Reasons Why Your Mortgage Application Might Be Declined

Credit Score Mortgage Advice in Doncaster

Failing a credit score for a mortgage

It is an easy task when it comes to a credit score for a mortgage. The only thing that can make it difficult is if you cannot meet the lender’s criteria. The common reason for this is that particular mortgage lenders have a strict set of requirements that need to be met by the applicant. If you have been unable to meet the credit score for the mortgage and the lender is not providing a reason why you have failed, we know it can be frustrating.

A Mortgage Broker in Doncaster can be really beneficial if you are wondering why your application for a mortgage may have been declined. They will have the extensive experience and knowledge you need for your questions to be answered. Here at Doncastermoneyman, we have a team who will take a thorough look at your file and will be able to recommend you the most suitable lender to go with.

A way to improve your credit score is by meeting certain requirements. For example, paying off a credit card balance in full can help with this. Being on the voters roll in your local area can also massively help with improving your credit score. As well as this, getting rid of any bank accounts, store cards and credit cards that you no longer use can be helpful. Overall, having a cleaner record can help.

If you are looking for more ways to improve your credit score, check out our article on ‘how to improve your credit score‘.

Don’t feel defeated if your application is rejected by one lender, there may be a possibility that you will be accepted by another lender. This does require you to have the least amount of credit footprints registered in your name. This should be as clean as possible in the systems and should not have any pending balance in order for the lender to trust you and your credit score easily.

Declined for a mortgage on affordability

Looking for Specialist Mortgage Advice in Doncaster will mean that you need to keep in mind that every mortgage lender has different ways they calculate the amount they can borrow. It is possible to have 10 different approaches from 10 different lenders for the same mortgage application.

If you are self-employed, you might find that one lender will be more lenient with your overtime and bonuses counting towards 100% of your income. On the flip side, you might find some lenders will not look at bonuses as income and some might accept tax credit, maintenance and even child benefit.

When it comes to looking for Specialist Mortgage Advice in Doncaster, there are plenty of benefits. With an expert mortgage broker by your side, you will be able to get the knowledge you need when approaching the lender as well as discussing the chances of your application getting through.

We do suggest that you get Specialist Mortgage Advice in Doncaster before filing an application. Getting the relevant mortgage experts will highly pay off as they will be able to guide you on the right path organise yourself and avoid being disappointed by approaching the wrong lender.

Do you find yourself outside of lending policy?

All lenders work around their rules and emphasise borrowers meeting their lending criteria. You might find that some of the requirements in the criteria are tougher to meet than the others and this is what causes many applications to be declined. Below 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

A Specialist Mortgage Broker in Doncaster by your side can be best when it comes to selecting the best mortgage plan for you. If you feel you are in any of the situations that have been mentioned above, it’s good to get in touch with a dedicated mortgage advisor to receive help through the process.