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- In First things first - Steps before applying for finance, Loan disasters - When finance goes wrong
While we would never recommend that you enter into a purchase contract before having finance arranged, we have come across many situations where customers are panicking because they have signed a contract to purchase a home, and have then been declined for finance.
The worst thing you can do in this situation, is start applying at every bank you can think of. This will make things substantially harder.
What needs to occur is a proper, upfront assessment of your income, credit file and savings patterns, so we can correctly assess which lender is most likely to approve you.
You may not be know, but each time you apply for a loan, it places a mark on your credit file which can make a bank less likely to approve you, even if they would have done so if you had not made the previous enquiry!
It is important that your application is presented in the best possible light, and speaking to an experienced broker from Bee Finance Savvy will greatly assist you in this matter.
After all, there may be factors at play that the credit department in the bank do not pick up on, that if properly explained, could help to get your loan across the line.
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