The Best Mortgage Rates from 4%
As Whole of Market (unlimited) mortgage brokers, we have access to the best rates and products that are delivered at speed throughout the UK.
We offer products from a range of mortgage providers, which are representative of those available in the UK mortgage market. This means that we take all the hard work out of sourcing the most appropriate mortgage product.
We have been operating as mortgage brokers in the UK for over 20 years and have a reputation that is second to none.
- The best products – delivered without delay
- Open 9 a.m.–8.30 p.m., 7 days per week, including most bank holidays
- Many years of relevant experience
- Whole of Market, multi-product offering
- “One-Stop Shop”
- Home visits are available
Mortgage eligibility
Contrary to popular belief, submitting your mortgage application isn’t the first step on the journey towards homeownership. Instead, it’s assessing your eligibility and determining how likely it is that you’ll qualify for a mortgage.
Using a mortgage calculator can be a great place to start, as can comparing mortgage deals to establish your budget and assess affordability.
It is important to factor a few essential eligibility considerations into the equation
The following 10 are the most important of all, each of which could stand in your way of qualifying for a mortgage:
1) Having multiple existing debts
All of your existing debts will be taken into consideration by the lenders you apply to. Debts are a normal part of everyday life, but you may be considered a high-risk applicant if you have multiple existing debts or debts with a high total combined value.
2) Imperfect credit
Most mainstream lenders continue to scrutinise applicants by way of their credit history. Even the slightest ‘slip-ups’ in your financial activities will be recorded on your credit report for the next six years. It is therefore important to check your credit score thoroughly before applying for a mortgage.
3) Having no credit history at all
The same also applies if you have no credit history. Major banks and lenders insist on seeing evidence of responsible financial behaviour from prospective borrowers before granting mortgages and other everyday loans. Some lenders and brokers will offer bad credit mortgages.
4) Electoral roll exclusion
Even today, banks and lenders continue to use electoral rolls to confirm the identities of those they do business with. Getting on the electoral roll is easy (check Gov. uk), but failing to do so could stand in your way of accessing a mortgage.
5) Purchasing ‘non-standard’ properties
Mortgage lenders also factor in the types of properties their applicants intend to buy. Most are willing to lend money for standard homes and commercial properties, but anything considered ‘non-standard’ can raise additional complications.
6) Self-employment
Self-employed individuals may find it more difficult than others to prove their income, depending on how many years of accounts are available or how many years of tax returns are available.
7) Applying for too much
The eligibility checks carried out by the lender will also factor in the amount you can comfortably afford to borrow. Policies and restrictions vary from one lender to the next, but attempting to borrow too much is guaranteed to result in your application being declined.
8) Major changes in your life
Most lenders also want to see evidence of stability in the lives of mortgage applicants. Hence, any major changes happening in your life, for example, divorce, starting a family, major relocation, starting a new job, etc., could potentially stand in the way of you qualifying for a mortgage.
9) Application errors
It is surprising how many mortgage applications are declined each day due to simple errors and omissions. Unfortunately, any application declined for even the simplest of mistakes could adversely affect your chances of qualifying next time around.
10) Applying to the wrong lender
Last but not least, the importance of targeting only the most appropriate lenders with your applications cannot be overstated. Particularly if you have an imperfect credit history or may struggle to provide proof of income, you will need to target specialist lenders rather than the usual high-street banks.
To discuss your eligibility for a competitive deal or for help with comparing mortgage deals, contact a member of the team at UK Property Finance at any time.
Mortgage broker fees
Searching for a competitive mortgage through a broker inevitably raises questions about additional fees, charges, and commissions. Every mortgage broker on the market imposes a charge for the services they provide, though fee structures and payment policies vary significantly from one broker to the next.
Fees from one broker to the next will vary; some brokers will offer their services 100% free of charge to borrowers. Instead, their payment will be collected from the lender once the loan agreement is finalised.
Some of the most common ways mortgage brokers impose fees and charges include:
- Fixed fees: The broker charges a set fee for finding the ideal lender and mortgage for the customer, which should be fixed and not subject to change later.
- Hourly rates: It is relatively rare for mortgage brokers to charge on an hourly basis, as doing so can cause concerns as to approximate overall fees.
- Commissions: This usually means that the broker doesn’t charge the applicant a penny but is instead paid by the lender when they successfully refer a borrower.
- Percentage: The broker’s fee is calculated by way of a percentage of the mortgage loan and is usually charged to the borrower.