Passing a credit score for a mortgage can be challenging for most applicants looking for a mortgage. Mortgage Lenders’ credit scores vary from each other, and some are more difficult to pass than others. If you fail a credit score then lenders can sometimes be quite reluctant in terms of informing you as to why you have failed the credit score.
This can be a mixture of factors, as lenders can’t precisely say why your application was unsuccessful because it is not knowledge in their hands.
We recommend you contact and speak to one of our devoted Mortgage Advisors in Birmingham. They can get a copy of your credit file, then search the can go through it and match you with the best Lender you have a better chance of succeeding with. The more deposit a person can put down, the easier it is for them to pass a Lenders credit score for a mortgage.
Several things are already accessible for you to help improve your credit score; for example, If you have a credit card, you should use it regularly and make sure you pay the balance off in full each month. Other things can include making sure you are on the voter’s roll and close any old bank accounts, credit and store cards that you are no longer using.
There is no need to give up if you fail one Lender’s credit score – there is always the chance that another Lender may accept you. Still, it is essential to be careful about having too many hard credit footprints registered against you. Having too many credit searches can affect your credit score.
All Lenders have different ways of calculating how much you can borrow. You could approach ten different lenders, and the outcome is ten completely different answers. Some Lenders are more generous than others. For example, if you are a self-employed applicant, Birmingham. Some Mortgage Lenders could consider assessing 100% of an employee’s overtime and bonuses, whereas others don’t.
Additionally, some lenders accept “unearned” income, such as tax credits, child benefits, and maintenance. So it’s a very varied chance of success when you’re looking into lenders.
Our team of Specialist Mortgage Advisor in Birmingham can approach a wide selection of lenders without the need for a credit check to perform an affordability assessment. Suppose you are looking to buy a house. In that case, it’s a good idea to have an affordability assessment carried out before you start viewing properties to avoid potential disappointment further down the line.
Lastly, proving that you have maintained mortgage or rent payments in the past does not necessarily guarantee that you will pass a Lender’s affordability test.
All lenders have criteria that are individual to their products; hence, depending on your situations, some lenders are better than others. Lenders look to carve out niches for themselves to attract good quality mortgage borrowers who might not tick all the right boxes for their competitors, which gets them ahead in the market.
Some examples of why your application getting declined for being outside of policy are:
🏠 Adverse credit history.
🏠 A married applicant applying for a sole mortgage.
🏠 Not enough deposit.
🏠 Non-standard property construction.
🏠 Minimum/maximum age or mortgage term.
🏠 Minimum/maximum loan amount.
🏠 Length of time in employment or being Self-Employed in Birmingham.
As experienced Mortgage Brokers in Birmingham, we can utilise over 20 years of experience and an extensive array of Lender and criteria insight for recommending you the most suitable mortgage tailored to your circumstances.
Suppose your situation is outside the norm or something you may be dubious about it. In that case, you should look for Mortgage Advice in Birmingham as being declined elsewhere may affect your chances of getting accepted.