Martin Lewis warns buyers about three things that can stop mortgage applications
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Martin Lewis has warned prospective homebuyers about three major hurdles that can prevent them from securing a mortgage.The MoneySavingExpert founder identified affordability, the type of property being purchased and an applicant's credit history as the main issues that can lead lenders to reject an application.His warning comes as UK mortgage approvals edged up in June to 58,200, from 56,570 in May.
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TRENDING Stories Videos Your Say For people who have already had an offer accepted, a rejected mortgage application can put their purchase at risk and leave them unable to complete the transaction.Mr Lewis said lenders do not simply assess whether a borrower can afford repayments at the rate available when they apply.Instead, providers carry out affordability stress tests to determine whether borrowers could continue making repayments if interest rates were to...
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