Differences In Mortgage Lending Criteria

Mortgage lending criteria vary from mortgage product to mortgage product. The criteria are imposed by lender to ensure that the money that they lend goes to people that are likely to pay it back, or failing this, that they have mitigated their potential losses by building in safety clauses. People with different personal and financial circumstances therefore fit some criteria and not others, and there is a need to apply for the right mortgage or remortgage.

 

Some important questions that will affect the lending criteria you will have to meet are:

 

Are you employed or self employed?

Have you any history of bad credit?

Have you got a deposit?

Can you prove all of your income?

Is it a single or joint application?

Is the property going to be your residential property?

Are you a key worker?

Is it a right to buy mortgage?

 

To get the right deal and get through the criteria it is often best to seek advice from a mortgage broker to talk through the options with you. If you are in any doubt about your situation it is certainly advisable to seek professioanl advice.

 

 

 

May, 8th 2007 TRY OUR MORTGAGE LENDER SEARCH TOOL

Choosing the right mortgage or remortgage

With so many mortgage products on the market... Fixed rate, trackers, capped, interest only, flexible rate, variable rates, offset... it can be difficult to decide which is the best to meet your goals. The criteria that each lender are looking for in a borrower are different as well. Meaning it can be difficult to make a complete application swiftly and efficiently.

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