What to do after a declined mortgage application

Every now and again, we receive calls from people whose have had a declined mortgage application and they are worried about what to do next. Sometimes it is after the customer has gone directly to a bank, other times it cab be with another broker.

The important thing is to try to find out why your application has been declined.

  • Is it a misunderstanding from the underwriter?
  • Is it that you do not fit criteria or affordability?
  • Is it that you did not pass their scoring?
  • Or maybe you do not fit the profile of applicant they are looking for?

By finding out the reason, we can work out if the decision can be reversed or if we need to call it a day and find an alternative lender. A call to the lender can sometimes help to get to the bottom of why your Mortgage application has been declined but as is the case with the high street banks, quite often the mortgage advisor doesn’t know  , which means we need to do a little more investigating.

How can Mortgage Success help?

Some of our applications do get declined. It is a fact, not one that many Mortgage Brokers will admit to, but it happens. However, the first thing we do is jump on the phone and find out why it has been declined. It could be something minor and with a couple of tweaks, your application may be accepted.

It could also be a case of “who you know”. If we have any concerns about an application prior to submission, we run the case by our account managers. If the application is then declined, we can have a conversation with our account manager to see why they gave us a different answer and ask them to help fight our corner.

In short, an application being declined could be the end of the road with that particular lender, but that is not always the case.

Declined for a Mortgage due to bad credit?

It is quite often the case that many applicants may know of some previous adverse history that will affect their credit score but all is not lost.

declined mortgage applicationThe key here is to get your credit files with Callcredit, Equifax and Experian and give Mortgage Success a call as we do deal with many adverse credit mortgage situations.  So if you think there is any possible hiccups don’t take the risk of multiple applications being rejected making matters worse and let us find you the best chance of success with a more lenient lender that is sympathetic to your past.

What should I do?

If you have had a declined mortgage application, feel free to get in touch and we can have a chat about your options. You can use our contact form on this site or call us on 0161 327 2799.