Can I get a mortgage? 

Market regulation has led to stricter affordability checks and financial stress tests for mortgage applicants. 

When applying for a mortgage at for example 3%, it’s no longer the case that as long as your loan to income ratio matches the amount you want to borrow you’ll be okay. Today even if your deal is at 3%, you will need to prove that you can afford repayments at up to 7%.

This rule change is to do away with risky lending, by ensuring that if rates rise you can still afford to make your repayments. This means that some applicants who would have received a mortgage offer pre Mortgage Market Review, may now find themselves rejected.

If you are looking to buy a new home or climb on the property ladder don’t be tempted to go it alone.

An independent broker with access to all lenders ranges is well placed to find you a mortgage. As they are up to date on all lenders criteria, they will know the ones who would be willing to advance you a mortgage and the ones that won’t.

As getting a mortgage these days is tougher than ever before you are strongly advised to:

• get your finances in order – lenders want to see exactly where you’re spending your money
• be prepared for the lengthy application process
• be prepared for an in-depth affordability interview

To avoid missing out on getting accepted for a mortgage, call an adviser at Deal Direct today. We have specialists experienced in helping applicants get approved.

We will do everything within our power to help you purchase a new home and so call today.

For impartial advice and a quote call 0800 048 8828.