Who will make the full process and steps for making the effective BPI process?

But what seems to confuse mortgage-seekers and advisers the most is the sheer variety of today’s mortgages.IFAs and brokers almost need a degree in mortgage-lending to thread through the maze of information they are faced with.We need to know a host of new criteria and variables before we can consider advising applicants about what to do and where to go.The number of people who are ‘non-conformist’ or self-employed has soared in the past few years.As they had many local friends, they decided to look for affordable properties in the same area.After six months of intensive searching they found a charming one-bedroom flat in a Victorian conversion in Stoke Newington, London N18.

building inspectionsThe flat was £150,000, so Mr Hall offered £142,000 which the vendors accepted. He had £41,000 to put down as a deposit. He contacted his broker, who approached Verso, a subsidiary of Britannia Building Society, for a £101,000 self-certified mortgage.Excited by their imminent move, Mr Hall, Building and Pest Inspection Sydney a keen tennis player, and Ms Szabo explored Stoke Newington and sought out handy local sports facilities and eating-places while they waited for their mortgage to be approved.

To his surprise, Mr Hall was told by his broker that Verso had refused his application. Mr Hall wrote to the company, asking why they had rejected him when he was on the electoral roll and had never had debt problems.Verso repeated in writing what they had told his broker, that Mr Hall’s credit score was too low.Though lenders like to bombard the public with enticing offers for mortgages, actually getting one can be fraught with problems for the self-employed.One mortgage company said it has to turn down one in three self-employed applicants to impress its parent company.

Though the number of lenders and types of mortgage keeps increasing, applying for a mortgage can be so complicated that an applicant can fall down on the most insignificant little item.If Mr Hall had a credit card he would almost certainly have been able to obtain a mortgage from anyone.Potential homebuyers with a lot of borrowings and credit facilities always get a high credit score, but the system is unfair on those who are prudent and save regularly like Mr Hall.The rules of credit scoring can also be unpredictable for the average self-employed applicant.

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