortgage were eligible for every deal available on the market. This means that whilst you may have seen a cheap deal online, you may not actually be able to utilise it.

22% of applicants start by using price comparison websites to find a mortgage, according to Experian. Starting with those websites is fine, however, just remember that they don’t factor in the Lenders criteria as we do.

It may take you weeks to find out that a lender has declined you, which is less than ideal, as applying for the wrong mortgage can cost you the property you wanted.

The analysis also showed that 27% were eligible for a mortgage but only for a reduced amount to meet the lender’s affordability requirements. This is another thing that happens often. You arrange an amount with the Lender, only for them to reduce it at a later date.

Using a Mortgage Broker will save you from being stressed in the long run. Sometimes it can cost a little more when you factor in a Broker fee, but most of our customer find it’s worth the cost to ensure everything goes smoothly and correctly.

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Mortgage Broker Lincoln Open & Honest Mortgage Advice in Lincoln & Lincolnmoneyman are trading styles of UK Moneyman Limited, which 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.

Lincolnmoneyman, Commerce House, Outer Circle Road, Lincoln, LN2 4HY.
01522 581399

The Financial Conduct Authority does not regulate most buy to let mortgages.

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