How to get a mortgage - How to find a mortgage against the odds, bad credit etc

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How to get a mortgage - How to find a mortgage against the odds, bad credit etc

If you find yourself in the situation just described above, don't panic. If you are turned down by the building society, find out why: is it simply because of a shortage of funds, and, if so, is this temporary and local to the branch you've applied to or is it widespread and likely to continue for some time?

Or is it the property that they have taken exception to? And, if so, is this because of innate structural defects, or because that society is reluctant to lend on the type of property it is -for example, a converted flat?

The first step, if you have been saving with another society, is to hot-foot it off in their direction to see if they will lend. If you have worked your way through all your options, however, now is the time to enlist the help of the professionals in getting a mortgage. Describing how this works is rather a delicate operation.

I have known people emerge from the house-buying process full of cynicism and moral indignation. 'Whatever you do,' one man said to me, when he learnt I was writing a website on mortgages, 'don't write any of that rubbish about having to be good and save money with your building society first. I did that -and they turned me down flat. So I went back to the estate agent and he fixed me up with a mortgage straight away -thanks to his contacts.'

Well, firstly let me make the point that it's not 'rubbish' to say you should save with a society. But, life being what it is, it doesn't guarantee that you'll get a mortgage. And it is true that there are various groups of people who have day-to-day contact with societies who, through their business, are able to provide the societies with much greater funds than you can -and who are sometimes able to arrange a loan for you from one or another society because of this.

They may have a formal or merely an informal relationship with that society -that's not your concern. I am assuming that what you are looking for is a mortgage rather than a moral crusade, and, that being the case, here are some suggestions of whom to go to if you want to beat the mortgage queue.

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How to get a mortgage - Step Nine

Completion day's arrived. Your solicitor will arrange the mortgage side of the transaction, you collect the keys and move in. A large pot of tea or a glass of Champagne (according to preference) should be taken at this point.

Not every transaction, of course, proceeds as smoothly as this. Chains can break, buyers can gazump, sellers can change their minds, surveyors or valuers can come back with such tales of gloom and foreboding that either the building society will refuse to lend or you will refuse to buy.

And worst of all, perhaps, is the situation where everything appears to be going well your building society refuses to give you a mortgage (or tells you to come back in three months because they're short of . . .... see: How to get a mortgage - Step Nine

Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able.


    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.