Reasons Why Your Mortgage Application Might Be Declined

Credit Score Mortgage Advice in Nottingham

Failing a credit score for a mortgage

Completing a credit score for a mortgage is not a difficult task, however, sometimes the applicants are unable to meet the lender’s criteria. This is due to the fact that certain mortgage lenders have a high set of requirements that must be met by the applicant. There are instances where you may be unable to meet the credit score for the mortgage and the lender is not able to communicate properly about the reasons why you failed. We know this can be frustrating.

If you want to know why your application for a mortgage was possibly turned down, using a mortgage broker is the best path for you. Approaching experts and professionals in the field of mortgages is going to be the best choice you make to get a desired result. Once your file is fully studied by the dedicated Mortgage Advisors in Nottingham, they will be able to recommend the most appropriate lender to go with.

In order to improve your credit score, you have to meet certain parameters. If you are paying off a balance on a credit card, you should try to pay the monthly balance in full. Another big help in improving your credit score comes if you are present on the voters roll in your local area. To make things even better, get rid of any bank account, store cards, and credit cards that are no longer used. A cleaner record really helps.

Remember, if your application is rejected by one lender, you may still have a chance of being accepted by another lender. For this, you need to have the least amount of credit footprints registered in your name. Your name in the systems should be as clean as possible and should not have any pending balance so that the lender can trust you and your credit score easily.

Declined for a mortgage on affordability

If you are looking for Specialist Mortgage Advice in Nottingham, you should keep in mind that every mortgage lender uses different methods to calculate the amount that you can borrow. As a matter of fact, you might find 10 different approaches from 10 different lenders for the same mortgage application.

You might find one lender being more lenient if you are self-employed, with your overtime and bonuses counting towards 100% of your income. While some lenders might not consider bonuses as income, others might be generous enough to accept the tax credits, maintenance, and even child benefit.

The benefits of looking for Specialist Mortgage Advice in Nottingham are pretty helpful. A trusted mortgage broker will have knowledge of how to approach the lender and discuss the chances of your application getting through. Consulting us for an expert opinion will help you find out if you meet the lender’s requirements. You can then get to work on meeting those requirements in order to move forward with your potential mortgage.

It’s highly recommended that you get Specialist Mortgage Advice in Nottingham before filing an application. Consulting the relevant mortgage experts will highly pay off as they will be able to guide you on the right path to organise yourself and avoid being disappointed by approaching the wrong lender.

Do you find yourself outside of lending policy?

Remember, that all lenders work according to their rules and emphasise borrowers meeting their lending criteria. Some of the requirements in the criteria are tougher to meet than the others and this is what causes many applications to be declined. Here are some of the reasons why an application may be turned down as 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

The experience of a specialist mortgage broker in Nottingham can come in handy when selecting the best mortgage plan for you. If you find yourself in any of the above-mentioned situations, its best recommended that you get in touch with a dedicated mortgage advisor to receive support along the process.

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