Can anybody get a mortgage?

Not everyone can get a mortgage, but there are several types of deals that try to cater to a wide variety of people and circumstances.
Who can get a mortgage?
Generally speaking, mortgages are most accessible to people aged between 25 and 40, who have a larger than average and reliable income, a sizeable amount of savings to use as a deposit and a healthy credit rating.

Mortgage lenders will need to approve prospective borrowers through an application and underwriting process. Home loans are only provided to those who have sufficient assets and income relative to their debts to practically carry the value of a home over time. A person’s credit score is also evaluated when making the decision to extend a mortgage. The interest rate on the mortgage also varies, with riskier borrowers receiving higher interest rates.

Mortgages are offered by a variety of sources. Banks and credit unions often provide home loans. There are also specialized mortgage companies that deal only with home loans. You may also employ an unaffiliated mortgage broker to help you shop around for the best rate among different lenders.

It is quite uncommon to be able to match up perfectly with every area of that criteria, but thankfully there are many specialist mortgage providers who try to cater to those who may be deemed ‘too old’ to get a mortgage, or who may not have enough income, deposit or a good enough credit rating for many of the mainstream lenders.