Declined by your bank or building society for a mortgage due to due to affordability or past credit issues we can help.
When you get declined by your bank or building society for a mortgage it can be devastating particularly if you are not aware of any problems and did not see the rejection coming.
Help mortgage applicants with:
✔ Past credit problems
✔ Low credit score rating
✔ Higher income multiple calculations than most of the high Street
✔ Can taking into account second jobs, bonuses and other non-guaranteed income
✔ New jobs
✔ Contract workers
✔ Recently self-employed with one year’s accounts only
✔ Self-employed with increasing net profit year-on-year – we can work off the last year’s figures
The bank or building society process is clunky. The Mortgage Adviser typically sits at a terminal asks a few questions and gives a positive response. Often the questions are not relevant or pertinent, as they are effectively clerks and not the decision maker (underwriter). To degree it is playing with your emotions as they set you on a roller-coaster ride that is destined to crash unless your circumstances are perfect and your income conforms to their ideals. Often the Underwriter only returns the ‘true’ answer two to three weeks down the track and if negative you have a big job on your hands to find an alternative with an estate agent and vendor well and truly breathing down your neck.
What the bank clerks fail to appreciate is if they say they will lend you £150,000 and the underwriter says the actual figure will be £130,000 that this is not what you wanted to hear. In their minds the fact they are willing to lend is still positive – thinking you can pull £20,000 out of a hat!
The key to all of this is to take the time to listen to your circumstances and weigh up the best course of action at the initial stage and choose the best lender for you. This is what a professional mortgage broker, like Niche Advice, would do. In defence of the bank clerks they only have one proposition to present so if you are an ‘if’ or a ‘maybe’ they may as well throw the proverbial mud against the wall (for their figures) in the hope it may stick. What they do not appreciate is they hold your dreams in their hands and in that respect that approach is immoral.
As they say ‘one man’s drink’ is another ‘man’s poison’. Lenders do not only complete on rate. If they did there would only be two or three banks rather than the hundred available. They compete on their flexibility of underwriting. It’s a case of choosing the lender that fits you. And, it is my belief that the house buying process would be less stressful and quick if everyone took the time to seek independent advice for this very reason.
We only charge £399 on completion for standard residential mortgage service and if you ask my clients it’s worth every penny as they have secured their dream. So why put yourself through it by closing the door on the world for: one lender – with one choice of products – and importantly one set of rules?
If you have been declined by your bank or building society for a Mortgage. Please call us on T: 020 7993 2044 or simply complete the online form on this page.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.