Lower mortgage rates aren’t making approval any easier

Mortgage rates may be finally getting close to reasonable, but it is now becoming harder than ever to get approved for home loans making it hard for the average family to get approved for one of these loans.

The mortgage market is quickly becoming split between those that have enough equity already built up in their homes to take advantage of deals and those who are first time buyers that are stuck with high mortgage rates or nothing at all. In fact, many first time home buyers cannot even get into the property market forcing them to rent instead.

If you find yourself unable to tick off all of the boxes instead of giving up completely it may be a better idea to instead seeing how a mortgage broker may be able to help you. Mortgage brokers are aware of which lenders are the best to work with for every type of circumstances and therefore they are the best choice for helping you sort through your options.

They are also great at knowing which lenders will offer you money based on the type of property that you are after which can also be helpful if you are hoping to get into the property market. Most mortgage brokers are reporting now that smaller building societies are the best to work with if you need a lender that can be flexible and will be willing to take your unique circumstances into account when they are making a lending decision.

This is due to the fact that the larger banks often have a set of guidelines that they will not be willing to deviate from. Smaller building societies also oftentimes will create innovative products designed to help out first time home buyers who may not have money for a deposit but do have parents that are willing to use their own equity to help.