Treasury Minister, Stephen Barclay has recently called for mortgage lenders to give more weight to good track records of rent payment when deciding if people can make mortgage payments. His comments were made during a debate on the issue in parliament which was brought up in response to a petition. The petition was started by Mr Jamie Pogson who states despite paying more than £70,000 of rent on time he was still struggling to get a mortgage.
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The Mortgage Hut help Renters become Property OwnersUnfortunately we see this situation regularly at The Mortgage Hut. Many potential first time buyers spend as much or often more on rent than the potential cost of their mortgage payments were they to buy a property. However when it comes to applying for a mortgage they are rejected by bank and building societies due to strict lending criteria which deem it unaffordable for them to take on the mortgage they require. At The Mortgage Hut we understand what a frustrating situation many first time buyers face and will do all we can to help!
How do Lenders Assess me?Mortgage lenders take into account a range of factors when looking at your mortgage application in order to build up a picture of your financial history and decide if you are likely to repay the money they are lending you. These normally include:
- Credit Rating
- Loan Repayments
Finding the Right Mortgage for YouThe Mortgage Hut believe everyone deserves to be judged fairly when it comes to getting a mortgage, whether it be your first home or in order to move to a new property. which is why we will do our best to find a loan provider who will lend you enough to buy a suitable home.
We will search through thousands of products offered from banks, building societies and smaller loan providers to find one that is best matched with your situation. Some lenders are more generous to first time buyers, others may take into account extra income which another lender will not and small specialised loan providers are sometimes the right choice for those with unusual circumstances.
The Mortgage Hut Can Help:
- First time buyers struggling to the get their first step on the property ladder
- Those with poor credit history or have been bankrupt in the past
- Self employed, freelancers and limited company directors