Response Mortgage Services Ltd – Mortgages, Truths and Myths

responsemortgagesbannerMortgages -Truth & Myths

If you have been reading the financial pages of the papers or listening to any money programme recently you may find that it is really hard to get a mortgage. Response Mortgage Services Lts’d, Andy Quinn lists some of the typical mortgage myths we have recently been told.

Myth: I have only been self employed for 12 months and that means I can’t get a mortgage.

Helpful truth: As long as you have 1 years accounts or tax returns it is possible to get a mortgage depending on your individual circumstances.


Myth: I am working on a probationary period and that means I can’t get a mortgage.

Helpful truth: There are some lenders who will lend if you started your job only yesterday and are on a probationary period. It is our job to find if there is one suitable for your individual circumstances.


Myth: I only have a small deposit and that means I can’t get a mortgage.

Helpful truth: The bigger your deposit, potentially the better choice you have but it is possible to find mortgages with only a 5% or a 10% deposit, one lender has recently offered 100% mortgage, and some lenders might be able to include parents income into the equation.


Myth: I need my mortgage to run past my retirement date and lenders insist that the mortgage is repaid by the time I retire and that means I can’t get a mortgage

Helpful truth:  Retirement age and the attitude to retirement has changed a lot over the last 10 years. It is possible to arrange a mortgage up to the age of 75 or 80 as long as you can demonstrate income in retirement and that you can afford the payments into retirement.  There are also potential alternatives to taking a mortgage into retirement dependent on your individual circumstances which we can discuss with you where appropriate.

Myth: We need to move to a bigger house for our growing family but cannot think of moving until we sell our current property. This means that I can’t get the mortgage for a new home.

Helpful truth: You will not be surprised to know that you are not the only person in this situation and as always the lending industry have potentially created ways of having your house and moving dependent on your individual circumstances. Just ask us for more details.


Myth: Lenders are looking at ways not to lend and I am concerned that if a lender declines my application that will make a difference to my credit rating and I will not be able to get a mortgage.

Helpful truth: A mortgage application that is declined may not make any difference to you but a history of poor credit might make a significant difference. Sometimes there may be something on your credit file that is untrue or that you have resolved but the record does not indicate the true position.  Obtain your credit reference to see that it is up to date and correct.


In summary, don’t listen to the negative comments in the press and get in touch for further information and clarification.

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