Reduce application rejection risk with mortgage broker, Deal Direct.
As one of the UK’s leading mortgage brokers, Deal Direct are specialists when it comes to mortgage affordability and the rules and regulations that govern them.
To someone who is unfamiliar with the market, it can appear that mortgage affordability terms are in constant flux. As each lender uses its own criteria to stress test your applications, the lack of a consistent approach can make it difficult for a borrower to know which way to turn.
In an effort to level the playing field and maintain underwriting standards, the Bank of England has stepped in and tightened the rules.
The previous rule had lenders use a 3% increase in their base rate to test borrower resilience, however, the lender could choose whether this applied to the rate at the start of the mortgage term or the one it reverted to. This has now been changed to a 3% increase in the lenders SVR.
The change could mean a greater risk of your application being rejected, more so if you fail to seek expert advice.
Deal Direct’s experts know the market inside out. We have over a decade’s experience in working with lenders, day in, day out and know exactly what they are looking for when it comes to completing applications and submitting them. We know what underwriters look for to feel secure when it comes to approving your loan application and can help you to present it in the right way.
For clear, straightforward mortgage advice, consult Deal Direct on 0800 048 8828.
