Mortgage myths keep Brits from new home dreams
Online Mortgage Advisor connects customers with specialist advisors who have the right experience helping people who have been in similar...
Published 02/05/18Read More
Online Mortgage Advisor connects customers with specialist advisors who have the right experience helping people who have been in similar circumstances. With its experience of working with people who may have previously been declined or faced difficulties, and to encourage more consumers to consider getting on the ladder, Online Mortgage Advisor has identified five audiences that represent some of the most common situations.
These typologies may assume they won’t ever qualify for a mortgage – but actually could.
Being worried about applying for a mortgage and assuming it’s out of reach may result in an unnecessary delay onto the property market. This could mean that you take out a mortgage that stretches past your desired term, which could encroach on your long-term life plan.
A delay could also mean that property prices increase making it harder to buy. Meanwhile the money being spent on rent could have been used to pay a mortgage off.
In the interim, with the money being spent on rent rather than longer-term investment, it could have an impact on building a more financially stable future.
Read more on how to get a mortgage with one year of self-employed accounts here.
The knock-on effect of being declined a mortgage in this situation could have a huge impact on one family. It may be that their children aren’t able to attend the school they want, they may need to consider downsizing to the location instead to buy some time until they return to work, or it could mean that they miss out on a dream home.
Read more about getting a mortgage on maternity leave here.
Unable to inject your earnings into a property at a particular time could mean you miss out on a lucrative investment opportunity, or your dream home.
Turning to rental living could also have a longer-term effect on your financials.
The effect of this situation could mean that an applicant is granted a much smaller mortgage, which could significantly impact the size and value of the house he/she wants to purchase, and ultimately meaning they have to move again sooner than they would like.
Having to wait for another year’s worth of accounts to increase the average income, could also mean missing out on a dream home or not putting more money into growing the business.
Find out more about mortgages for business owners here.
Not being able to move out of a co-owned property with an ex-partner could cause huge personal difficulties. Financial barriers may be forcing you to have to continue living together if neither of the parties can buy one another out.
For more info on getting a mortgage with bad credit, click here.