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{"id":231,"date":"2018-03-19T08:36:02","date_gmt":"2018-03-19T08:36:02","guid":{"rendered":"http:\/\/www.unusual-mortgages.co.uk\/?p=231"},"modified":"2019-05-27T12:11:37","modified_gmt":"2019-05-27T11:11:37","slug":"mortgage-market-report-summer-2018","status":"publish","type":"post","link":"http:\/\/www.unusual-mortgages.co.uk\/?p=231","title":{"rendered":"Mortgage Market Report – Summer 2018"},"content":{"rendered":"

HOT MORTGAGE TOPICS 2018 By Chris Morgan<\/strong><\/p>\n

Even the most suitable \u201cHigh Street\u201d mortgages are difficult to place with lenders at this moment in time. One major high street lender I\u2019ve been dealing with recently has imposed a five day turnaround on all documents submitted as proof of income and affordability. Every question and query raised then take\u2019s another five days to complete, which of course is ridiculous and makes obtaining finance very difficult for applicants.<\/p>\n

It would almost seem they don\u2019t really want to lend any money at all, even to customers with a large 25% deposit, with a complete set of pay slips and a good credit record. Although this is frustrating it\u2019s a clear indication that High Street lenders are still protecting their balance sheets. They simply do not have the capital adequacy to change their lending policy to the benefit of consumers.<\/p>\n

Unusual Mortgages are experts at finding Mortgages for consumers who have been turned down by High Street lenders. In the previous market reports we have talked about\u00a0Adverse Credit, Buy to Let, Returning Expats, Debt Consolidation, Right to Buy and Downward Trend in Income<\/strong>, Fixed Contract Income, Moving Employment, Self-Employment.<\/strong><\/p>\n

Here\u2019s the latest Hot Mortgage Topics \u2026<\/strong><\/p>\n

Proof of Income, <\/strong><\/p>\n

All mortgage lenders now require an applicant to prove their income and affordability, before advancing a formal mortgage offer. The amount of referencing and type of proof of income varies enormously between each applicant and depends on their employment status. Employees are almost certainly going to be asked to produce their pay slips and self-employed people will be required to produce company accounts and\/or tax returns.<\/p>\n

Employment Contracts<\/strong><\/p>\n

Employees are almost certainly going to be asked to provide a copy of their employment contract and in particular any details of short term contracts. Some lenders have very specific criteria relating to second income and also contractor incomes, so it\u2019s best to get specialist advice around this issue because not all lenders treat these issues the same and criteria varies widely.<\/p>\n

Financial Referencing<\/strong><\/p>\n

Self Employed people are almost certainly going to be asked for their company accounts and copies of their tax returns. Most lenders will require sight of an applicant\u2019s SA302\u2019s which will show the amount of income declared and the tax actually paid to the Inland Revenue in that year. If an applicant is unable to produce paper documents for a mortgage application then most lenders will be able to send an income reference to be completed by an accountant (self-employed) or to an employer (employee).<\/p>\n

All mortgages are now agreed after careful assessment of Income and Afordability. In the next column we will look at Contractor Income, Director Status and Dividend Income.<\/p>\n

15 Minute Mortgage Assessment<\/strong><\/p>\n

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across 70 lenders on our manual research list, from which we tailor bespoke solutions for our clients.<\/p>\n

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing \u201cUnusual Mortgages\u201d.<\/p>\n

If you require more information on Complex\u00a0Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages \u00a0you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397,\u00a0email at\u00a0<\/strong><\/em>enquiries@unusualmortgages.co.uk<\/strong><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"