33% of All Mortgage Applications Are Ruled Out By Lenders
Recent research undertaken by Experian has shown that 33% of all mortgage applications are ruled out by lenders, due to mismatches in criteria.
To us, it highlights the importance of customer care and their values when using a Mortgage Broker in Harrogate and the importance of getting it right the first time. We have experience dealing with customers going through a variety of circumstances. Don’t worry though, we’re here for you and will be with you every step of the way.
Experian also found out that only 3.5% of people searching for mortgages were eligible for deals on the market. However, just because you had seen these cheap deals online, it cannot guarantee that you will qualify for it. As our customer we will offer you full customer service, trying to find you the perfect deal.
Experian had shown that 22% of applicants started using price comparison websites to find the right mortgage. We recommend that if you happen to fall inside that demographic, remember that price comparison websites exclude the matching of a lender’s criteria. On top of that, the application can take weeks to process, not to mention the lender can dismiss your case. Ideally, speak to one of our Mortgage Advisors in Harrogate, and we’ll help you out.
The analysis had also shown that 27% were eligible for a mortgage, but only for a reduced amount to meet the lender’s affordability requirements. Lenders say you can borrow just the one amount, but down the line find a reason to reduce the amount offered initially. That’s where we come in to help you out.
It’s incredible the variance in the amount one lender will lend you compared to another. The last point to make is it may sometimes cost slightly more when you have to factor in a Broker fee, but most customers who utilise our Mortgage Broker in Harrogate service feel it’s well worth it to ensure a quick and easy process.