Have you got a low credit score and been turned down?
Here at the mortgage market we have specialist mortgage consultants helping customers with poor credit scores, over the last few weeks they have seen the mortgage lenders increasing their credit score pass rates resulting in more applications being declined for people with a low credit score. A low credit score does not necessarily mean you have had bad credit or missed any payments, your credit score is made up from a number of different factors and therefore customers can see their mortgage application declined and have no idea why as they don’t have any bad credit. At the mortgage market our expert mortgage consultants will take the time to study your credit report and will research the whole of the market accordingly, making a recommendation to place you with a lender that is going to give you the best chance … Continue reading
Borrowers who don’t switch could see rate ‘double overnight’
Borrowers who secured a two-year mortgage deal at a low fixed rate in 2017 could face paying more than double in interest when their deal expires if they do not remortgage. According to number crunching by Moneyfacts.co.uk, rates on two-year fixed-rate mortgages fell to a record low of 2.2% back in October 2017. Meanwhile standard variable rates (SVRs) – the rates charged by lenders to customers whose deals have expired – are predicted to rise to 4.89%. This means borrowers, who signed up to the two-year deals in October 2017 and who – instead of switching to a new mortgage – automatically revert to their lenders’ SVR will be paying more than double in October when their deal expires. In November 2017, the Bank of England increased the base rate from its ten-year low of 0.25% to 0.5% and this … Continue reading
Remortgaging could save you up to £200 a month
According to the Yorkshire Building Society, £5.6 billion worth of mortgages are due to mature in the UK this month, making it the second largest ‘maturity peak’ of the year. With the increased house prices and low mortgage rates borrowers could take advantage of some very big monthly savings Take, for example, a homeowner who borrowed 90% of a £200,000 property when they first purchased the home in April 2017 and who was on an interest rate of 2.04%. They could now look to remortgage and obtain an 85% loan to value mortgage deal reducing the interest rate they are paying and therefore saving them money on their monthly repayments. Give us a call today and we can give you a free no-obligation consultation and see if you could be better off by remortgaging.
Mortgage lenders should consider rent payment record says
Mortgage lenders should look more favourably on people who pay their rent on time, a Treasury minister has said. Stephen Barclay was responding to a petition calling for rent payments to be taken as proof people can meet mortgage payments. He said other factors should still be taken into account, but rent should be given more weight by credit agencies. Petition organiser Jamie Pogson said he had paid £70,000 in rent on time but was still struggling to get a mortgage. He said: “Since living on my own I have paid £70,000+ in rent on time yet still struggle to get a mortgage. Unless you’re getting handouts, wealthy or in receipt of inheritance it’s almost impossible.” Mr Barclay, Economic Secretary to the Treasury, told MPs current regulations did not stop them from taking account of rental payments. “The government agrees … Continue reading