Refused a mortgage * application rejected * mortgage declined * help is on hand for first time buyers and home owners who have been refused a mortgage
Since the onset of the credit crunch and property crash, more and more people have been refused a mortgage, making life very difficult for first time buyers and homeowners looking for a remortgage.
Understandably, banks have been reluctant to get too involved in the mortgage market and having had their fingers seriously burned, are unlikely to start lending in any great shape or form for some time to come. We are never going to see a return to the heady "if your breathing you can have a mortgage" days when banks were irresponsible and foolish and prepared to throw money around like confetti.
REFUSED A MORTGAGE
Just because you have been refused a mortgage by your bank does not mean that another lender will not consider your application. However, the solution is not to run around filling in lots of application forms in the hope that you will stumble across a bank who will not reject your application. If you keep applying for a mortgage and getting rejected, you will be leaving a credit footprint that could act as a deterrent each time a lender looks up your credit record.
APPLICATION REJECTED
All lenders will check the credit record of anyone applying for a mortgage. This credit record shows them how much you owe, who you have borrowed from, for how long and if there are any outstanding repayments, CCJs and who you have approached in the last 12 months to borrow money.
This gives the lender a clear indication of whether or not you are a good or bad risk and will ring alarm bells if you have had mortgage applications rejected by other banks. One solution is to use our panel of mortgage brokers to shop around without adding to your soft credit footprint.
To submit your mortgage enquiry, please complete the simple enquiry form below. We will
then arrange for a qualified mortgage consultant to contact you to discuss your requirements.
Please note that all information you provide is treated in strictest confidence,
and that by submitting your details you are giving your consent for our chosen
firm to contact you.
MORTGAGE DECLINED
If you keep applying and getting your mortgage application declined, other lenders are going to be nervous about making a mortgage offer to an applicant that has been declined by numerous banks. Using one of our panel of mortgage consultants allows them to approach suitable lenders with a proposition before disclosing the name of the applicant. This protects your credit record and enhances your chances of having a mortgage accepted.
HELP IS ON HAND FOR FIRST TIME BUYERS
This is particularly of importance to first time buyers who have managed to save a reasonable deposit and are now looking to take advantage of the falling property market. If you are a fist time buyer, you should be taking advantage of the fact that there are a lot of buy to let landlords dumping properties back on the market and desperate to unload them at almost any cost. Don't be scared to make an offer of 20% below the asking price of any property you like because some vendors will be only too happy to sell if they get a buyer in a position to actually buy.
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HOME OWNERS WHO HAVE BEEN REFUSED A MORTGAGE
There are thousands of homeowners who have found themselves faced with large increases in their mortgage payments when their fixed interest mortgages have come up for renewal. Home owners who have been refused a mortgage when trying to find alternative lenders have found themselves having to accept the terms offered by their existing lenders when their property has had negative equity or their credit reference highlighted other financial problems like CCJ's and or outstanding credit card debts.
Faced with insurmountable financial problems, many have felt they had no option but to hand the keys of their homes back and face eviction. One potential solution may be to
apply for an IVA.
This will not be the best solution for everyone, but it is an avenue that is worth exploring as an IVA can reduce some people's monthly debt repayments by as much as 50%.
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