Could it be more difficult to obtain approval for your contractor mortgage in 2018?
Could 2018 bring with it an increased level of difficulty in obtaining approval for a contractor mortgage?
In a recent national survey, nearly 35% of all the people interviewed are expecting that gaining approval for a mortgage application could be more complicated.
People are thinking that lenders will act in anticipation of our exit from the EU and tighten their loan criteria for 2019.
Currently, contractor mortgage providers vary significantly in the approach they take to underwriting their loans. The variation means that some are much more flexible than others, but this may change in light of the uncertainty around:
- the economy
- rates of inflation
- interest rates
All financial transactions could be affected as a result, including loans and banking, meaning there could be added levels of checks and security.
This is already a significant hurdle for the contractor as you are typically asked to demonstrate more financial stability than the average employed person.
The best way to get ahead of this is to be prepared, which is where Deal Direct can help. Using our experience, we can fully explain all lending criteria now and anticipate where any changes may be made. After reviewing your financial circumstances ahead of time before you need a mortgage, we can help you get organised for when you do.
Call 0800 048 8828 for 2018 contractor mortgage advice.
