Being refused a mortgage is usually a matter of criteria. Every bank views a customer differently so my advice in this current post credit crunch environment is:
- Do not do it alone.
- Pick up the phone to a professional mortgage advisor.
- Call in someone whose job it is to help you get a mortgage,
- Speak to a whole of market mortgage broker, someone who can access deals from all lenders and not just the deals from one bank.
Self Employed or previous bad credit
If you are self-employed or have some previous bad credit it is unlikely the local bank will be interested in your business.
This is why knowing the criteria of the lenders is crucial.
You need a professional who deals with the all the lenders on a daily basis to work on your behalf to make the transaction seamless. The decision makers at the banks will speak to mortgage brokers they will not speak to members of the public.
Can I do this by myself?
The short answer is yes and if you have been refused a mortgage then you may understand some of the challenges already.
It can very difficult to analyse deals on the internet, what may appear to be cheap may be expensive due to the way Banks add fees to the loan.
A whole of market mortgage broker can work through the options and present the best deal for your circumstances.
The key when you find a property is to act fast, everyone wants the deal wrapped up quickly, other people are interested in the property this is when speaking to an expert can and will get you the property of your dreams.