In our first episode of 2024, titled “New Year, New Mortgage,” hosts Paul and Steve from Express Mortgages dive into the crucial topic of how to present yourself for a mortgage. As we kick off the year, it’s time to break free from common pitfalls and set yourself up for success in the mortgage game.
We discuss the pattern we’ve seen too many times – clients are loyal to their bank for a mortgage, only to face rejection. It’s time to break the cycle! Learn why waiting weeks for a bank broker is a thing of the past. At Express Mortgages, we’re just a call away, available in less than a day. We’re human, we don’t judge, and it’s JUST A CHAT.
Underwriters declining your application for what seems like an unnecessary reason? We don’t take no for an answer. We’ll argue until they see reason or, if needed, switch lenders to ensure you get the green light. Our mission? To present you in the best light and secure that dream mortgage!
We recently dropped a TikTok bombshell, revealing the dos and don’ts of bank statements. Was it the savvy advisory content, the mention of “only fans,” or the unique delivery by one of our female team members that made it go viral? Tune in as we dissect the success and spill the beans.
Are you ready to navigate the mortgage maze hassle-free? Tune in to Episode 16 for expert insights, entertaining anecdotes, and a clear roadmap to a successful mortgage application. Don’t let delays and unnecessary scrutiny derail your dreams. Hit play now and let Express Mortgages guide you to financial victory in 2024!
👉 Get Expert Property Finance Advice ► https://www.expressmortgages.co.uk
📺 Subscribe to Channel ► https://www.youtube.com/@expressmortgages?sub_confirmation=1
👤 Connect with Express ► https://www.instagram.com/expressmortgages/
—-
ABOUT EXPRESS MORTGAGES
Since our founding in 2004, our pure passion and ambition to help people secure the homes they deserve has launched us from humble beginnings as a small mortgage brokerage office to a nationwide mortgage and property finance service with partners across the UK and worldwide.
Today, Express Mortgages employs over 20 people in our 2000 square foot office in Wigan, with services and operations encompassing all aspects of the property finance market.
We are a leading broker with access to the entire market, boasting an array of exclusive mortgage and property finance products not available anywhere else.
👉 Get Expert Property Finance Advice ► https://www.expressmortgages.co.uk
—-
CONNECT ON SOCIAL – https://www.instagram.com/expressmortgages/
📺 Subscribe For More Property Finance Tips ► https://www.youtube.com/@expressmortgages?sub_confirmation=1
New Year, New Mortgage!
#newyear #mortgage #mortgagebroker #newhome #mortgages #mortgageadvice #mortgageapplication
So you’ve got to present yourself in the right way you got to present your you know your your Armory which is your paperwork in the right way to A lender not yet to a not to us yeah we’re we’re on your side just throw it on our desk
We’ll we’ll sort that out we’ll present it in the best manner we can but [Laughter] no so happy New Year welcome to 2024 and the inside property and finance podcast I’m here with my business partner Paul rosson I’m Steve Hand Paul mcfaden isn’t here again where is he
He’s in the sunshine Costa Rica getting a bronzy on his abs So today we’re going to talk about what we’re going to talk about how to best present yourself for when you’re going for mortgage mortgage yeah yeah yeah could have t the tree though sh I know bit uh bit lazy around
Here is that mcf Fallon’s job yeah than just not here yeah can see it yeah he’s not he’s not around R troops yeah so this is this is a good one I find this quite amusing actually because um we put it on our Tik Tok didn’t we
Express yeah and um it got the biggest hit of the year over 200,000 was it yeah and we can’t work out because it’s great advisory content or the fact that only fans was mentioned yeah and and it was Hannah pretty young doing the uh the Tik Tok video yeah so
It’s either great content or people out there are just obviously it’s all down to Hannah which she’ll say course but I think no it’s a combination of things there but it’s it’s really interesting yeah yeah really interesting so how to present yourself and it’s uh it’s a question that people ask us quite
Regularly uh because they might go for a mortgage get not back typically people will go to their own bank aren’t they I don’t know why but people are still loyal to their own Banks they go to their own bank get not back and then they might try one other bank on the
High Street get not back and then they go and seek out a broker like us and then we’ll sift through the whole Market which is what they should have done at the beginning they see the error of their ways there go yeah yeah it’s crazy
I mean why why would you want to wait like a week or two for every appointment with a bank just to talk about their product knows God knows we are on their side people should remember this and and we’re human yeah oh yeah and it’s just a
Chat we talked about this didn’t we yeah it’s just a chat we don’t we don’t wear three-piece suits and Dicky bows anymore do we or you know the old school school TI not did you very very casual I can imagine you in a Dicky ball no no I was
Always a Rebel Rebel Rebel Rebel With or Without a Cause with with and yeah so it’s interesting is it people might well of course especially first time by will be forgiven for not knowing but what you you when I say what you look like not about the dicky bat
