As the regulations for mortgage approvals have become much tougher, more borrowers are finding it difficult to obtain a mortgage, and may possibly have their application refused. Before applying to a bank or building society for a mortgage, it is advisable to seek professional guidance from a mortgage adviser who has studied and passed with a CeMAP training company. This will ensure that you have your financial affairs in order before applying for a mortgage, and reduce the likelihood of being rejected.

If you have a poor credit history, you may be turned down for a mortgage. However, prior to applying, check your credit record to see if the entries held are correct, and if not, apply to have them corrected.

Your application could be refused for a non-financial reason, including not being on the electoral register. Make sure you can be found on the electoral register before completing the mortgage application. If you have taken on a significant amount of credit during the months leading up to the mortgage application, a lender may think that you have financial troubles, which may lead to refusal. Make sure you don’t apply for any credit during the six months before submitting a mortgage application, and for a year if possible.

If the loan-to-value ratio is too high, a lender may not agree to lend the money. Additionally, if you want to borrow an amount that is higher than four times your salary, you may find it difficult to find a willing lender. Take action before applying for a mortgage, giving you the best chance of being approved.

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