There's a mortgage out there for you: here's why

According to research from Online Mortgage Adviser, a large portion of Brits see owning their own home as the pinnacle of success, with over 40% revealing that a declined mortgage would leave them feeling like they'd failed in life.

With the current unpredictability of the mortgage market, it's hard to ignore these findings, particularly as the number of people who presume they wouldn't qualify or are too scared to try due to fear of being rejected, could actually be ticking many of the right boxes.

You need a lender who is willing to put in the extra elbow grease to ensure those needing something a little bit special are catered for by taking the time to find the right option for each customer. That’s where we come in.

Below, we’ve busted four common mortgage eligibility myths to help reassure you that your home ownership dream can become a reality.

Affordable housing schemes? They're just for first-time buyers, right?

Incorrect. Affordable housing schemes such as the government’s part-rent-part-buy Shared Ownership initiative is not just for first-time buyers. The great news is that there are a variety of different ways in which house-hunters of all ages and stages in life are able to obtain a mortgage in an affordable way. Many of our customers will go through a change in personal circumstance. Whether that is in the shape of a divorce, change in employment or relocation, affordable mortgages schemes are open to everyone. You just need to read the small print as some might be area restricted. 

I’m self-employed, so it’s almost impossible to get a mortgage

Incorrect. As of January 2023, there are over four million self-employed people in the UK, as the desire to be your own boss continues to boom. If you have a varied income or don't yet have three years’ worth of accounts, it doesn't mean that you don’t meet the requirements for a mortgage.

Some lenders will still review your application, especially if you can prove a track record of regular work as well as any work you have lined up in the future. Don’t assume it’s impossible to get a mortgage – it’s not. You just need a lender who understands the world of the self-employed. Read our article ‘Being your own boss needn’t make it harder to get a mortgage’ for further information. 

I had a small discrepancy on my credit score so I can’t borrow funds

Incorrect. Something as small as a missed phone contract payment or an innocently forgotten credit card shouldn’t be detrimental to your mortgage application. We understand sometimes things fall through the cracks, that’s why we underwrite each mortgage case individually and take into account personal circumstances before approving or declining an application. We don’t even credit score so you shouldn’t discount yourself before you’ve tried.

I’m too old for a mortgage

Incorrect. It is true some lenders may be reluctant to lend to older borrowers, however, this shouldn’t put you off applying. The key is to be able to prove that you have adequate income to support the mortgage after retirement. You might also need to provide proof of regular income in the shape of pensions, investments or buy-to-lets if you have any. If you can do this, you have just as much of a chance to have a mortgage approved as anyone else.

With so many options available, lenders need to bust inaccurate myths about what it takes to obtain a mortgage. Already we’ve helped parents boost their loved ones borrowing power, divorcees starting afresh, those whose employment situation has changed or those who are relocating to an area with much higher housing prices. We’ve helped permanently employed, contractors, freelancers and the self-employed get the keys to their new home. We’ve helped the young and the old. These customers all had the same goal – to obtain a mortgage.

It’s all about making what might seem impossible, possible.

Visit our mortgage page for a full listing of our mortgage products. If you'd like to talk to us about a mortgage, pop into your local branch or book an appointment with one of our qualified mortgage advisers online.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

*all figures and data correct as of March 2023.