“I’m sorry but your property doesn’t fit our criteria.” “I’m sorry your credit score is too low. You need to check your credit report, we can’t give you a more detailed explanation.” “I’m sorry you haven’t passed our affordability check.” 

This type of rejection response from a lender is more prevalent now in the mortgage market than ever before. It has been one of the reasons that I personally have endeavored to set up a bridging finance company with some colleagues myself because all lenders are, on a daily basis, effectively writing off the majority of their applicants based on ‘technicalities’ that could be resolved with a conversation or greater knowledge of the customer situation or property itself.   

Mortgage rates are to stay low for at least a year, according to industry experts.

The Bank of England will attempt to keep mortgage rates low for at least a year in reports from the Evening newspapers yesterday. This article follows our previous report into long term fixed rates and whether it is better to consider short term tracker mortgage deals at present over longer term fixed options.