Credit Score

Reasons Your Mortgage Application in Hull Has Been Declined

Credit Score Mortgage Advice in Hull

Failing a credit score

Passing a credit score is a different game with each lender. Sometimes it can be easy and sometimes their criteria could be strict and it can be hard to pass. If you fail a lenders credit score, they may not give you the full reason why you failed. This is because it can sometimes be down to a mixture of things and they can’t find the reason why your application was declined.

This is where we step in. Your local mortgage broker in Hull is here to provide you with help and guidance to get you through the first steps of the mortgage journey. If you are able to obtain a copy of your credit file, one of our Mortgage Advisors in Hull will go through it and try and match you with an appropriate lender that you have a chance of passing with. The more deposit that you are offering to put down, the easier it will be to pass a credit score for a mortgage.

Improving your credit score in Hull

There are lots of different things you can do to improve your credit score in Hull. If you have a credit card you should use it regularly, but make sure that you pay off the balance in full each month. Being on the voter’s roll can really help. It’s easy to set up and it can boost your credit score so make sure you sign up. If you have any old bank accounts or store cards that you don’t use, make sure you get them closed down. This is another way to boost your credit score and if you want to read about more ways to, then click here or you can watch our YouTube video “How To Improve Your Credit Score”.

Never give up just because you have failed one lender’s credit score. There are plenty more lenders to try and be accepted by. However, be careful when applying for too many hard credit score checks. The more credit checks you have registered against you can put a negative impact on your score.

Declined for a mortgage on affordability

Each lender has their own unique way of calculating how much you can borrow. In fact, it is perfectly normal to approach ten different lenders and get ten different answers. Some will be more generous, and some will be strict. For example, if you are self-employed in Hull, they may be more lenient with you. Some lenders may assess 100% of an employee’s overtime and bonuses whereas others don’t. Others may accept “unearned” income such as tax credits, child benefits and maintenance.

As a Mortgage Broker in Hull, we have access to over 40 different lenders that we can approach, without the need for a credit check, to perform an affordability assessment. If you are thinking of buying a home then it may be a good idea to have an affordability assessment carried out before you start viewing properties to avoid potential disappointment.

Providing evidence that you have kept up-to-date with your mortgage or rent payments does not guarantee that you will pass a lenders own affordability test.

Outside of lending policy

You will find that each lender has their own strict mortgage lending criteria. Depending on your personal situation, some are better than others. Lenders aim to carve out niches for themselves so that they are approached by good quality mortgage borrows who may not fit the lending criteria for their competitors. Here are some examples of why your mortgage application could be denied or has been denied for being outside of policy:

  • Length of time in employment or self-employment
  • Adverse credit history
  • Not enough deposit
  • Non-standard property construction
  • Married applicant applying for a sole mortgage
  • Minimum/maximum age or mortgage term
  • Minimum/maximum loan amount

As an experienced Mortgage Broker in Hull, we will utilise our knowledge to find the best lender based on your personal situation. It doesn’t matter if your personal situation is a little bit complicated. We will still be more than happy to try and help you through it. We have been in the mortgage business for a very long time now and we know exactly how to get over most mortgage hurdles. Get in touch with a Mortgage Advisor in Hull and receive a free initial mortgage consultation.

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