If you’re self-employed, over 45, divorced or have poor credit and are seeking to buy a home here in the UK, it’s likely you could be a “mortgage misfit” – a growing group of individuals who are struggling to find a lender that’s willing to offer them a loan.
Financial regulators have put strict laws in place to ensure lenders only issue mortgages to those who can make repayments. This means that applicants must often pass comprehensive credit checks, have exemplary financial records that are fully traceable, have proven employment status and enough years left in their working life to settle outstanding loans.
In many cases, decisions are made by algorithms after applicant details are entered into online systems, but these computer-based decision makers will often screen out mortgage misfits, as they don’t fit within the established criteria.
Fortunately, professional whole-of-market advisers understand that mortgages aren’t a one-size-fits-all solution. Using their in-depth knowledge of all products available, they are able to match each client’s specific situation to a mortgage lender willing to offer a loan.
At Ingard, we understand that all home buyers are unique, with their own individual circumstances that don’t always fit the conventional criteria of mortgage lenders. We have helped numerous mortgage misfits, including those with poor credit, who are self-employed or only receive a part-time income. Contact our expert team today to discuss your situation and our advisers will use their experience and resources to find a solution to suit your needs.