Mortgage tips from the experts
With mortgage lending criteria more stringent than ever before, one housebuilder has called upon its network of Independent Financial Advisors to offer advice to those currently facing problems when applying for a mortgage.
The advice comes from Miller Homes, the nation’s largest privately-owned housebuilder amidst reports from the Bank of England, confirming that the number of mortgage approvals remains suppressed after figures reached an all time low earlier this year.
Sue Warwick, national sales and marketing director for Miller Homes said: “The Bank of England’s figures underline the challenges buyers are facing when applying for mortgages in the current climate. That said, mortgage approvals can still be achieved and there are a few simple actions buyers can take to give themselves the best possible chance.
The Bank of England’s latest figures contradict earlier predictions of a post-Easter surge within the property market, as buyers continue to struggle to meet stringent mortgage criteria.
Sue continued: “Buyers should remember that using aggregator websites to compare prices for financial products will leave a mark on that all-important credit score. Our advice would always be to contact individual providers directly to compare individual prices or speak to an IFA to find out which mortgage would best suit the individual.
“It is also important for buyers to ensure that any debts or outstanding bills – however great or small – should be paid off in full as delayed payment can lead to refusal on a mortgage product, which will only delay the buying process further.
“Finally, experts are on hand to offer professional advice. Financial advisors can help you understand your credit score and show you how to improve it, which could be the key to helping buyers achieve their home buying dreams in the near future.”
To assist buyers looking to find that dream home, Miller Homes offers a number of purchase incentives and has been granted funding for Firstbuy – the government’s latest scheme to help new buyers onto the property ladder.
For further information, visit millerhomes.co.uk.