But what you look like on paper oh yeah and how you put that together it it there is things to consider and joking a what’s on your bank statements and we’ve seen it all over the years some comical things um really really does matter yeah so um should we give some examples or
Yeah I think so so um what’s um what’s some of the most interesting things that you’ve seen on bank statements over the years oh man I hope there’s no kids watching this um so there’s always the who’s got the biggest mate yeah so and
And I’ve got a few dick I love them to Pieces but they can’t help having a bit of a laugh over the years maybe not now we got a bit older but you know when you’re younger it’s the you know I’ve booked the tickets to whatever they all
Owe me some money back so to transfer money online to reference big dildos Doom or things like that it’s like hahaa very funny and the next month you think my mortgages up I’ve got to send them into a into an underwriter yeah and it’s like which if
You’ve told them that even more reason to do it exactly yeah so there’s always that um and then there’s obvious there there’s been people who um not ashamed of things and they not saying they should be but it’s just blatantly on there um and the only fans as much as we
Maybe joking about it is it’s becoming more popular yeah um and things maybe less of an embarrassment but if people have got gambling habits not necessarily addiction no you know I’m not try to make light of it because I do sympathize with people who were struggling with things like that yeah um
But just you know again a lot of my mates it’s nothing to them it’s a couple of quid a couple of quid though they’re not putting themselves under Financial stress no no and therefore the argument could be well why does it matter then well it’s the perception isn’t it of you
Get someone’s bank statements in and it’s Sky Bet Sky bet or lab Brooks or whatever many many betting institutions out there were not favorable um but yeah it’s it’s what impression does that mate yeah definitely and it might just be two quid here five quid there you know and and
It’s within their budget and they’ve got it under control but it’s the fact that um you print out your bank statements and if a lender asks for three months worth yeah and and maybe I don’t know three times a week you go into to The Bookies and it’s like two quid five quid
To the the number sometimes is irrelevant it’s the fact that skyb or whoever is plastered all over your bank statements an underwriter gets that that’s not understanding of of somebody’s um habit even if it’s not an addiction and um they’re just shaking the head aren’t they and and decisions
Are made sometimes by human beings like that it’s not just all computers you got to remember it’s their job on the line underwriting poy isn’t it yeah yeah and I guess I guess it is that the the making applicants guilty be before Pro proven innocent because again you speak
With people about this over the years and it’s like well of course I’m not going to spend that money when I’ve got a mortgage cuz I won’t be able to afford to it’s not that the the they’re not sensible it’s like well I can do it now
Cuz I’m living with my mom and dad yeah but I won’t do it when I can’t sorry Banks don’t see it that way did they hell no absolutely not cuz suppose the counter argument is how do we know that that’s not the beginning of an addiction I suppose and we’re going to have
Problems exactly um and it’s not just the it’s it can be spending in general counter yeah remember when we were going through that period I think it was just after the Great Recession so like the early 2010 to 13 period affordability affordability and it was like um you you
Were uh you know you’re going out for a treat meal like maybe one or two and you were splashing out on a nice steak and chips or whatever and uh and they’d look at your bank statements and go oh he’s just spent 200 quid in that restaurant
Yeah but you know it got a bit worse didn’t it cuz it wasn’t just what they were looking at at bank statement they’re asking people to fill in what they spent their money on on a on a affordability calculator yeah and it varied from bank to bank some of them
Went way off on tangent didn’t they yeah um you know do you own a pet that kind of thing oh yeah do you pay pay insurance what do you feed your pets yeah um do you eat steak there was one wasn’t there do you eat steak and I know
This is slightly off tangent to presenting yourself but so long it gives you the mindset of an underwriter process doesn’t it yeah do you eat steak Yeah well the answer is yes I eat steak you eat steak I love a bit red meat yeah I know people who eat steak every day of
Their life and I know people who have it who take the box I eat Stak yeah but I might have it once a week you might have it every day so why does the answer actually do things so but again it’s just to emphasize that this is the this
Is the the starting point we’ve Underwriters isn’t it it’s what’s going to go wrong with this application exactly and and don’t get me wrong that you know there will differentiate between what’s the average wage now 30 grand let’s just say 30 grand a year person and somebody that’s on 300 Grand
A year you know they they’re not D they understand that spending habits are different between those two people but they’ll put you into brackets and they’ll have parameters of spend won’t they and if things are excessive or out of kilter then um alarm bells or red
Flags go off so I I I’ve always taken the approach that and and my advice would be if you know that you you’re going to need a mortgage you moving house in those three months typically three months leading up to it keep your nose clean and just be a little bit more
