Missed Payments – More people falling outside of the high streets remit

Some interesting news from a piece of research from the Mortgage Lender shows that more than 3 million people have missed a major bill payment in the last 3 years during the Covid-19 pandemic. A tenth of people who said they are planning to buy a property in the next 12 months have also missed payments which will have an impact on people who want to apply for mortgages. We are now in a situation in the UK where everyone is facing a cost of living crisis which could result in a recession. 

However, we would like to reassure you that our mortgage advisors are very experienced and well places to support anyone who has had a blip on their credit score and offer guidance on how to get mortgage ready and find the right lender. We can support you if you have an adverse credit score without even realising and our mortgage advisors will use all their expertise to offer you information and advice for the best options and your home ownership plans. At Manchester Money, our advisors are very competent and helpful and will get you mortgage ready and we will find the best solution for you. Our specialist mortgage advisors will be delighted to have a friendly chat with you and put together an action plan if you have missed any payments on your credit profile so do not worry, they will help to find the right solution for you! 

Here are a few quotes from our team on how to become mortgage ready: 

• To be mortgage ready know what your income and outgoings are.
• Ensure your up to date with all of your credit commitments.
• Speak to a mortgage broker early in the process. whether that is understanding potential borrowing when you have savings in place and are ready to go or you just need to know how much you will need to save for your deposit in readiness for a purchase in 12 months – the key is to speak to an adviser early on!
• Work with a broker to obtain a decision in principle certificate so that you can view houses. Many agents (rightly or wrongly) don’t let you view without one. 
• Have documents ready to provide openly to your broker. These include proof of income and expenditure. Also be prepared to talk about your aspirations for the future and talk in depth about what is best for you as an individual. Just because a friend has a 2-year fixed with nationwide doesn’t mean that is right for your own circumstances!

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Manchester Money