Latest research by What Mortgage Magazine and Equifax has found that many buyers don’t understand the process of applying for a mortgage. Two years ago, new mortgage affordability rules were introduced and this research finds that many are unaware of how these rules might affect their application.

This was reported in What Mortgage Magazine on 9th March 2016*.

What this means for Home Buyers

Adam Nanson from Your Mortgage Expert comments:

“The new affordability rules mean that it is more important than ever for lenders to assess an applicant’s ability to repay the mortgage loan, both now and in the future.

“Despite these new rules being around for a couple of years, it doesn’t surprise me that many home buyers are blissfully unaware of them. We find that many home buyers are too busy to make themselves aware of the ins and outs of the mortgage application process and this is where an Independent Mortgage broker like Your Mortgage Expert can help.”

How Your Mortgage Expert can help

Adam Nanson continues:

“We can talk you through the entire mortgage application process and help you understand your full financial position. We will guide you through everything from understanding your credit report, how to get your finances in order for applying for a mortgage and which lenders would be more likely to look favourably on your application.

“By speaking to Your Mortgage Expert, you’ll get access to expert advice to help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.”

We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
You might also find it useful to read the dedicated First Time Buyer page on our website. Alternatively, read about First Time Buyers Zoe and Richard from Salisbury who bought their first home with the help of Adam Nanson from Your Mortgage Expert.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Please note: the below links will take you away from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
*Source: http://www.whatmortgage.co.uk/news/first-time-buyers/first-time-buyers-lack-knowledge-mortgage-application-process/

Tags: First Time Buyer