Mortgage Market update October 2014

Mortgage market update October 2014

The mortgage market has seen significant changes in the last year, especially with the Financial Conduct Authority launching the Mortgage Market Review. The actual process of obtaining mortgage funding is much more onerous than ever before with many lenders appearing to shy away from offering mortgage advice. Many mortgage customers are shocked at the lengthy application process they now have to undergo, especially those who have not had mortgage experience in the last two years.

Many customers are undergoing a three-interview process with a further follow up call direct from the lender, to check the mortgage process has been followed correctly.

Due to new affordability rules, lenders are scrutinising applications to a forensic level and many applications are being declined. This can be due to affordability, credit history or other unspecified reasons.B It is truly a case of bcomputer says nobb&.

The benefit of a broker, is that he or she can search the whole market to find the most suitable lender.B This saves the customer the time, effort and cost of sifting through the lenderbs marketing and criteria, which is often not disclosed at the application stage, and often can mean the difference between finding a suitable mortgage or not.

Central Mortgages (Essex) Ltd has clients all over the country and we can assist with residential mortgages, buy to let, let to buy as well as commercial and bridging finance.B We can arrange suitable insurances to cover the mortgage loan. We have clients with buy to let portfolios in Hertfordshire, Essex, Kent and London, as well as other parts of the UK.

Bad credit remains a difficult area for lending but this can be achieved with the right circumstances. Call us to see if we can help.

Central Mortgages (Essex) LtdB b 01277 630183

office@centralmortgages.net

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