So, you’ve been to the bank, and they have said no; what my next step is?
In addition to the Banks, you can also explore the option of a non-bank lender. These lenders have different risk tolerance and can be willing to work with less straightforward situations. Typically, they will still require a 20% deposit, but the key benefit is that they can be more accommodating in some less straightforward situations such as:
- If you are self-employed and don’t have two years of financials yet
- Have variable income
- Poor credit rating
They are not a “cure-all” or “get-out-of-jail-free” option and do come with slightly higher interest rates. However, they can be useful as a short-term solution to tidy up your situation and get you into a house. Once the case allows it, you can refinance to a leading bank.
