The mortgage market has become increasingly automated in recent years, and alongside recent changes to regulation this has resulted in a “computer says no” position, leading to disappointment for many otherwise low risk borrowers.
Lenders interpretations of regulations can differ hugely but it is still possible to obtain a positive answer for most borrowers when buying a new home or looking to re-mortgage.
As a result of the difficulties in obtaining finance, over 75% of mortgages and re-mortgages are now arranged via a mortgage specialist such as Innovate rather than approaching a bank or building society directly.
We will provide a helping hand to customers who are in this position and come up with a solution which fits more individual circumstances, whilst acknowledging that changing lifestyles can mean that for one reason or a combination of many, the straightforward mortgage application is a thing of the past.
Examples of customers who may have experienced disappointment having been turned away by automated application
- First time buyers
- Self-employed with less than 3 years accounts
- Limited company Directors/Shareholders
- High value property
- Low deposit/high loan to mortgage value
- Late payments or historic problems with credit
- Second property purchases
- Unusual properties
- Interest only mortgages
- Borrowing into later life
- Self-build properties
We normally charge a fee for mortgage advice, however this will depend on your circumstances.
If a fee is charged our typical fee is £345 or £495 for right to buy or adverse credit applications.