Getting a Mortgage in Coventry

Coventrymoneyman has been in the mortgage business for over ten years now! In these years we have learnt exactly how to save your time and your money, which is just how you like it. As an Experienced Mortgage Broker in Coventry, we know how to handle nearly every mortgage situation. Even if we haven’t faced a similar situation before, we will always try and find ways around it as we love a good challenge.

We specialise in providing you with expert Mortgage Advice in Coventry. Whether you are a first time buyer in Coventry, looking for remortgage options or self employed mortgage advice in Coventry, we can help!

Actually getting a mortgage in Coventry can be very difficult and very stressful. This is due to the thousands of different lenders out there and their different lending criteria. A Mortgage Broker in Coventry, like us, will sort everything for you and search for the best deal based on your personal situation. On the other hand, a lender will just offer you one deal and you have to match their criteria first.

Going to a Lender for a Mortgage in Coventry

Some lender’s credit scores are easier to pass than others. You will find that different lenders like to target different parts of the market. You will also find that lenders with the strictest lending criteria will usually give the lowest rates. Don’t worry if you are not matching every lenders’ criteria as they are all different and this is common for all applicants. There are thousands of lenders out there and you will eventually find the right one for you, so don’t panic!

A lender who is offering a competitive deal will most likely have a tight margin. Before the lender offers the applicant a mortgage, they will always check whether they actually can afford it. They will check your income and expenditures, everything to be sure that you can afford the payments. This is why it can be difficult to qualify with lenders who have tight criteria.

Lenders with Low Rates

Lenders who supply the lowest rates will always try and maximise their earnings with their customer. They will try and sell you more of their products to make even more money off you. It could be bank accounts, unsecured loans, credit cards or insurance.

Remember, mortgages with the lowest rates of interest will most likely come with high set-up fees and that’s why people stay away from these deals. A Mortgage Broker in Coventry will always have your best interest at heart, however, a lender will only think about the profit that they can make. Based on your individual situation, we will try and find you the best deal for you that will save you time and money.

Not everyone can just remortgage elsewhere and this is down to multiple reasons:

  • The breakdown of a relationship
  • There is now less household income than there was at the start of the application
  • The applicant has had a default or CCJ since they took out got a mortgage accepted
  • The value of the home has decreased since it was bought.

Lending Criteria and the Economy

Matching the lenders’ criteria, depending on how the economy is performing, will affect how easy or difficult it is to get accepted a mortgage. When the economy is struggling, lenders will tighten their margins and loosen them when it is performing well. During the mid-2000s, before the credit crunch, it was ridiculously easy to get a mortgage. Lenders were granting mortgages to people who couldn’t even afford them.

After the credit crunch in 2007, lenders flipped their views and tightened their lending criteria. It was common to be asked for a 25% deposit, which was basically impossible to meet. Then interest rates began to rise, tempting customers to continue renting.

Mortgage Broker in Coventry

As an expert Mortgage Broker in Coventry, we have lots of valuable experience and we know what lenders are looking for in mortgage applicants. We are talking about credit scoring, which most of the high street lenders now do in order to save them time and money and also produce consistent decisions.

In that case, if you are finding it hard to match with lenders criteria then it may be time to speak to a Mortgage Broker in Coventry, like us. We can talk you through simple steps you can take to improve your chances of your mortgage application being successful.

These simple steps can be very simple and easy. Speaking to a Mortgage Advisor in Coventry could get you a couple of steps closer to securing a mortgage deal. We will help you all of the way through the mortgage process, all you need to do is get in touch. Speak to an experienced Mortgage Advisor in Coventry today.

Date Last Edited: December 6, 2023