When The Bank Says No

Yes, most of the time your mortgage lender will want to complete a valuation on your property before approving your application. The reason for this is that they need to make sure the property provides adequate security for the loan in question. This valuation will be on your property as it is now, not with the projected value your renovation work may add. Some lenders offer incentives whereby the cost of this valuation is covered by the lender when you remortgage. Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.

A second charge mortgage works like this. You take out a loan on the equity you’ve built up in your property. You will then start repaying the money back each month alongside interest charges that are either fixed rate or variable and calculated on the outstanding amount. 💷 Because this is a secured loan, the lender has the ability to take a legal charge over your property if at any point you fail to keep up with repayments. However, the first charge mortgage will take precedence over the second charge mortgage. 🏡 Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.

Don't walk into the end of your fixed rate like a zombie! 🧟♂️ With interest rates fluctuating, it's crucial to make an informed decision about your next mortgage. Let us help you: 🌟 Understand your options: We'll explore different mortgage products and lenders. 🌟 Avoid costly mistakes: Get expert advice to make the best choice. 🌟 Secure a competitive rate: Find a deal that suits your needs and budget. DM or call us for a consultation. 📱 Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.

Joint mortgages present an excellent opportunity for partners to combine their incomes to afford a mortgage for their dream home. However, if one of the partners isn’t a first-time homeowner, this can significantly affect the mortgage application as they won’t be eligible for first time buyer relief and other government schemes that support first time buyers in securing a home. That’s why many people ask, “If my partner is a first-time buyer, but I’m not. How would this affect our application?”. Read all about it in our latest guide: https://lnkd.in/eudFWv5s Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776. https://lnkd.in/emigEfNP

Buildings insurance is normally a condition of any mortgage. This is because the lender will want to know that the property securing their loan is safe from risk. If your property is damaged by fire or weather and you don’t have cover, you will face repair or rebuild costs yourself. This may mean you can no longer afford to keep up with mortgage repayments. If you fail to meet repayments, the repossession and sale of the property will enable the lender to recoup their losses. But damage is undoubtably going to have an impact on its value, making this protection uncertain from the lender’s perspective.

So, your mortgage has been declined on affordability, what next? Don’t let a rejection set you into a spin, there are steps you can take to get back on track. Buying the home of your dreams might not be as out of reach as you think! Wait before Re-Applying When we experience a financial setback, it can feel instinctive to react quickly…but hold your horses! On one hand, there may well be other specialist lenders who are willing to offer you a more appealing income multiple, but be mindful…this might not work in your favour. In fact, seeking out an alternative mortgage too quickly can be detrimental to your chances of succeeding. When seeking out something as life changing as a mortgage, it’s important that you opt for an experienced and reputable mortgage provider. If lenders are seeming to offer solutions that seem too good to be true…they probably are. Don’t Rely Solely on Comparison Sites When searching the market for any service provider, comparison sites can be helpful! However, when it comes to mortgage lenders, there are a host of options available beyond those listed on comparison sites. Approaching mortgage providers directly may offer you access to rates reserved for internal enquiries. Don’t lose out on alternative offerings, pick up the phone and get in touch! Seek Expert Advice As we’ve already mentioned, navigating the world of mortgages can be overwhelming. Without expert advice, it can be almost impossible to know exactly what your options are. So, if you’re stuck under a mortgage rejection raincloud, there’s no need to stand there alone! With the help of industry experts such as those at When the Bank Says No, the right mortgage for you might not be a million miles away. Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.

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Remortgaging involves switching deals to get a better mortgage rate or to release equity in your property. This differs from a second mortgage which will run alongside your existing mortgage, and there are circumstances when it may be advantageous to go with this option instead. If you have a good deal on your first mortgage, perhaps with particularly low fixed interest rates, you won’t lose this if you take out a second mortgage. You can keep the same terms on your current mortgage and also avoid any potential early repayment charges. Additionally, taking out a second mortgage may give you the opportunity to make unlimited overpayments, meaning you could pay off your second mortgage early to save on interest charges. Bear in mind, some first mortgage companies may have to provide permission to the second mortgage lender before it can be granted. You may also be charged a higher rate of interest on a second mortgage than your first loan’s rate, though the rates may still be lower than other types of debt. This is because securing the loan against your home reduces the risk to the mortgage lender and they look on it more favourably than other types of credit. Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.

A second charge bridging loan still takes your property as security but indicates that if your home is sold to repay your debts, this loan should be paid back after your mortgage, not before. This type of bridging loan is typically offered to clients who still have a mortgage on their property. Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.

YES! Bad credit remortgages can be a bit more complicated, but that doesn’t mean they’re not possible. ❌ While most lenders require borrowers to have a good credit rating, there are still specialist bad credit remortgage lenders out there who may be able to help you. As you already have a mortgage, lenders will want to see that you have been making your mortgage repayments on time, and doing so will have a positive effect on your application. If you’ve made late payments, this can make remortgage more difficult, but some lenders may allow you to remortgage despite your credit problems. Our team of bad credit mortgage brokers can help you find a bespoke deal that will enable you to invest in property, pay back debts, switch to a better rate, or whatever else it is that you want to do. Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender. When The Bank Says No is a trading name of Alder Rose Mortgages Limited whom are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.