Welcome to part 3 of our 7 part series of blogs in which we set out to debunk the myths of applying for a mortgage. Click on the links below to catch up with parts 1 and 2:
Read on for todays content!
"I’ve been a customer for many years so they are more likely to be flexible with me"
The days of the local bank manager who has known you for years and has a mandate to adapt bank policy to suit the individual are long gone. Banks need stability across their portfolio so policy is agreed and set centrally.
Whilst it would be unfair to state that lenders have a “one size fits all” approach, they have a system designed to accept customers (and therefore risk) within their set of parameters. The risk or exposure on a lenders books is partly how shares are marketed to fund managers to attract investors (so they can lend more money). If you do not fit a lenders risk profile they are not going to change their policy just for you no matter how long you have been a customer.
It is true that there are some smaller lenders we work with who will consider risk on a case by case basis. These institutions, whilst great at what they do, are in the minority and do not play in the mainstream.
When Foursquare source borrowing for our clients we are looking to select the cheapest product available to our client profile that fits with the lender, not the other way around!!
Finally, remember that even if you are already a borrower with them, your current circumstances may not even meet your banks parameters meaning that they won’t lend or lend enough money to enable you to make the move, irrespective of a good credit history, debt and income.
We will do all that shopping around on your behalf meaning that you will have access to the cheapest deals available to you from the whole of the marketplace.
Tune in tomorrow for more mortgage myth busters! 😊