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Had a mortgage application refused?
We could help with your
adverse credit mortgage
Baker Financial specialise in helping people who have
bad credit or have been refused a mortgage or remortgage
from a normal high street lender.
Having a mortgage application turned down can be
disheartening - we often speak to people who have
applied to their own bank without success.
We would still suggest contacting us, even if you have
been turned down elsewhere.
If you have had a mortgage or remortgage application
turned down - this page may give you a little insight
as to why.
Why have I been rejected?
Lenders turn down millions of applications every year.
If you are one of the unlucky ones, you should have been
given an explanation.
For example, you may appear to be carrying too much debt
from other sources or your credit report rang alarm
bells, perhaps because you had missed some payments on a
previous loan or mortgage. It may simply be that you do
not fit the lender’s product profile for a particular loan -
whatever the reason we
could take the confusion out of the whole application
process.
To see the sort of information lenders see, you will need to
get a copy of your credit report, however, whilst your
credit report may give an indication as to why you were
turned down they can be difficult to understand, if you
need help reading your credit report we can help, we
area also able to understand how bad debt shown on the
report may effect a mortgage application and help put
your case forward to a new lender. For
example, your poor credit record may stem from a one-off
event that no longer applies, such as a serious illness
or enforced redundancy.
There’s nothing to prevent you applying to another
company. Different lenders may take a different view.
But be careful how many applications for credit you make
in the short term, applying at to many mortgage lenders
can harm your credit - Baker Financial use every lender
that could help and know which lenders to apply to based
on your individual circumstances, we also use specialist mortgage
software so we are able to see the lenders criteria
before approaching for an application.
The credit blacklist myth
It has never seemed easier to borrow money, so if you do
get turned down, the obvious question is “Why?” followed
by, “Maybe I’m on a credit
blacklist.”
The good news is that you're not. In fact, there’s no
such thing as a credit blacklist. But there will be
genuine reasons why you might be rejected.
You may not fit the lender’s profile. For example, a
mortgage lender may specialise in first-time buyers or
self build properties, or they may not accept anyone
with previous credit problems.
You may be classed as a 'non-standard credit risk' -
according to Datamonitor, the independent market
analyst, more than one in five adults in the UK are
deemed non-standard. They may include the self-employed,
others who cannot provide sufficient proof of income and
people who have an outstanding county court judgment (CCJ)
against them or have had their homes repossessed for
non-payment of mortgage or some other form of bad
credit.
You may move around a lot. Mortgage companies look for stability –
for example, living at the same address for at least
three years or having a long-term relationship with the
same bank will go in your favour.
Maybe your credit score wasn’t high enough. a number of
lenders generally base their decisions on a credit score
(especially high street lenders), which they calculate
using the information in your credit report and the
information on your mortgage application.
Every lender has a different formula which can even vary
from one type of mortgage to another.
If you have been turned down for a
mortgage or a remortgage contact us today, Baker
Financial use every lender who could consider credit
impaired applicants - a number of our specialist lenders
only deal with clients who have had credit problems.
use our experience to get
the best results possible
- contact us today
you may also be interested
in
about credit reference
agencies
get your credit report
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