Declined a Mortgage?
Have you been declined a Mortgage?
You might have been unsuccessful with a mortgage application, your first instinct might be to try your luck with a few other lenders. But be warned, too many unsuccessful applications can have a negative impact on your credit score.
That’s why it’s recommended you contact Clever Mortgages, as this will increase your chances. With a broker, you only need to do one application, we will know the lenders to aproach that will normally say yes to your situation.
We help customers with bad credit secure the best mortgages rates available.
We specialise in helping customers with bad credit and low credit scores get the mortgage that’s right for them. Some of these mortgages aren’t even available directly to the public
- Declined a mortgage by high street banks
- Missed or made late payments recently
- You’ve had a default or a CCJ in the past six years
- too many credit applications in a short space of time
- You’re not registered to vote on the electoral roll
- You’re self-employed or a contract worker and can’t prove consistent income
We know the lenders likely to say YES!
What to do if your mortgage has been declined
The first thing is to establish why you were declined. Once you understand what has happened, you can speak to a mortgage broker and make a plan of action with them to increase the likelihood of your next application being approved.
Every mortgage application requires a hard credit check, which impacts your credit score. Therefore, it is essential that, after your initial application is declined you dont make multiple applications. Speak to a broker who have extensive knowledge and who will know the right lender for you situation.
There are several reasons a mortgage application can be declined, such as:
- Can’t prove income or your earnings fluctuate
- Application has mistakes and errors
- You are self-employed
- You are a temporary worker or hold a zero-hours contract
- There have been recent missed or late payments
- Affordability of a mortgage
- Too many financial commitments
- There is no record of you on the electoral register
- You have applied for the wrong type of mortgage
Understanding credit scores when you’ve been declined a mortgage
Your mortgage may also be declined if your credit score shows that you have:
- Whether you’ve made late payments for bills and loans
- Any details of debt management plans you have taken out
- Been declared bankrupt
- Have a county court judgement or default against you
- Had loans or credit card applications rejected
- Had a high number of credit checks
- Gambling or payday loans
FREE initial advise for declined a mortgage customers
Why should I use a mortgage broker?
- You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
- Some mortgages especially for people with bad credit are only available if you go through a mortgage broker
- Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
- They can take the hassle of application forms away – talking you through every step, and asking all the right questions
We understand your circumstances
Everyone at some stage in their life can experience some forms of credit issues that can’t be avoided.. Be it misshaps, loss of a job, illness.
We help customers just like you every day to find a first-time buyer mortgage, a remortgage or a mortgage on a property.
With Clever Mortgages you can expect:
- Specialists in bad credit mortgages
- A thorough search of the market, for the right deal for you
- A friendly service, where you’re always kept in the loop
It’s hassle-free and easier than you might think. Let’s get the ball rolling.
What to do next
Speak to a broker
Complete our form
Case Study
We could still find you a high street lender, even if you do have bad credit
Our customers Mr and Mrs D were first time buyers who had previously been declined by a high street bank.
With Clever Mortgages they were able to:
- Use 100% of their Universal credit and child benefit alongside their income
- Take out a first time buyer mortgage with a high street bank
- Secure a fixed rate of 2.18% even though they had a poor credit history
- Ensure financial stability with a good rate and low payments for two years
- Start rebuilding their credit score
| Lender | Balance | Payment | Rate | Term | |
|---|---|---|---|---|---|
| New mortgage | Barclays | £139,500 | £528.27 | 2.18% | 30 Years |
Completed September 2019
Mr and Mrs D were a couple of first time buyers struggling to find a mortgage. They had already been declined by a high street bank because of their bad credit profiles and previous defaults. Plus, they needed a lender which would accept 100% of the universal credit along with Mr D’s income, which they were finding difficult.
At Clever Mortgages we helped this couple by securing them a first time buyer mortgage with another high street bank. They now have an affordable mortgage with a fixed-term which is covered by their income and benefits. This has provided them with the security of a new home with low payments for two years.
