How to Avoid Being Declined on Your Mortgage Application - UK Mortgage Application Tips
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- čas přidán 6. 04. 2023
- Applying for a mortgage can be a nerve-wracking process, especially if you're a first-time homebuyer. But what happens if your mortgage application is declined? In this video, we'll give you some tips and insights on how to avoid common pitfalls that can lead to a mortgage rejection, and increase your chances of getting approved.
We'll cover the following topics:
Credit score and history: Your credit score and history are crucial factors that lenders consider when assessing your mortgage application. We'll explain what a good credit score looks like, how to check your credit report, and what to do if you have any issues or errors.
Affordability: Lenders will want to make sure you can afford the mortgage payments, so they'll look at your income, expenses, and debt-to-income ratio. We'll give you some guidelines on how to calculate your budget, and how to improve your chances of being approved.
Documentation and information: Finally, we'll talk about the importance of providing accurate and complete information, such as how your income is made up and what credit commitments you have
By following these tips and being prepared, you can increase your chances of getting approved for a mortgage and avoid being declined. Don't let a mortgage rejection discourage you from pursuing your dream home - with the right approach, you can make it a reality.
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www.vantage-mortgages.co.uk/
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.
Vantage Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network which is a trading name of Personal Touch Financial Services Limited. Personal Touch Financial Services Limited is authorised and regulated by the Financial Conduct Authority.
Our typical fee for arranging a mortgage is £500
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superb video thank you so much
Thanks Ross, glad it was useful! Feel free to get in touch if you have any more questions!
I wanted to ask a HTB question please if you could help. If my partner works abroad, the htb home is rented out. Can the rental income count towards the re mortgage eligibility? It’s our only home which we own.
Hi, it depends if you are turning it in to a buy to let property or if you are going to move back in. This is one to talk through in person really! Book a call any time that suits
If i have a Bounce back loan on my ltd company, would that be added to my personal mortgage application affordabiity calculator as a first time buyer?
Hi, no not these days as long as it is taken care of within your business accounts and you are profitable with it in place that will be fine!
How negatively do multiple missed or late payments for a mobile phone contract affect your likelihood of being accepted? All from over 12 months ago
Hi there, it will depend on how much deposit you will have really but something small like that over 12 months may not cause too much of a problem with some lenders. The best thing to do is get a copy of your credit report so we can see exactly what it says then go from there but I suspect there will be a few good options for you!
@@mortgageadvice.vantage thanks! It would be a 10% deposit, my other question was if two pay day loans have been taking out within the last 12 months but are fully paid back by the time of applying for the application, will that cause any issues?
I viewed a 2 bedroom Terrance next to off license could that be a problem getting declined?
Hi Jok, yes it could be an issue, depends what else is around it and if there are other residential units there and what other retail is there? there will be a lender that will most likely do it but the more specialist you go the more expensive it gets! Happy to have a look if you would like?
@@mortgageadvice.vantage I will look somewhere else not worth the hassle.Thanks
@@mortgageadvice.vantage I will look somewhere else not worth the hassle.Thanks
I am 60 (disability PIP) my wife is 48 (working full-time) we have been renting all our lives . My landlord died and the daughter want to sell this house. We have been looking around but rents are crazy. A good friend of mine told me he will give me 10k for a deposit and i started looking around and found L&C online, filled out all our details and 15 minutes later i got "decision in Principle " the we could get a Mortgage of £90k . Is this to good to be true ?? I am in Northern Ireland and must say it's possible to find a house around £100k should i be happy ??
Yes that sounds entirely possible! I would always encourage you to speak to a broker though yourself rather than rely on the online tool because we need to be very careful to put your income in correctly to get a true decision!
I went into an unauthorised overdraft by £30 for a couple of weeks. Will this ruin my mortgage application?
Hi there, no I wouldn't have thought so if that is your only issue I wouldn't be too worried! Happy to take a look for you, just get in touch if you would like at www.vantage-mortgages.co.uk
@@mortgageadvice.vantage thank you I will send an email!
@@mortgageadvice.vantage by unauthorised I mean unarranged sorry!
I have 5 year's and 10.month in one default at 300 pound would affect my mortgage application?
Hi, it will depend on the rest of the case but at that value I would be surprised if it had too much affect, I would say you could still be looking at a few High Street lenders! Happy to look for you, just let me know!
@@mortgageadvice.vantage hi at the moment we had valuation on a property all the thick good mortgage application/ Aip income done we are waiting on mortgage offer
@mortgageadvice.vantage just had updated by MS underwriters looking at notice of correction?
Ok, sounding good so far then! Just let me know if anything goes wrong and you ned some help
@mortgageadvice.vantage I will I was looking at the 3 main credit score Companies I can't find any notice of correction