What questions will you be asked when applying for a mortgage?
What questions will you be expected to answer when you apply for a mortgage? Consult with UK mortgage broker, Deal Direct and get ahead of the game.
Before the financial crisis ten years ago, it was a lot easier to obtain a mortgage than it is today. Fewer questions were asked and less evidence was required to prove income and affordability.
However, the Mortgage Market Review meant new, much more strict rules came into force in 2014 and much more emphasis is now placed on the reduction of risk and exposure, as much for the lender as for the borrower.
Although the rules and regulations apply to all lenders, they each have their own criteria that applicants will need to satisfy before a loan application is approved. The differences in criteria make it challenging, as well as lengthy, to match lenders and applicants without expert guidance – and this is where Deal Direct can help.
To reduce the amount of time involved and reduce the possibility of delays, preparation is key.
You won’t just be asked about your employment status but also whether you may leave, have thought of starting your own business or plan to become a contractor. You could be asked to predict whether your income will fall by discussing your plans to get married, start or expand your family or separate, for example.
You’ll also be asked about your net worth, your spending habits and whether you gamble. You may also be asked whether you have any risky hobbies like diving or motor-racing.
Whatever your circumstances, consulting with expert mortgage broker Deal Direct will help to smooth the entire process.