Have you applied for a mortgage with a High Street lender but been rejected? Then don’t give up as our team of experts may be able to help you
‘I’ve been turned down by High Street lender. Does that mean I can’t get a mortgage elsewhere?’
The simple answer is no. Being rejected by one lender does not automatically mean you will be turned down by every lender. This is because each lender has different lending criteria. However, if your application has been rejected, it’s a good idea to speak to an expert mortgage adviser before making another application. They’ll look at your individual circumstances and use their knowledge of the market to advise you on which lenders will be more likely to lend to you. This will boost your chances of having your application accepted.
Who can we help?
Whether you’re a first-time buyer, moving home or you’re remortgaging, our team of expert advisers can search thousands of mortgages to find the right deal for you.
And if your circumstances mean you may struggle to get a mortgage with a High Street lender, don’t worry. Our advisers’ specialist knowledge can help you if you have:
Adverse credit:
If you’ve got an adverse credit history, you may feel your chances of getting a mortgage are low. In fact, some people are so embarrassed by their bad credit history they don’t even pursue getting a mortgage. But as long as your adverse credit was registered 12 months ago or longer, we may be able to help you. And as lenders typically charge higher rates if you have adverse credit, it’s more important than ever to get expert advice in order to get the right deal for you.
Zero-hour contracts:
When you apply for a mortgage, you’ll need to supply at least 3 months’ worth of recent pay slips as proof of your income. And you’ll also need to provide your most recent P60 too. And if you’re on a zero hours contract, some lenders may reject you if they believe your income isn’t stable enough. However, the good news is there are plenty of lenders who will lend to people on zero-hours contracts. They’ll take into account factors like how long you’ve been in your current contract for and if you can demonstrate consistent working hours and earned income. So chat to our team of experts who can talk you through your options.
1 year’s self-employed accounts:
If you’re self-employed and apply for a mortgage, you’ll usually find lenders will require two or more years of certified accounts and the corresponding HMRC forms when you apply for a mortgage. But if you’re a relatively new business and only have one year of accounts, don’t despair. Our experts can guide you to lenders that will only need you to supply one year’s worth. Also, you may find more difficulty getting a mortgage with some lenders if you have applied for an SEISS grant. Again, this is an area our experts are specialists in. They’ll be able to advise you on which lenders are more likely to lend to you.
Gifted deposits:
The average deposit first-time buyers are putting down is at an all time high. So having part or all of your deposit gifted by family or friends will be an enormous helping hand. You’ll be able to get on the property ladder sooner. And if you’re able to add your own savings, you’ll have a larger deposit. This will typically give you access to a greater choice of lenders and better deals. However, it’s important to know which lenders will accept gifted deposits from relatives and non-relatives. There may be other ways they can help you purchase a home instead. So why not have a no-obligation chat with our experts to find out more?
How can I boost my chances of getting a mortgage?
When you apply for a mortgage it’s important to put yourself in the strongest position of getting accepted. One important step is to check your credit score and see if there are any steps you can take to improve it. Simple steps like getting on the electoral role or correcting any mistakes held in your credit file can all help.
I already have a mortgage, why should I bother remortgaging?
There are lots of potential benefits of remortgaging. For example, has your fixed-rate deal ended and have you rolled onto your lender’s Standard Variable Rate? Then you may be able to reduce your monthly repayments by remortgaging. However, if your circumstances mean that you can’t get a better rate than you’re currently on, remember there is no obligation to go ahead and remortgage. So why not speak to an expert, who will talk you through your options and any costs involved? Call us on 01513 057222 or click here to arrange a call back.
You may have to pay an early repayment charge to your existing lender if you remortgage.