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Been declined? 5 things you need to do next to get your mortgage.

24th July 2018

Been declined?

5 things you need to do next to get your mortgage.

Have you been declined for a Mortgage?

Lender criteria is difficult to navigate. If you’ve been declined stop making applications now! Making multiple mortgage applications can damage your credit score.

1) Check your credit report. Many of our Bristol based mortgage clients who have had mortgages declined subsequently discover information that they were unaware of when they check their credit report. Little things such as missed payments during the last 6 years can put off some high street lenders, missed payments can be registered on any credit agreement and will show on your credit report. Also check your payment history for any internet and tv service providers as these will often also be visible on your credit report. Check for CCJ’s and Defaults too, these can really make applying for a mortgage very tricky indeed. There are mortgage lenders and banks who will accept applications for those with impaired credit scores, Kensington, Precise, Aldermore and Halifax are often able to help. Book your free consultation with one of our specialist mortgage brokers/advisers to find out how to progress your mortgage application.

2) Are you self-employed? Many of our clients have been declined for mortgages due to their self-employed status. Many mortgage lenders will accept mortgage applications from the self-employed even if they only have one-year tax returns, or if they have low levels of income during previous years. Mortgage lenders all seem to asses income differently. Some will accept non distributed income and net profits of limited companies whilst others will wish to see company accounts or tax returns. I’ve you’ve been declined this isn’t the end of the road, it is possible to obtain a very low-cost mortgage deal with various mortgage lenders including one high street bank. You can speak to a lender criteria specialist here.

3) Could you purchase a home or re-mortgage in joint name with a partner? There are other lots of considerations here, but this is something which could help you get your foot on the ladder or raise funds.

4) If you are looking to raise money by re-mortgaging and if all else fails have you considered a second mortgage? These loans are substantially cheaper than they were in previous years. This could also work as a short-term option until you are able to successfully apply for a mortgage.

5) Meet with an experienced mortgage broker/adviser. An experienced mortgage professional will know exactly where to place your mortgage and save you time and money. Ask your broker if they have experience in dealing with similar client enquiries in the past.

Call us on 01179679240 to book a Free Initial Consultation or simply scroll down to complete the contact form below, and we’ll be in touch.

 

 

 

 

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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There may be a fee for mortgage advice which is only payable once you receive a full mortgage offer from a lender. The precise amount you will pay will depend upon your circumstances. Speak to an advisor for further details.

Our Bristol based Independent Mortgage Advisors offer mortgage advice at our offices or in the convenience of your home in Bristol and Weston super Mare in the following locations only; Almondsbury, Backwell, Bedminster, Bradley Stoke, Brentry, Bishopsworth, Chipping Sodbury, Clifton, Downend, Eastville, Easton, Emersons Green, Filton, Filwood Park, Fishponds, Flax Bourton,Frenchay, Hanham, Henbury, Hengrove, Henleaze, Horfield, Hotwells, Keynsham, Kingsdown, Kingswood, Knowle, Lawrence Hill, Lawrence Weston, Leigh Woods, Lewin's Mead, Lockleaze, Longwell Green, Mangotsfield, Monks Park, Montpelier, Oldland Common, Patchway, Portishead, Redcliffe, Redfield, Redland, Sea Mills, Severn Beach, Shirehampton, Sneyd Park, Southmead, Southville, Speedwell, Spike Island ,St Agnes, St Andrews, St Anne's, St George, St Jude's, St Paul's, St Philip's Marsh, St Werburgh's, Staple Hill, Stapleton, Stockwood, Stoke Bishop, Stokes Croft, Thornbury, Totterdown, Tyndalls Park, Warmley, Westbury on Trym, Westbury Park, Weston super Mare, Wotton-under-Edge, Whitchurch, Whitehall, Willsbridge, Windmill Hill, Winterbourne, Withywood, Yate, Yatton & Peasedown St John, Corsham, Chippenham, Bath, Chipping Sodbury, Thornbury