Some 90% of mortgage seekers turned down for finance by banks sourced affordable finance from alternative lenders, the latest figures from online brokerage service, Revolution Finance Brokers, shows.
63% of the 320 applicants who came to Revolution for support in the first quarter of 2023 had been rejected by a bank for a number of reasons, including bad credit issues, unusual premises and problems with the valuation of the property.
Revolution was able to find finance for nine out of 10 of all these applicants from the array of over 10,000 products and 200 lenders available to the firm.
Almas Uddin, owner of Revolution Finance Brokers, said: “When you get declined for a mortgage by a bank it can really throw you, especially in this current financial climate and when you don’t really understand the reasoning as to why.
“It’s important to know that this rejection is not the end of the road and that by investing in the services of specialist mortgage broker you can get access to hundreds of more lenders and navigate bad credit and other issues.”
He added: “A lot of the clients that come to us are disillusioned with the process and it’s a privilege to be able to support the vast majority of them to secure affordable finance to get their projects and in lots of cases their lives back on track.
“It’s always important not to lose heart and come to specialist advisors who can help out you in front of a huge array of lenders that are always more amenable to sourcing a product that works for you financially.”
