Mastering your mortgages

Taking out a mortgage can seem like a daunting task, as you could be signing up to a considerable long term commitment. With confusion and lack of knowledge adding to people’s worries, the Simples Lab has stepped in to provide homeowners with the facts to help them make the best decision. The Simples Labs Mortgage Eligibility Check hopes to cut out some of the hassle for those worried about which mortgage is best for them.

UK mortgage hunters are feeling disempowered

Need to take out a mortgage, but feeling the fear? Research from our innovation hub has found that you’re not alone. Nearly 13 million adults across the UK don’t think they’re eligible for a mortgage at all! The Simples Lab found that many applicants don’t ever take the necessary steps required to boost their eligibility. A surprising 62% of the nation told us they’ve never checked how much they could borrow before applying. By completing a ‘soft check’, you can see how likely you are to qualify for a mortgage before you apply. And, most importantly, it won’t affect your credit rating. 

For most of the nation, your credit rating counts! If it’s low, you may struggle to find a mortgage provider who’s prepared to lend you what you need. The good news? There are some key things that you could do to  boost your credit rating such as; taking out a credit card, paying off existing debt and adding your name to the electoral register. However, nearly three quarters of UK adults admit they’ve not made any attempt to improve their credit rating at all. 

UK mortgage hunters are feeling disempowered

You could borrow more than you think

The Simples Lab found that 16% of us are unaware that we could borrow over £50,000. With the average UK house price estimated at £225,621, these pessimistic predictions indicate a lack of self-confidence in making financial decisions. Sadly, only 12% of the nation are able to imagine themselves securing a mortgage large enough to cover a house at the average national price. 

Find out how much you could borrow (the simples way)

Following this insight from the Simples Lab, we’ve launched our Mortgage Eligibility Check. It allows you to ‘soft check’ how likely it is that you’ll be accepted before you apply.

Don’t let a lack of information hold you back from buying a place to call home. Educate yourself on how much you can borrow to discover the opportunities open to you.