You are here: Home - News -

Mojo finds Nottingham homebuyers most mortgage ready

by:
  • 26/11/2019
  • 0
Mojo finds Nottingham homebuyers most mortgage ready
Mojo Mortgages has named Nottingham as the UK’s most mortgage-ready city having analysed the data of 4,000 homebuyers.

 

Brokers have long played a part in advising customers on mortgage readiness, including warning about the potential consequences of certain types of spending on bank statements. 

Spending habits that put off lenders can include gambling, evidence of bigs nights out on the town and splurging during holidays, birthdays and Christmas.

As well, lenders have been known to balk at payday loans, unexplained cash deposits, busted overdraft limits, jokey or lewd references on transfers to family and friends and purchases suggesting big life changes such as a pregnancy.

 

West Midlands least prepared

The broker firm’s analysis ranked 30 towns and cities according to mortgage readiness, with scores out of 1,000. Nottingham scored 694, followed by Stockport at 684 and Basildon at 669.

The least mortgage-ready cities were Birmingham at 562, Bristol, 545, and ranked last at 514, Wolverhampton.

The research comes ahead of Mojo’s planned launch in January of MortgageScore, an app-based service aiming to support customers who want to improve their chances of securing the best possible mortgage.

According to the Financial Conduct Authority, lenders must verify income and outgoings, although not necessarily scrutinise bank statements. Many lenders look to credit scores and some, such as HSBC, have stopped requiring bank statements altogether.

“A staggering 82 per cent of our customers didn’t know whether they had a good enough credit score to get a mortgage. By launching this new service, customers won’t be left in the dark about what they need to do to get mortgage ready,” said Richard Hayes, chief executive and co-founder of Mojo Mortgages.

The broker deemed people with scores of 400 to 500 mortgage ready, although it said those with lower scores may be more suited to specialist products. The ideal score enabling customers to access a range of products was 600 or more, it added.

 

Related Posts

There are 0 Comment(s)

You may also be interested in