Understanding your mortgage options

From a lender survey in 2022, it’s clear that many people don’t understand the mortgage options open to them.

43% of first time buyers are unaware of specialist lenders or how they can help.

44% of mortgage applicants are unsure if their mortgage application would be accepted.

Of those who think a lender may say no, 55% say it’s due to being self-employed while 35% think it’s because they don’t have a steady monthly income.

Whatever your circumstances, you are not alone and don’t give up because one lender says no.

The main lenders in the UK are designed for low touch, easy, automated mortgage applications. They struggle to handle complexity, overcome problems and most of their staff lack anything like the experience of a seasoned independent mortgage broker.
They work for the bank – they don’t work for you.

A broker, on the other hand, can still offer you the high street mortgages but is experienced in problem solving and has access to a panel representing the whole market. Probably well over 100 lenders. A broker will challenge lenders when they make bad decisions and will be focused on you getting your mortgage – otherwise they don’t get paid. They don’t work for the bank. They definitely work for you.

Think of your broker as your partner.

Work together to get the best outcome for you. But not all brokers are the same.

Many just deal in straight forward cases and pass the more complex scenarios on to packagers like Promise Money. A few, like us, have the expertise and full range of products in house. Both customers and other brokers come to Promise Money to access our massive product range and expertise. From simple to super complex home mortgages, right to buy, help to buy, low deposit, shared ownership. complex income, bad credit and much more. Then there’s all the other products such as secured loans, bridging loans, buy to let, HMO loans, development finance, commercial finance all dealt with in house.

From what you have said so far it sounds like you really need a very good broker.
Do you have a broker? If so, how good are they?

Talk to a Promise Money adviser for more details