When applying for finance, if you don\u2019t appear on the electoral roll or don\u2019t have any credit, some lenders may consider that you don\u2019t exist, financially!\u00a0 This has been a hurdle in the finance world for some time, more so now with the evolution of technology.\u00a0 It seems that lenders only need to find the smallest of excuses to not agree a mortgage request.\u00a0 Historically, lenders were often more amenable if an applicant could not be located on a credit search. Today, if you have no regular credit commitments or do not appear on the electoral roll at your current address, be prepared for a possible knock-back or at least the request for further proof of residency, etc.<\/p>\n
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The market has been pretty quiet this week, with only a few lenders making headlines and reducing rates. I suspect the market is still coming to terms with an unexpectedly buoyant August and preparing their offerings for a good run to the end of the year.\u00a0 Rates generally are decreasing, and this makes it a good opportunity to review what\u2019s available to you.<\/p>\n
We are experiencing a large number of \u2018complex prime\u2019 enquiries lately. One example is for a property which is currently converted in to two properties, but where there is only one registered title.\u00a0 Another example was of a full conversion of a barn into a dwelling.\u00a0 One further – for tax purposes \u2013 where the customers were seeking to purchase a number of investment properties in a Limited Company name with their company structure designed purely to hold properties.\u00a0 These are live examples which certainly have a lender home. They just need a bit of extra thought and the location of lenders who don\u2019t fit the normal credit scoring mentality.<\/p>\n
Finally, getting a mortgage through lenders in the current climates can still be challenging. One day it\u2019s easy to get a case through, the next, it\u2019s a nightmare!\u00a0 So whatever you do, try to not give lenders any excuses to decline your application or refuse to lend to you. Try to pay bills on time, don\u2019t miss payments where possible and, especially, not mortgage payments!\u00a0 Any missed (or sometimes late) payments will be registered on your credit file and this is normally used as the basis of a decision whether to lend to you, or not!<\/p>\n","protected":false},"excerpt":{"rendered":"
When applying for finance, if you don\u2019t appear on the electoral roll or don\u2019t have any credit, some lenders may consider that you don\u2019t exist, financially!\u00a0 This has been a hurdle in the finance world for some time, more so now with the evolution of technology.\u00a0 It seems that lenders only need to find the […]<\/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 prepared in advance of applying for a mortgage - Impact Specialist Finance","description":"When applying for finance, if you don\u2019t appear on the electoral roll or don\u2019t have any credit, some lenders may consider that you don\u2019t exist, financially!\u00a0 Thi"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9154"}],"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=9154"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9154\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=9154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=9154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=9154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}