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11 Nov 2019

What are the common challenges in arranging a mortgage?

There are a lot of hurdles to leap when applying for your mortgage; and a fair few ‘normal headaches’ to manage your way past!

Time-consuming, costly and stressful are just a few words that spring to mind when describing the average mortgage application process.

We aim to create a totally different experience for our customers and thought it would be helpful to share what you should realistically expect, and how to avoid the pitfalls of this often frustrating process.

Read on to find out more…


How much can I borrow?


The biggest question applicants want to know the answer to is; “how much can I borrow?”.

That actually varies significantly on a number of financial factors but, surprisingly, where you choose to apply for your loan influences it too.

Many lenders in the early stages will look at your income, multiply it by a static ratio, and come back to you with a ballpark figure. They do this using standardised mortgage borrowing calculators, and it is a fast (but often inaccurate) start point.

A nice big potential budget for your new home? Sounds great, doesn’t it!

That is until you get further along the process and realise that the initial figure given is artificially optimistic and that house you’ve had your heart set on is now out of reach.

It’s not that these systems are designed to mislead you; it is simply a case that you cannot shortcut the system or avoid the questions about risk that borrowing assessors really needs to provide accurate answers. These basic calculator tools are just not everything they are cracked up to be!

Going through that learning experience can be very frustrating for all involved, and leads to a lot of wasted time when it comes to house hunting. It wastes time for you as the buyer as you initially research and maybe even view a number of properties that were never really within budget reach, and it wastes time for the estate agents who manage the visits and answer a lot of questions about those inappropriate properties.

The reality is that the amount you can really borrow depends on a wide range of factors including your employment status, regular provable income, monthly outgoings, credit score and more.


What’s the best way of finding out what mortgage you would likely be offered?


Here at Mortgages.Online, we want your mortgage application to be easy.

To help minimise the annoyance of inaccurate borrowing estimates for potential buyers like you, we have created a unique and free mortgage calculator that addresses a wider range of application considerations upfront. This means a more realistic ‘affordability calculation’ that isn’t based on the basic income multiplication approach used most commonly elsewhere.

Below is the 5 step process for you to follow!


  1. Our free online calculator means that you can answer questions at your own pace from the comfort of your own home. Simply enter your details and we will get straight back to you with the most accurate loan possible.


  1. One of our professional advisors will be in touch to confirm this, and also run through any questions that you may have about the application progress.


  1. We will then complete your application for you and send it off. We will do all the heavy lifting so that you can sit back, relax, and know that everything is being handled by our expert team.


  1. We will constantly chase lenders and solicitors to ensure that your application is being viewed.


  1. We will update you every week with the progress of your application so that you will never be left in the dark.


Hopefully, this has cleared up what you should expect from your mortgage broker when researching affordability and applying for the lending.

Do try out the calculator, and let us know what you think!


Laura Waller

Laura Waller has been working in the mortgages industry since 2013, joining an independent brokerage in Essex. Laura has CeMAP 2 & 3 – Certificates in Mortgages Advice and Practice. Since then Laura oversees marketing for Mortgages Online, using her experience and expertise to write articles and blogs about mortgages and related topics.

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