Frugal with with your spending no matter what earnings you’re on I I would just take that approach yeah um I’ll tell a quick one though cuz I was find this one I’m using I know I know you know it but the guys out there hopefully have not
Heard this one before so I can’t might have been last year the year before we come back into work after the Christmas period And there’s an application been declined for expenditure reasons on bank statements yeah yeah and um we’re looking at it we’re thinking what’s what’s the what is it what’s the problem
Because you know under you don’t get the it’s an expenditure issue and this these are transactions what on B so um one of the guys in the team that were struggling to get a straight answer which is understandable um but as with a lot of things in life sometimes someone
Knows someone who can just get a little bit more info yeah so um I follow the BDM I said after many years of looking at bank statements I can’t see where the problem is with this client can can you please just try and shed some light on it and
Uh they were good enough and they did and they found out yeah and it it was um transactions in a pub right yeah so it was you know when we went back to to them it was like yep round the drinks rounder drinks round the drinks round of
Drinks round of drinks yeah and then I looked a bit closer I thought hell not the client underwriter right you know what date it was go on SE December 31st it was New Year’s Eve New Year’s Eve and he’ bought a lot of drinks yeah and that made him a
Bad Bet for a marage now to refer they hadn’t noticed yeah and they all they changed them and we got it sorted but yeah C there could be things like that genuine things where you’re taking your team out you know you might be a sales manager you’re taking your
Team out for a few drinks you don’t have a work credit card so you’re using your own you’re going to claim back on expenses yeah but those three months maybe that last month is the third month and uh and they’ve not seen the fact that your firm’s going to reimburse you
So um and they don’t always wait for the explanation do they they just kind of look at it in isolation and go right not happy with this decline and it’s the it’s the time delays and if you’re buying a house and you’ve negotiated a price based on time like to a degree and
That can scope of the deal can’t it so really important bank statements the other thing that we come up with a lot is um is when people at the world that we’re in when people want to get out of their corporate career and maybe go into property full-time or start a business
Full-time yeah and uh they’re really chuffed a bits because just yay just given up my job and uh I’ve got some savings so it’s cool you know that’ll that’ll last me a year and I’m setting up this new business right now I want to buy a buy telect property uh or I want
To buy this property and um when it’s just happened it becomes pretty challenging doesn’t it or I want to get money out my house to go and buy the B toet yeah and yeah now you’ve got to think ahead haven’t you you know while you’re in that corporate cran you’ve got
A good salary maybe then take your Equity out if if that’s your plan to go and buy buy tect properties and then at some point after that maybe then you can give your job up or or do something different so um but people just kind of make that decision we must clarify
People shouldn’t wittingly know I’m about to give my job up and go on no no saying that but it’s you’ve got to plan way way in advance yeah plan accordingly yeah yeah I’m I’m just trying to think of some more examples what we seen on bank statements but I I
Don’t think we should actually I really don’t think we should mention some of but um what’s the other one as well that gets a bit difficult and it’s not so much for the banks this It’s when um married couples or couples doesn’t have to be married um they want to buy a
House together and then it’s okay can we have your bank statements and it’s not it’s one of them they’re not particularly bother that the lender’s going to say yeah yeah they know full well it’s going to get declined when they see them and then the other
Partners going to go well what is why do get let me have a look at those yeah and we’ve had a few uh people phone up off the The Joint call later on saying listen I can’t go ahead with I can’t do this cuz it’s going to be the end of our
Uh our our relationship if I have to show my bank statements but yeah the crazy world of mortgage broken it’s you think it’s all just form fill and putting numbers in boxes but oh not at all gets quite amusing at times yeah so you got the bank statement you’ve got
The employment status if you like moving from employed to selfy uh adverse credit is something that comes up a lot and I think because people might have been to their own bank initially and been turned down because they’ve got a blip on the credit file
And a blip can be just like a late payment or a Mis payment with some lenders they’re that pedantic other lenders you’ve got to have you know quite a large County court judgment or something for them to knock you back so it varies considerably but they might just have something that’s not
Particularly difficult for us to overcome even if it’s quite recent but they think the world’s ended and um yeah do you want to talk through some of the the cases that we’ve had in in that world well I think it’s uh I think it yeah I mean the first thing you’ve said
There is quite right A lot of people just assume they can’t be helped and they don’t even bother asking yeah remember it’s just a chat have a chat let’s see what we can do and there is a huge difference between um you’re the the large High Street automated decision
