Getting approved for a mortgage these days is tougher than it used to be, which is why those who don’t naturally meet the qualifying criteria can be left feeling like they’ve got no chance of buying their dream home. However, at REMOUK, we’re here to tell you that you shouldn’t assume that mortgage lenders will not consider your application just because your circumstances aren’t perfect.

With this in mind, we’ve put together this mini guide to situations where people might feel that their mortgage application would be seen as ‘tricky’. Listed below are a number of tricky application scenarios we might be able to help you with.

You’re on a Temporary Contract

Permanent P.A.Y.E. employment is the preferred state of affairs for most mortgage lenders, but that’s not to say that others aren’t considered. Whether you’re self-employed or on a temporary contract, your mortgage application has a good chance of being approved if you can prove that you’ve been in your current line of work for at least a year. If you are able to prove that you’ve had consistent employment without any prolonged ‘out of work’ periods, you stand a good chance of a positive outcome.

You Have a Lower Credit Score Than You Expected

Of course, having a good credit score is going to help your application, that’s for sure, but if yours is lower than you expected it to be, you shouldn’t automatically assume that you’re going to be refused a mortgage by the lender. Depending on which lender you use, they will often take other factors like your current income and your ability to make your monthly repayments into account.

You Have a Small Deposit

Speaking of deposits, having a small deposit is not necessarily the stumbling blockas you may think it would. There are lots of potential options for you to consider. Amongst these options are government directives like Help to Buy and Shared Ownership, as well as 95% guarantee and guarantor mortgages. So, having a small deposit doesn’t necessarily preclude you from homeownership.

How We Can Help You

We hope you feel a little more reassured now, as you can see that there are a number of tricky scenarios that exist that we might be able to help with. At REMOUK, we have the industry knowledge and contacts to put you in touch with lenders who will take every aspect of your financial status into account, regardless of individual factors like low credit scores, small deposits or work status. We can smooth over tricky mortgage applications like these and get you the mortgage you need.

At REMOUK, we offer fee free expert advice on mortgages and remortgages to our clients across the UK and everything we do is regulated by the Financial Conduct Authority (FCA). If you would like to know more about anything mentioned above or about how we make the entire remortgaging process simple, please visit us online at www.remouk.co.uk where you can find lots of useful information.

Alternatively, if you would like to talk to us about your mortgage or remortgage needs, call us on 0113 873 0113 and we will do everything they can to help.

Thanks for reading. We’ll be back soon with more tips and advice from the Mortgage and Remortgaging world.

 
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.