You would not apply for a loan from a bank if you have bad credit or required another type of non standard loan. In these cases you would be better served by contacting a mortgage broker that specialises in these types of loans … someone from the Mortgage Supply team.
It’s all about finding the right solutions … getting a loan approval.
Bank Criteria Does Not Always Suit
Banks are fine at lending money to people that fit the standard criteria – those with salaried income, good previous loan history and a clean credit report.
But not everyone fits the criteria that banks deem standard.
This is why there is an increasing need for non bank lenders who can assist those clients which don’t meet the banks “box” and there are plenty of occasions when this is the case.
There are non bank options!
The non bank options for finance are not a last resort option but non bank lenders offer more flexible solutions that help people get bad credit loans and on standard loans that the banks find too hard.
Banks Say “NO” Too Often
Banks have specific criteria and to provide anything ‘outside the box’ can be difficult.
We know this is frustrating for the bank staff too as they often know that these are good deals. As mortgage brokers that have knowledge with these types of loan applications we even have people contact us after been told to by their banks, solicitors and accountants.
Life happens and not everything goes to plan.
Bad Credit Loans – a credit glitch on your Veda check can be caused from a business or relationship issue and some credit glitches are not known until it is time to apply for a loan at a bank. We also see many people that have tax arrears which have meant they have incurred large tax liabilities due to peaks in their income or changes to business structure.
This does not mean that these people are bad payers, but there may have been a time when something went wrong.
As specialist mortgage brokers we work with non bank lenders to source suitable solutions. Some of these solutions are more expensive and therefore are designed as short-term strategies to assist until the credit is improved.
Self Employed People – often they are unable to provide suitable proof of income.
Most banks require 2-years financials to prove income which can mean you need to be in business for well over 2-years before you are in a position to provide these. Most self employed people have accountants trying to reduce the tax they are required to pay and while this makes common sense, it can make it hard to show you have enough income too.
As mortgage brokers we still have the ability to get low doc home loans for self employed people.
These are some of the non standard loans that we can help with, but there are many more.
To see some examples CLICK HERE
Speak To Our Mortgage Brokers
The team at The Mortgage Supply Company have a better understanding of alternative non bank lenders in the market today and because of this understanding they can often get finance for people after the bank has said “no” and sometimes even with that same bank.
If your bank has said “NO” do not despair and do not be pressured into accepting a non bank loan offer with higher interest rates or fees unless you have spoken to us about all of the alternatives first.
There are some non bank lenders offering very competitive products and interest rates.
