Have you been turned down for a mortgage?
It can be challenging to find a lender willing to offer a mortgage to someone who has poor credit, and you may feel exhausted browsing through every lender to find one that might accept you.
You may have already had a mortgage application rejected due to poor credit history, mortgage arrears, bankruptcy or otherwise and you might feel like you’ll never get on the property ladder at all.
But it doesn’t mean you won’t be able to secure a mortgage deal in the future. In fact, we’ve helped many clients secure mortgage deals who had previously thought it wasn’t possible.
What to do if your mortgage application is declined
Poor credit may not be as detrimental as you first think. Some lenders are more sympathetic to borrowers with bad credit history.
It is possible to get a mortgage if you have previously had a mortgage application rejected elsewhere. It does depend on your circumstances, but if you feel your high street bank has not fully considered your situation, then contact us to see how we can help.
By speaking to a mortgage advisor, they’ll assess all your options before you apply for another mortgage application. That decreases your chances of being declined again.
It would also be a good idea to download a copy of your credit report from Experian, Equifax, Noddle or other credit reference agency to explore what your current situation is and how that might affect future credit applications.
How can The Surrey Mortgage Broker help?
Speak to us today and we will determine pretty quickly whether you’ll be accepted for a mortgage or not – saving you time trawling the high street for a willing lender.
If you’ve had credit problems in the past, we may still be able to help. Although most high street lenders will not consider those with previous credit issues, there are some lenders out there who take a more sympathetic view.
You can call us with no obligation and there will be no fee payable until an application is made so if you are having difficulties please do get in touch. Our telephone number is 01252 759233 or you can contact us below.
If you do make an appointment, it would be a good idea to download a copy of your credit report, so we can properly assess your current situation.
your home may be repossessed if you do not keep up repayments on your mortgage
FAQs
Can I get a mortgage with bad credit?
It is still possible to get a mortgage with bad credit, depending on the circumstances. While many lenders don’t lend to those with poor credit history, there are some who will take a more sympathetic view. The best option is to speak to a mortgage broker who will assess your situation before you make any, or any more, applications.
Why was my mortgage application rejected?
There are many reasons why a mortgage application may be declined, including poor credit history, too many credit applications, too much debt, low income and a small deposit. However, if you’ve been declined once, it doesn’t mean you won’t be successful in another application. It’s best to talk to a mortgage broker who can weigh up your options.
Will having a mortgage application rejected affect my credit score?
Being refused credit won’t on its own affect your credit score. However, each time you apply for credit, a hard search is performed on your credit report and hard searches can lower your score and therefore impact your chances of being accepted for credit in the future.
