Been Declined? | Mortgage Advice in Manchester

Failing a Credit Score for a Mortgage

Passing a credit score can be quite a challenge for some, especially when applying for a mortgage. Depending on the mortgage lender, some credit scores can be harder to pass. If you would like to find out why you got declined, unfortunately, you may be out of luck. Lenders rarely give out the reasons as to why you did not pass, due to them not wishing to disclose the contents of their scoring system.

Additionally, this is where an expert Mortgage Broker in Manchester may be able to help. Once you obtain a copy of your credit file, your dedicated Mortgage Advisor will be able to go through it with you, working out which lenders you are better off looking at for your mortgage. Putting down more deposit also makes passing your credit score easier.

There are a variety of things that you can do to improve your credit rating. If you own a credit card, you should use it regularly and ideally pay off the full balance each month. Being on the voters roll to show where you live also helps. We recommend closing old bank accounts, credit cards and store cards that you no longer use.

Failing a credit score for one lender is not the end of the road, so don’t give up! There is a chance that another lender may be willing to accept you. Be warned though that having too many hard credit footprints registered against you may have a negative effect. Having too many credit searches can affect your credit score.

Declined for a Mortgage on Affordability

All lenders have unique ways of calculating the amount you can borrow. Theoretically, you could approach ten different lenders and get ten different answers, though this is purely dependant on whom you are speaking. Some lenders are more generous than others, for example, when an applicant classes themselves as self-employed.

Your mortgage lender may consider assessing 100% of an employee’s bonuses and overtime, however, this isn’t the case for all lenders.

When starting with an enquiry, many lenders will only require an affordability assessment to determine your potential course of action. These get referred to as “Soft Searches”, and it gives them a rough idea of how to proceed without leaving a hard credit footprint.

On the flip side, some lenders will only perform a “Hard Search”, which includes a mandatory credit check on top of their affordability assessment. Click the following link to find more information on Hard & Soft Credit Searches.

If you are looking to buy a home potentially, we recommend having an affordability assessment carried out before home viewings, as this lets you avoid potential disappointment. Proving you have been able to maintain mortgage or rent payments in the past doesn’t always guarantee you’ll pass the lenders own affordability assessment.

Outside of Lending Policy

Each lender will have their strict lending criteria. Depending on your circumstances, some lenders may be better options than others. These lenders look to carve out niches for themselves, to attract high-quality mortgage borrowers who might not have been a fit for their competitors.

Here are some examples at to why mortgage application get declined:

  • Length of time in employment or self-employment
  • A married applicant applying for a sole mortgage
  • Minimum/maximum age or mortgage term
  • Minimum/maximum loan amount
  • Adverse credit history
  • Not enough deposit
  • Non-standard property construction

As a Mortgage Broker in Manchester, we will use our experience and knowledge of lenders and their criteria to recommend a mortgage for you, personalised to your circumstances. We have been able to help many first time buyers in Manchester, as well as people looking to remortgage and interested in the buy to let scheme.

Suppose you have a unique or complicated situation. We recommend looking to speak with an experienced Mortgage Advisor in Manchester. Being declined with various lenders directly could negatively affect your chances of being accepted for a mortgage.

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