Many people contact a specialized real estate agent because their situation does not fit neatly into the shopping streets’ box.
A complication does not always make a mortgage impossible. It may even need to be simply understood, clearly packaged and matched with the right lender.
Here are some questions we hear every week to help you better understand where you stand on your mortgage application.
1. Can I get a mortgage with bad credit?
Potential, yes. Defaults, County Court Judgments (CCJs), missed payments, a debt management plan or a previous Individual Voluntary Arrangement (IVA) do not rule out every lender. The options depend on what happened, how recent it was, the amounts involved and how you have managed your credit since then.
2. How long should I wait before taking out a mortgage after a default or CCJ?
There is not one waiting period that applies to everyone. Some lenders may consider recent adverse credit, while others want it to be older or satisfied. Waiting may improve your choice or rate, but it’s worth checking before you unnecessarily delay your plans.
3. Do I need a perfect credit score?
No. Lenders do not approve a mortgage based on the main score that you only see in an app. They use their own criteria and assess the underlying reporting, income, obligations, deposits and affordability.
4. Can I get a mortgage if I am self-employed and only have one annual account?
Some lenders may take into account one year’s final accounts or tax calculations. They can also look at recent figures, experiences and sustainability. The means of proof required partly depend on whether you are a sole proprietorship, partner or corporate director.
5. Will a new job or probationary period prevent me from getting a mortgage?
Not always. Some lenders may use income from a new role or even a signed contract before you start. Others apply minimum working time rules. Your employment history and whether the position is permanent can make a difference.
6. How much deposit do I need?
This depends on the home, your circumstances and the lender. A larger deposit can offer more choices, especially if credit conditions are unfavorable, but lower deposit mortgages may also be available. Separately budget for fees, moving costs and any stamp duty due.
7. My bank turned me down for a mortgage. Is that the end of the road?
No – the decline of one lender does not mean that every lender will say no. The important step is to understand the likely reason before submitting more applications. Repeated applications can leave further searches on your credit file without resolving the underlying problem.
8. Do lenders check my bank statements?
Lenders review your statements to verify income, expenses, existing liabilities and general account behavior. An occasional treat is not normally the problem. Instead, lenders are looking for affordability issues, undisclosed credit, or patterns such as repaid payments and persistent overdraft usage.
9. Can benefits, overtime, bonuses or alimony count as income?
Often yes, but the amount accepted and the proof required vary. A lender can use a particular source of income in whole, in part or not at all, depending on how regular and sustainable it is. This is an area where lender selection can have a material impact on borrowing capacity.
10. Is hiring a specialized broker more expensive?
Costs vary, so ask for a clear explanation in advance. The value of a specialist broker lies in understanding complex criteria, reducing unsuitable applications and presenting the case correctly, not just finding a lender willing to say yes.
Share the full story early, even the parts you think are embarrassing. Reliable guidance depends on understanding your income, credit history, obligations, deposit and plans. Specialist advice is about finding an honest, sustainable option that suits you.