One of the most nerve-wracking and frustrating things for anyone wishing to renew a mortgage or secure a first-time product is anxiously awaiting a decision from a lender. After years of saving for a deposit, moving back in with parents to cut costs and sacrificing nights out with friends for the sake of putting a few extra quid away, a rejection from a mortgage lender can be a soul-destroying experience.
Mortgage applications, even just to get an offer in principal, are a long-winded process and, with many lenders tightening their belts in the wake of 2020’s Covid-19 pandemic, securing an offer in principle today is even more trying. Not to mention, with every rejection your suitability for a loan is being called into question, damaging your chances to secure funds from another bank or building society.
That’s where a mortgage broker like Threshold can really add value and help to make the mortgage application process as stress-free as it possibly can be.
Our brokers have access to UK lenders and thousands of types of mortgage options; meaning one application through us can instantly generate a yes or no decision across a wide range of lenders.
To improve upon this process even more, we’ve recently joined forces with Experian to conduct soft credit checks for our mortgage applicants using their Open Banking technology. This system makes it possible for us to submit your financial information just once, and receive a fast decision from multiple lenders, with no detrimental impact to your credit score.
The technology provides a high level of certainty for mortgage acceptance and allows all applicants to get a better view of their affordability for a mortgage against today’s increasingly stringent lending criteria. Not only will this ensure that decisions are made as fast as they possibly can be – and with complete clarity – it will also help to move forward the buying process for Threshold clients and our developer partners.
Managing Director of Threshold Financial Services, Matt Halder, had this to say of Threshold and Experian’s partnership:
“Our collaboration with Experian is a significant step to further enhancing and improving our client experience. Open Banking allows us to provide fast and accurate decisions for our clients, whatever their financial circumstances and we are proud to partner with Experian in this endeavour.”
If you’re looking to renew your mortgage in the coming months or hoping to get onto the property ladder for the first time in 2021, speak to our expert mortgage advisors today to see how we can help. With access to thousands of mortgage products across a diverse portfolio of lenders, and with our new Open Banking credit checks, we can deliver you a quick decision that doesn’t damage your credit rating.
You can speak to us Monday-Sunday from 9am-5pm at 03300 249 115. Alternately, you can book an appointment at a time of your convenience.