When your mortgage application is declined it can upset the apple cart and can cause confusion as to your next step. Our Mortgage advisors will try to re-assure you that there may be other options or lenders as a lot of people do get declined and are successfully placed with other lenders.
We have put this information together to help you understand what goes on behind the scenes when your application is submitted;
These are some of the most common reasons for a Decline;
- Your credit search has shown up something not acceptable
- Your monthly income is too low
- Your have applied for a loan higher than allowed on their guidelines
- Your Self Employed income proof is not acceptable
- The underwriter thinks there is a discrepancy with the information provided
- The valuer has advised the lender that the property is not suitable for their lending guidelines
- You have approached a lender for something they do not offer.
Of course there are lots of reasons why your application could be declined, which is why one of our advisors could help you place your mortgage when a high street bank may say no. We specialise in the more complex mortgage application.
We are able to help you where ever you live in the UK, as we are largely online and telephone based which will enable you to apply for your mortgage online without ever having to visit our offices. If you have any questions we are also at the end of the phone and keen to help with any all difficult questions.
Sometimes it is not possible to help today but we can let you know what action you need to take and then arrange a time in the future to re-visit the application. In the unlikely event we are unable to help at all, we will let you know promptly and not waist any of your time.
We would always look positively at your plan and application and let you know what steps you need to take to get your plans back on track.
Why was my Mortgage application was rejected?
Your Mortgage application could have been declined by a lender at any stage from getting the initial decision to lend to the conveyance process at the end.
This is a list of different stages of the process that your application could be declined;
- Initial meeting with the lender or Mortgage broker
- The lenders AIP – (Agreement in principle or sometimes know as decision in principal)
- The lender declined once the application was submitted
- The Mortgage underwriter rejected the application
- The valuer advised the lender the property was not suitable security
- Application declined once all the checks had been completed due to additional information being submitted or discovered.
It is essential you let us know why your Mortgage was declined and at what stage it has halted. It will help us to understand what has happened and what actions need to be taken to get things going again.