Making model mhm computer says no remember was it Little Britain oh yes computer says and that’s true true isn’t it that’s exactly how it works yeah spits it out credits score decline gone and then you’ve got manual underwriting and some especially some of the smaller billing societies still very much work
On this basis and even their criteria might be we won’t accept uh a counterart judgment above 500 value yeah um within the last three years something along there’s all kinds of criter let’s go with that very typical yeah but there’s how many times over the last 20 years of
Express when we sit down with a client you go right what happened oh I’ve got a county cart judgment it’s it’s too Grand yeah when did it happen um two years ago so to that lender’s criteria it’s a no yeah you say what what was it oh I went
Through a divorce at the time or there was a bement in the family or and you get a picture don’t you yeah so we’re back to presenting it to alenda here and I guess this is a bit more our job in way but clients need to work with us
Yeah if we we can go to an underwriter and say look we know this is outside of your criteria but what we’ve got here is a six-year credit file mhm it’s got nothing on it apart from this one event yeah we can prove with divorce papers
Let’s use that as an example it was linked to that time of life MH it’s great income to pull it’s a low loan to value it’s do you really want to say no to this client who’s got an Exemplar record other than a time when understandably things weren’t going quite right for him
Yeah um they know out of that and maybe they’re applying with somebody else you know they’re in a new relationship things like that and how many times have lenders gone do you know what you you’ve got a very strong point there very good point there and I’d even go to this
Degree that lenders will look at the quality of business that they get from a brokerage and if they see that if we were operating like this that we’re always trying to get those single application squ it weren’t their fault Square pegs in round holes but it’s not
If it’s like the odd isolated case like that they’ll say well look look at the quality of their business 99% of it is absolutely spot- on there’s that 1% now and again which is just uh we need to flex criteria then um of course they’re going to look after you you know they
They’re going to help you out and and that’s quite often what the general public might not understand and and I don’t blame them for that that um them going to A lender on their own they’re not going to get the same results as coming com through a broker no it’s not
What you know it’s who you know no it is what you know yeah but it’s also who you know perhaps whose daughter knock on MH um and we’re talking here very much on the residential and maybe by application but presenting right an application and yourself extends into bridging and
Development and yeah huge in fact sometimes it gets more important doesn’t it yeah it does um yeah you know and when people expect us to go to these lenders with some scribbles on a piece of paper and get a result as opposed to the applicant who comes with maybe a
Spreadsheet and a well-presented thought out proposal it it’s the same thing isn’t it yeah you’ve got to treat it like an interview you’re not going to rock up with dirty shoes are you and you’re tie skewed to one side so you’ve got to present yourself in the right way
You got to present your you know your your Armory which is your paperwork in the right way to A lender not yeah to A lender not to us yeah we we’re we’re on your side just throw it on our desk we’ll we’ll sort that out we’ll present
It in the best manner we can but no y yeah um no but as you said earlier you’ve got to be prepared haven’t you yeah because if they’re asking you for three or maybe even six months you can we can’t sort that out if there’s a
Problem we can tell you what the problem is but you’re going to be another three or six months till you can yeah and if you’ve seen your dream home and to take action now so the idea here is is saying to people look prep yourselves for all
This cuz it is important and the more you help yourself know when the time comes the more we can help you you know at an application yeah so in in summary really it’s just to be very aware of what’s gone on in the recent past you know whether it’s employment status any
Credit history adverse or or or subprime um and and also um bank statements of course how could I foret yeah I’m sure um our case manager’s favorite part of the job is naing through the bank stat yeah def definitely oh and ID the all I was just going to say passport photo
Stat yeah young young Lads are applying let’s have a look at him I’ve heard that in the in the office before oh yeah he’s he’s an eight he’s a dream yeah will really help his mortgage no I’m only joking with with won pick and choose but no um it’s
Um it can be amusing that might put a lot of people off sending stuff to us now but I don’t it is what it is it is what it is our job obviously is to make sure we present you guys in the in the best possible light and you know
Facilitate your mortgage and get things through and uh that’s what we’ve done for many years and don’t assume everything’s a no hoper you know reach out to the team have a chat with an advisor give it on wats and all and they’ll come up with a solution if there is one
Yeah great so that’s us so any thoughts comments questions put them in the comments below and we’ll respond accordingly bye for now