Subscribe to our Feed
Refused a Mortgage application?
We could help with your adverse credit mortgage application
Being refused a mortgage application can be disheartening - we often speak to people who have applied to their own bank or other high street lender without success. We would still suggest contacting a professional adverse credit mortgage broker, even if you have had a mortgage refused 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 had my mortgage application refused?
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 a lender 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 you 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 mortgage company. Different lenders may take a different view but be careful how many mortgage applications you make, applying at to many mortgage lenders can harm your credit score as each lender search will be listed on you credit file which a lender will refer to when assessing your application.
Is the 'credit blacklist' why my mortgage application was refused?
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. 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. Each mortgage lender and mortgage product will have their own mortgage criteria which you will need to fit in order for an application to proceed.
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.
Could my previous address be the reason I was refused a mortgage?
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 we could help, a number of specialist adverse credit mortgage lenders only deal with clients who have had credit problems and have tailor made mortgage products to suite clients with impaired credit and even if you have been refused a mortgage elsewhere, a specialist mortgage lender could help.
