As a mortgage broker, a large part of our job is to research your circumstances in order to find the best option for you.
Most people say they want the cheapest deal, which makes sense but for purchases especially when we discuss the options most people actually want the easiest mortgage to get – providing it is not significantly more expensive than the cheapest.
On the basis of that, I thought it would make a good post to discuss what the easiest mortgage to get is.
Which mortgage is the easiest to be accepted for?
It is quite a difficult question to answer as there is no definitive answer. We have to consider a few things:
- Do you fit the lenders criteria? This is the big one, there is little point in applying to a lender where you do not fit criteria as that will just result in an outright decline.
- What paperwork will they need? Can you provide what they need?
- What is their underwriting process like in general? Some lenders will go through Bank statements line by line, other lenders will not even ask for bank statements.
- What is the lenders appetite? By that we are looking at a few things, are they looking to fill their boots with business or are they quite busy and looking to stem the flow of business? This can affect how they assess your application. Beyond that though, we also have to look at their appetite for your circumstances.
A lender may say they will accept Defaults up to £250 for instance, but if you have 3 of them, they may say it is within criteria but some lenders may be very likely to decline the application. There is a very good example I have on this…
We obtained a Decision in Principle for a customer who had 2 Defaults – it passed. When I went back over the paperwork, I realised I had made a mistake. I had keyed the lady’s income down as £150,000 p.a rather than £15,000. When I corrected her income, the DIP then failed credit score.
Although everything fit criteria, she was failing the credit score on her actual income.
How can Mortgage Success help?
There are lenders out there who will make even the most straight forward of applicants work for it. There are also lenders out there who will make life very easy for the majority of applications.
We obviously have our favourite lenders for straight forward applications and those more complex cases such as adverse. But our favourite lenders only plays a minor role in who we apply to.
We always start with the research and draw up a shortlist of options. We then cross reference them with the products they have available. If you want the cheapest deal, that is fine and it makes out recommendation easier. If you want the easiest deal, then we use our past experiences with those lenders to make our recommendation and that makes the application easier.
We can discuss this with you when it comes to your application.
In short there are easier lenders but they are only easier if you fit criteria and they have an appetite for that type of business. Appetite changes over time which can affect the lenders we use from one month to the next.
We will help you to narrow down the best lender for you based on your preferences in order to find the best mortgage for you.