West Midlands ranks low on mortgage readiness

Out of 30 cities and towns, West Midlands cities and town rank towards the bottom of the list. Nottingham is the UK's most mortgage-ready city according to data from about 4,000 homebuyers.

As we approach the end of 2019, landlords are looking to get properties which might become empty back on the market. Events like these tend to happen around this time in the year. This time of the year is crucial for many reasons. While everyone does their best to watch their eating habits, some are also watching their spending and making sure certain types of transactions (gambling, payday loans and excess social spending) stay off their bank statements.

According to Zoopla and Rightmove, December is the time of the year when they receive the most amount of web visitors to their individual websites. Arguably, this coincides with when most people are either applying for new jobs or are starting new jobs. With this comes a little more disposable income which allows some to now be able to live in more expensive accommodation.

According to a research carried out by Mojo Mortgages, a free online Mortgage broker in preparation for a new product which helps to increase your chances of securing the best possible mortgage. Buying a home is an important life stage for most as it's probably one of the few times you'll ever spend a large amount of money. However before this occurs, they are several stages. of which accessing your credit score is vital to affordability and measurement of risk. The study shows that there isn't a correlation between 'bad' credit score and whether you are ready for a mortgage.

So, what does this mean for homebuyers in the West Midlands?

Mojo Mortgages undertook a study to analyse the ‘mortgage-readiness’ of 4,000 homebuyers across the UK. Results showed that those who live in Nottingham are the most mortgage ready, whilst those who live in Wolverhampton are the least – meaning that they have the worst mortgage score in the country.

As part of MortgageScore™, customers will be given guidance on how to improve their score, and improving the score means that it’s more likely customers will get a better offer from a broader range of lenders.

MortgageScore launches in January 2020, but to sign up ahead of its official launch, visit: www.mojomortgages.com/mortgagescore.