Why has my Mortgage Application Been Declined in Birmingham?

Been Declined? Mortgage Advice in Birmingham

Why have I been refused a mortgage?

We tend to find some First Time Buyers in Birmingham struggle to secure a mortgage because they have poor credit. You see, one lenders’ credit score can vary, some are more difficult to pass than others. Some lender can sometimes be quite reluctant in terms of informing you as to why you failed their lending criteria. This may be down to a mixture of reasons. Sometimes the lender themselves can’t precisely say why your application was unsuccessful because ‘it is not knowledge in their hands’.

We recommend you speak with one of our Mortgage Advisors in Birmingham. During your free initial mortgage appointment, we can obtain a up-to-date copy of your credit file. Next, we can search 1000’s of deals and find you a product with a lender. Finding you a lender to match your circumstances may help you have a better chance of succeeding with a mortgage.

For most lenders the larger your deposit, the more likely you will be accepted for a mortgage. A larger deposit can help pay off a larger chunk of the property value. This means that you’ll most likely borrow less and the lower the loan-to-value.

Declined Due to Having ‘Poor’ Credit Score

There are different ways to help Improve Your Credit Score in Birmingham like having a credit card that you should use regularly and making sure you pay off the full balance each month. Other ways include making sure you are on the voter’s roll and closing any old bank accounts, credit, and store cards that you are no longer using.

Your Mortgage Broker in Birmingham is here to help

Here at Birminghammoneyman, our team will check that you match the lender’s criteria to make increase the chances of you passing their credit scoring before you submit your mortgage application to a lender. We aim to get this right first time!

We are here to help you find a deal that will match your financial circumstances, regardless of their situation, we try our best with all applicants, but cannot always guarantee success. Whether you have bad credit or good credit, we will strive in finding you a great mortgage deal through a lender that will accept your mortgage application.

Lenders criteria

Lenders have criteria that are individual to their products. This is why some lenders are more than others for your situation. Each lender usually has a niche for themselves in order to attract good quality mortgage borrowers who might not match the criteria of their competitors, so they can get ahead in the market. Below are some examples of why your application is getting declined for being outside of policy:

• Adverse credit history – If you take out adverse credit Mortgage Advice in Birmingham as early as possible this can give your application the best possible chance of success.
• A married applicant looking for a mortgage in a sole name – Lender do prefer two salaries, but oue team are able to look into Sole Name Mortgage Advice in Birmingham for married applicants on your behalf.
• Not enough deposit.
• Non-standard property construction.
• Minimum/maximum age or mortgage term.
• Minimum/maximum loan amount.
• Length of time in employment or being an applicants whos Self Employed in Birmingham.

Through utilising our 20 plus years of experience as a reputable Mortgage Broker in Birmingham and access to a large panel of lenders and criteria, we can recommend the most appropriate mortgage tailored to your financial situation. Book your free mortgage appointment today, to speak with one of our Specialist Mortgage Advisors in Birmingham today, to see how they can help.