Reasons Why Your Mortgage Application Might Be Declined

Credit Score Mortgage Advice in Nottingham

Failing a credit score for a mortgage

Even though carrying out a credit score for a mortgage is not a challenging task, we do find that some applicants are unable to meet the lender’s criteria. This happens cause certain mortgage lenders have a high set of requirements to meet the lender’s criteria. In some cases, applicants may not be able to meet the credit for the mortgage and you may find the lender will not communicate to you the reason for this. This is usually the case if you approach a bank and can be a frustrating matter to many.

This is where we can help! If you approach a Mortgage Broker in Nottingham, you can get a better understanding of your credit score. Here at Nottinghammoneyman, we have a team of Mortgage Advisors in Nottingham who can recommend the most suitable lender and work hard towards achieving your mortgage goals.

Improving your credit score may involve you having to meet particular parameters. For instance, pay off your monthly balance in full when it comes to your credit card balance. Being on the voters roll in your local area can help with boosting your credit score. For even more of a positive impact, get rid of any bank account, store cards and credit cards that you are no longer using. Having a clean record does help.

In the case where one lender rejects you application, you may find that another lender accepts you. To determine this, you need to have the least amount of credit footprints registered in your name. This should be clean when your name is in the system and should not have a pending balance in order for your lender to trust you and your credit score easily.

Declined for a mortgage on affordability

For those who are looking for Specialist Mortgage Advice in Nottingham, you need to take into account that every mortgage lender uses a range of methods to work out the amount that you can borrow. Therefore, you might find 10 different approaches from 10 different lenders for the same mortgage application.

In some cases one lender may be more lenient if you are Self Employed in Nottingham, with your overtime and bonuses counting towards all of your income. Some lenders might not factor in bonuses as income, whereas, some might be lenient to accept tax credits, maintenance, as well as child benefit.

Approaching Specialist Mortgage Advice in Nottingham are very beneficial. An expert mortgage broker will have knowledge of how lenders work and speak about the chance of your application being successful. Contacting a professional for an expert opinion to see whether you will meet the lender’s requirements. From this, you can see what you need to do to meet those requirements so you can move forward with your potential mortgage.

As a Mortgage Broker in Nottingham, we do strongly suggest you to obtain Specialist Mortgage Advice in Nottingham prior to filing an application. If you do have a mortgage expert included in your process they can provide a helping hand and guide you on the best path. With this, you can organise yourself and reduce the risk of being approaching the wrong lender.

Do you find yourself outside of lending policy?

Each lender has their own refined lending criteria. As mentioned each lender’s criteria is different so you will find some are more fitting than others with your financial circumstance. Below are some of the reasons why an application may be declined because it does not reside inside the lending policy;

  • Loan amount not meeting the minimum or maximum limit
  • Mortgage terms do not meet the minimum or maximum age limit
  • Sole mortgage requested by a married applicant
  • Property construction not meeting required standards
  • Insufficient deposit
  • Non-satisfactory credit history
  • Insufficient period of employment or self-employment

As a Mortgage Broker in Nottingham, we can utilise our knowledge and experience to find you the most appropriate product for your personal and financial situation. You might feel your situation is too complex, however, please don’t hesitate to speak to our team. Through our experience, we have encountered a variety of customers and it’s very likely we have encountered a situation similar to yours. If you are in difficulty with the mortgage process and are looking for a helping hand in overcoming any hurdles, book a free mortgage appointment with one of our advisors today!

Specialist Mortgage Advice in Nottingham

Last Edited: 06/10/2022 & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
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