If you’ve been rejected for a mortgage you will know the worry and fear associated with being rejected for a loan which is secured against your property. Your house is the most important asset you will own so to be rejected is a horrible feeling. Most people don’t realise that being rejected for a mortgage is not always a reflection on you or your credit file – actually it can simply be that you’re just looking in the wrong place.
“Speaking to the right person can make all the difference in being approved for a mortgage”
The right application will mean you can be accepted for a mortgage, however if you’re continually rejected then it can be impossible to be accepted. It’s important that once you’ve been rejected you don’t continue to apply for another mortgage without the appropriate support and mortgage advice. If you are rejected on multiple occasions for a mortgage you could find that your credit file is affected and a mortgage advisor will not be able to reverse this and get you a mortgage.
Need a Mortgage – Been Rejected!
Whether you are searching for your first mortgage, if you are trying to remortgage to release equity from your property or if you just want to get a lower mortgage interest rate, everyone can be rejected for a mortgage.
It was once possible to get 125% mortgages, also known as the together loan, however in today’s financial climate it’s not always easy to be approved, meaning mortgage rejections are on the increase.
There are ways to improve your chances of being improved. The most important things you can do are to ensure
- Your credit file is as positive as it can be. This can mean checking your credit file so it’s accurate
- Any defaults on your credit file could negatively impact on your ability to get credit. As such, a check here to improve your file could be beneficial.
- You must have a deposit of at least 5%, but preferably 10% to get a better interest rate on your mortgage
Mortgage Advice When Rejected
It’s not too late to get a mortgage approved, even if you have been rejected. It’s important once you have been rejected that you make a good next move. The best option is to speak to a no-win no fee mortgage advisor. This means that you can guarantee that you won’t pay fees if they can’t acquire you the mortgage you need. It also means a professional expert will be acting on your behalf to organise one of the most important financial products in your life.
Our Mortgage, as part of My Financial Helpline, can provide a no win no fee mortgage advice service. You can call us today or leave an enquiry and we will call you back to organise your mortgage.