Mortgage Problems

Mortgage Problems can be divid ed into three distinct areas 

• Problems obtaining a mortgage
• Problems during the mortgage process
• Problems encountered during the mortgage term

Problems obtaining a mortgage

If you're having problems obtaining the mortgage you need click here to receive no obligation assistance from a mortgage broker in your area, or click here to discuss your situation with me.

The problems, in roughly the order that they are met:

• Failed, or Low Credit Score 
• Not enough income (for a particular lender)
• Income not provable (for self employed)
• Some income not wholly accepted for the employed - for example bonus or commission
• Not enough deposit
• Unable to provide documented address history for the last three years if not on electoral roll
• existing debt payments reduce income for income multiples
• Outside other lender criteria

Problems during the mortgage process

• incorrect information supplied for the agreement in principle
• property values at less than the agreed price
• further reports required for the valuer
• lender applies a retention
• vendors withdraws the property
• vendor accepts a later, higher offer
• legal problems
• lender asks for additional paperwork
• buildings insurance difficult to obtain

Problems during the mortgage term 

• Problems, not noted on the valuation report become apparent
• Change of circumstances mean that mortgage payments are missed
• problems marketing the property when moving on