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Why have I been declined for a mortgage?

Why have I been declined for a mortgage?

Why have I been declined for a mortgage?

Since the “credit-crunch”, mortgage lenders have been very keen to only take on borrowers who are low risk, so have therefore set their credit score sufficiently high enough to only accept the applicants that they are looking for.

Because of this, there has been a rise in decline of applications on the high street, which is why it’s harder for those with an adverse credit history to secure a mortgage. However, thanks to Mosaic Mortgages’ access to over 6000 different schemes in the UK mortgage market, we are able to find a lender who is likely to cater for your unique circumstances.

Do you have a failed credit score?

It may be because:

  • you’re self employed but only have 1 or 2 years’ worth of access to accounts. Fortunately, we have access to lenders that will use 1 year’s account in to assess how much they will lend to you.
  • you have little or no credit history. We can recommend a lender that credit searches only and doesn’t credit score.
  • you have historic adverse credit history problems. We have specialist lenders that will ignore CCJ’s that are within the last 6 years subject to a minimum 20% deposit.

If you’ve been declined by a lender then it is important that you don’t keep applying elsewhere, as this can have an adverse effect on your credit rating.

Aside from giving you completely independent mortgage advice, we can also advise on how you can improve your credit rating so that we can get you a high street mortgage as soon as possible.

The author, Shaun Bielby has over 25 years experience in financial services and is a specialist mortgage and protection advisor with Mosaic Mortgages who are mortgage brokers that give independent mortgage advice to first time buyers, borrowers with an adverse or bad credit mortgage history or those looking to invest in buy to let.