Having the best help and support from an expert team can help your mortgage journey run smoothly. Obviously, in some cases, it’s not all plain sailing. Here at Beverleymoneyman, we have helped many customers overcome a range of hurdles to get towards their homeowning goals. Below are just a few of the most common mortgage hurdles we have encountered as an expert Mortgage Broker in Beverley.
It’s very likely that you would be declined for a mortgage because of childcare costs. One thing to keep in mind though is that your borrowing capacity may be reduced because of these costs usually being such a large sum of money.
You will find that most lenders will view childcare costs as a loan or credit commitment. Therefore, regardless of if you have these costs or not, having children, in general, would still be seen as a larger outgoing each month.
If you are in this circumstance, you may be likely to borrow less than a mortgage applicant with the same income but with no children. Depending on the mortgage lender, you may find that some take child care costs into account so could mean your amount is increased but this isn’t always the case.
Usually, you buy a home with your partner with no intention of going through a divorce or separation. Unfortunately, this can happen and can result in a significant change in shared financial commitments.
This all comes down to the mortgage lender. One may require you to have been in work consistently for a certain period of time though some may have different criteria.
On the other hand, you may still be able to get a mortgage if you are beginning your new job very soon . You may need to have a signed contract and a written job offer in order to achieve this.
Keep in mind that having gaps in employment could make the process challenging as this will be bought up by some lenders. However, probationary periods should be fine.
Anti-Money Laundering precautions are really strict. This is why you will need to provide evidence of your deposit to your lender as well proving the origin of your savings. As well as your lender, an estate agent or solicitor estate agent or solicitors may ask you for this as well, it just comes down to who you go with.
When it comes to cash deposits, these are not ideal! Parts of your bank statements that are worrying to a lender could be questioned and could result in your mortgage application being rejected.
There is a possibility for you to go down the gifted deposit route where you are gifted a part or all the deposit from family or friends. It’s important that the person gifting the deposit states in writing that is not intended to be paid back as a loan and, like the name, is a gift.
If you are finding the mortgage journey difficult as a First Time Buyer in Beverley or are finding the Moving Home in Beverley journey stressful, book your free mortgage appointment to connect with one of our Mortgage Advisors in Beverley.
These are only just a number of situations so if you don’t apply to any of the ones above, there is a chance we have helped someone in your situation before. Get the help and support you need for your mortgage application from one of our open and honest Mortgage Advisors in Beverley.
Last edited 29/06/2022