{"id":8401,"date":"2019-05-30T11:12:25","date_gmt":"2019-05-30T10:12:25","guid":{"rendered":"https:\/\/www.impactsf.co.uk\/?p=8401"},"modified":"2019-06-04T13:47:50","modified_gmt":"2019-06-04T12:47:50","slug":"aware-technology-around-mortgage-application","status":"publish","type":"post","link":"https:\/\/www.impactsf.co.uk\/index.php\/2019\/05\/30\/aware-technology-around-mortgage-application\/","title":{"rendered":"Be aware of the technology around your mortgage application"},"content":{"rendered":"\t\t
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There\u2019s been a lot of talk recently about new technology, especially regarding the new\u00a0\u2018open banking\u2019 opportunities and how your private transactions will come under scrutiny by lenders decision making computers, after you\u2019ve given permission of course!<\/p>

The idea is that the lender\"Credit can review your incomes, outgoings and all other financial items just from delving in to your account, via open banking.\u00a0\u00a0\u2018Big Brother\u2019 indeed.\u00a0\u00a0The aim is to speed up the financial transaction and allow institutions to access your data at the touch of a button, as well as providing more competition and innovation to financial services.<\/p>

The downside is that whatever is in your bank statements, lenders must take it into account when deciding whether to lend to you, or not.\u00a0\u00a0There\u2019s no hiding and now no apparent limit on time to be reviewed.\u00a0\u00a0Currently lenders tend to look at just the last 3 months bank statements, but with open banking data at their fingertips, this could be unlimited moving forward.<\/p>

Not all lenders have signed up to this as yet, but it\u2019s only a matter of time.\u00a0\u00a0Therefore, be mortgage ready.\u00a0\u00a0If you accounts are all over the place, tidy them up!<\/p>

With this in mind and so many recent rate and criteria changes, lenders will look closely at an individual\u2019s recent payment profile, how many recent credit searches have been incurred by financial institutions and more.\u00a0\u00a0Don\u2019t give them any excuses not to lend to you!\u00a0\u00a0The more credit searches you have on your profile, over a recent amount of time, the more likely your credit score will be lower as a result.\u00a0\u00a0Try and ensure there\u2019s no missed or late payments as these will also decrease your credit score.\u00a0\u00a0In short, your credit search\/score are the basis on which most lenders will initially decide whether to lend to you or not.\u00a0\u00a0The best rates will almost definitely go to those with the best credit scores.<\/p>

Finally, many customers forget to disclose an old student loan, or a 0% interest car HP agreement, or even the monthly payment out to a pension.\u00a0\u00a0 The lender sees all debts and any monthly payments must be taken into account when it comes to affordability.<\/p>

So, plan ahead.\u00a0 Work out your budgets, what your monthly payments are and everything that you need to disclose, before you go and see your local and independent mortgage adviser.\u00a0 It\u2019s time well spent and will stop any unnecessary delays, or possible declines, later on.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

There\u2019s been a lot of talk recently about new technology, especially regarding the new\u00a0\u2018open banking\u2019 opportunities and how your private transactions will come under scrutiny by lenders decision making computers, after you\u2019ve given permission of course! The idea is that the lender can review your incomes, outgoings and all other financial items just from delving […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"Be aware of the technology around your mortgage application - Impact Specialist Finance","description":"There\u2019s been a lot of talk recently about new technology, especially regarding the new\u00a0\u2018open banking\u2019 opportunities and how your private transactions will come"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/8401"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=8401"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/8401\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=8401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=8401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=8401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}