In the mortgage process, it can be common for hurdles to arise. Through our experience as a mortgage broker in Newcastle, we often see applicants encounter a variety of mortgage hurdles. Some of them are more well-known than others, meaning we can advise you on these quickly. On the other, there may be some that are more complex and will mean looking further into an option that will solve the problem.
Here at Newcastlemoneyman, we love a challenge! Our team are here to offer a helping hand to overcome these mortgage hurdles in Newcastle. As mentioned, there are a variety of mortgage hurdles out there, however, there are some that we encounter on a daily basis.
In our 20-plus years in the mortgage world, we have found that being declined a mortgage because of childcare costs is a very rare occurrence. This expenditure may be expensive, but lenders will usually be flexible when it comes to childcare costs and mortgage affordability. The lender’s job is to make sure that you can afford a mortgage while raising a child and they will combat this by potentially offering you a lower mortgage amount.
This is in comparison to an individual in the same financial situation as you, who does not have children may be offered a higher mortgage amount. This may seem unfair, however, lenders should still lend to you, it’s likely that they’re just factoring in child benefits and state benefits into account.
One of the most popular mortgage hurdles that we encounter regularly in Newcastle, is a mortgage following a divorce or separation. In the majority of cases, finances are the first thing that you need to manage following a divorce or separation.
Below are common questions we get asked about this mortgage hurdle:
The answer to all of these questions is yes, all of these are possible but, you may require assistance from a mortgage expert to do so. These situations are very specialist and you may need a professional to help you get by them.
Our team understand these situations are hard and you want it to ver sorted as quickly as possible but, it’s also key that we get it right and that you overcome the hurdles with no repercussions and a new mortgage deal that you’re happy with.
When customers get in touch for mortgage advice in Newcastle, it can be common for them to want to take out a mortgage when they start a new job. The deposit is not an issue here. Normally, the applicant will have either built up savings or is looking at moving home in Newcastle and will keep the funds from the sale to help with the deposit.
In the case where you are starting a new job soon, there is a possibility that you can get a mortgage pre-hand if you have already signed a contract and had a job offer. Usually, lenders are okay with probationary periods, although, they will be cautious.
Having gaps n employment can often be a worry. This is because it’s best to show your lender that you’re reliable and are trusted to meet your monthly payments. Normally, being unemployed with no income is a warning sign for them.
Sometimes, your mortgage deposit can be the most challenging but the most straightforward part of the process. This is due to strict anti-money laundering measures. You will be required to evidence of where you got your deposit from as this is an important part of your mortgage process.
Depositing large amounts of cash into your bank will be questioned by your lender. If you cannot prove how you received this money, your application may be rejected. Your application may get rejected if you cannot prove how you received this money.
In the case your deposit or a portion of it has been gifted to you, it’s advised that the money is kept inside the gifter’s account. By doing this, your lender can easily monitor the money to see exactly where the money is coming from.
Date Last Edited: April 4, 2023