Vanquis, the specialist credit card provider, recently reported that one in 10 people are being denied a mortgage. In the 24 – 35 age group the number is one in four. In addition, only one in 10 even realise they have a credit issue.
These are some pretty telling statistics.
We all know that life isn’t always straightforward. What used to be unusual, is now becoming the norm. Complexities and irregularities in income, changes in employment and changes in family circumstances all happen. All can have an impact on an applicant’s credit history, and many clients don’t even realise they had bad credit until they are turned down.
But should these types of circumstances prevent a mortgage applicant from getting an affordable mortgage that suits their needs? At TML, we don’t think so.
That is why we have designed a mortgage range where borrowers can be considered if they have had credit blips, require lending into retirement, are self employed, have unusual income and more, We don’t only think these mortgages should be accessible, we believe that they should be affordable and that as a lender we are reliable too.
We are immensely proud that over 98% of offers we have made were issued on the same or better product rate than was applied for following a successful Decision In Principle.
This statistic and several others, not least the fact that 1 in 3 of our borrowers qualifies for our lowest rate (currently 1.89%), led us to the decision to create our #ChallengeTML concept.
We’re continuing to challenge brokers to complete a DIP with us and see if we can give their clients a lower rate. Not only are we confident that we could help, you can apply safe in the knowledge that there’s a probability of 98% that they will get their offer on this basis.