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is it very hard to get a mortgage nowadays
Deals_2
Posts: 2,410 Forumite
compared to before? just looking into moving options and woudl like to get a feel for the market first. thanks in advance.
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Before when ?
i.e. give us some context. Probably harder.
Get your credit history squeeky clean. Check your LTV - realistically. Check your current deal for portability.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
I have just remortgaged. No problems here but it depends on your level of debt, LTV and credit rating0
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If you are of "traditional" lending criteria quality then nothing has changed. You will find it just as easy to get a mortgage as it has always been. If you are pushing limits or have debt issues then you will find it harder than it was during the credit boom.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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what is the criteria now? thanks in advance.If you are of "traditional" lending criteria quality then nothing has changed. You will find it just as easy to get a mortgage as it has always been. If you are pushing limits or have debt issues then you will find it harder than it was during the credit boom.0
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It's harder than it was three years ago if you don't have a good credit record and at least a ten percent deposit, better 25%. If you're stretching affordability and want to use a deposit less than 25% it gets harder and more so if you have missed payments or defaults on your credit record.0
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If you are employed, on a straight basic ( not needing to rely on commission or overtime) have never missed a payment on anything ever, and want to borrow about twice your annual income and borrow no more than 50% of the property value..... you should be fine
I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
compared to before? just looking into moving options and woudl like to get a feel for the market first. thanks in advance.
It depends on what your situation is. If you are in a secure job, good credit record, have a minimum 25% deposit and are only borrowing 2-3x salary then mortgage companies will be fighting over you.
If you aren't in such a good situation then, yes, is is fairly hard.
The days of £99 deposit mortgages are (thankfully) long gone.0
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