Dispelling Mortgage Myths
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.
Myth... Some lenders have no maximum age for landlords with low loan to value loans, others will lend up to age 80 at application.
"Im too old for a mortgage"
Myth... We can make a Ltd Company investment mortgage application the day you have a company bank account and your company is incorporated.
"I want a Ltd Company mortgage but can't get one because my company hasn't been trading long enough"
Myth... We have access to lenders who have no minimum income requirement for landlords, Ltd Company, private ownership & portfolio Landlords.
“I can’t have a BTL mortgage because my income is too low”
Myth... Some lenders will consider applicants with some adverse credit history.
“I can't have a buy to let mortgage because I have had credit problems”
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.
"Insurance is expensive"
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.
"I can't have insurance because I've had a medical condition in the past"
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.
“Insurance companies never pay out”
Myth... Some lenders have no maximum age limit, provided affordability criteria is met and can be sustained throughout the term.
"Im too old for a mortgage"
Myth... We have access to lenders who are happy with self-employed applicants with only 1 full years accounts.
"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 assess applications without using credit scoring systems.
“I can’t have a mortgage because my credit score is too low”
Myth... We have access to different lenders who will assess contractor/self employed income differently.
“It’s very difficult to get a mortgage if you’re a contractor or self-employed”
Have a look at our case studies to get an idea of how we work.
Our broker fee is only payable on receipt of a formal mortgage offer from a lender, please visit our buy to let broker fee page here.
We are completely independent, so you can be safe in the knowledge that YOU are our priority.