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At Balanced we are often told that people have been previously told that they can't have a mortgage for several different reasons, in this page we are going to try to dispel some of the common reasons people believe they can't get/have a mortgage or protection policy. We have divided the myths into categories so you can see which may apply to you. There are many misconceptions out there so if we haven’t listed your reason, call us - you might be surprised. All scenarios listed below are subject to other criteria which may affect eligibility.
“I’m too old for a mortgage”
Myth – Some lenders have no maximum age limit, provided affordability criteria is met and can be sustained throughout the mortgage term.
"I have only been self-employed for 1 year, so I have to wait until I have 2 years accounts"
Myth - We have access to lenders who are happy with self-employed applicants with only 1 full years accounts.
“I can’t have a mortgage because my credit score is too low”
Myth – We have access to lenders who assess applications without using credit scoring systems.
“It’s very difficult to get a mortgage if you’re a contractor or self-employed”
Myth – We have access to different lenders who will assess contractor/self employed income differently.
Talk to us as there is usually more than one way to assess income.
“I’m too old for a mortgage”
Myth – Some lenders have no maximum age for landlords with low loan to value loans, others will lend up to age 80 at application.
"I want a Ltd Company mortgage but can't get one because my company hasn't been trading long enough"
Myth - We can make a Ltd Company investment mortgage application the day you have a company bank account and your company is incorporated.
“I can’t have a mortgage because my income is too low”
Myth – We have access to lenders who have no minimum income requirement for some landlords, Ltd Company or not.
“I'm a first-time buyer so I can't have a Buy to Let”
Myth – Some lenders will allow first time buyers to have a Buy to Let mortgage.
“I can't have a buy to let mortgage because I have had credit problems”
Myth – Some lenders will consider applicants with some adverse credit history.
“Insurance is expensive”
Myth – You can set a budget you are comfortable with and we will help you prioritise options and cover levels based on your own needs and budget.
"I can't have insurance because I've had a medical condition in the past"
Myth - Different insurers look at pre-existing conditions differently, some will offer cover, but at a higher cost to reflect the higher risk, others will exclude pre-existing conditions but offer cover for other conditions. Some may even offer cover at standard rates as treatments may have become more advanced and successful over the years.
“Insurance companies never pay out ”
Myth – This is a common misconception. Insurance providers have been working hard over the years to ensure that their pay out rates have improved and people can have faith in the cover they are purchasing. Many claims which are declined these days are due to non-disclosure of material facts. We can talk you through how important it is to disclose all facts to ensure you have the best chance of a successful claim.