What stops you getting a mortgage?

This page was last updated in July 2022. 

What stops you getting a mortgage in July 2022?

Everyone wants to get the best deal when it comes to buying a home and getting a mortgage when they buy a home. However, being too ambitious can lead to your application being rejected.  We completely get that you want the best deal out there. We also realise that you probably want to move into your home ASAP. This means you will need mortgage approval first time round. In our article below, we will explain everything that you need to know before making your mortgage application. This will make this complicated process easier and quicker for you.
What stops you getting a mortgage?

Topics that you will find covered on this page

You can listen to an audio recording of this page below.

What things can stop you getting a mortgage?

It will probably be no surprise that there are a lot of different things a lender will check when assessing mortgage applications. 

If your mortgage lender choose to reject your application, it might be for one of the following reasons:

  • Your lenders have assessed your income, and decided you might not be able to meet repayments. 
  • You have a bad credit rating 
  • You are not on the electoral roll and thus they cannot prove your address
  • You have not given proof of a consistent income (particularly likely if you are self-employed)
  • You made mistakes on your application form 
  • You have applied for the wrong type of mortgage deal, and do not fit the criteria 
  • You have made too many credit applications in recent months

Here is a short video that explains what you can get from a mortgage.

How can I increase my chances of getting a mortgage?

The best thing you can do to increase your chances of getting a mortgage is to make use of a mortgage adviser. Applying for a mortgage is a complicated and confusing process, but mortgage brokers help ensure you get it right. 

This means you are less likely to have your mortgage application rejected. The broker can also be useful for trying to find the best deal. 

Another way to boost your chances is to consider the cost of the property and how much you want to borrow. You should try to put down a convincing deposit or downpayment, too. 

Remember, that more expensive properties will be subject to stamp duty. So, when considering what you can afford you may need to factor this in. Consider using an online stamp duty calculator to estimate the extra charge you may incur. 

You should try to close any old or inactive bank accounts. Also, make sure every single bill is paid on time. This can seem obvious, but punctuality here is overlooked by many. The recommended way to make sure you do not forget is to set a direct debit. 

If you can avoid applying for any form of credit, do. We recommend not applying for credit cards etc. beforehand- 3 to 6 months before applying as a minimum. Even if you do not take out the credit card, loan, overdraft, or phone contract, the fact you applied will show on the report. This can negatively affect your application. 

What causes a mortgage to be denied?

Lenders do not have one hard and fast rule when it comes to what applications to accept. Instead, it is normally that many small problems add up, causing them to reject your application for your home. 

Lenders might be ‘put off’ if you have unpaid debt, old credit cards, loans, a poor credit score, multiple home addresses, and financial ties to other people that have a weak credit score. 

For example, if you have taken out a payday loan in the past 6 years it will show up on your credit file. Even if you paid this debt off on time, it can still affect the outcome when you apply for a mortgage. 

Another reason you may have been rejected is that your application contained errors when you sent it off. You need to make sure you give the correct details, including those of your estate agents and solicitor. 

A mortgage broker will check over these for you before you submit, increasing your chances of acceptance. They will also check that the ‘evidence’ you provide (e.g. evidence of your income and address) are sufficient. 

Self-employed applicants are more regularly rejected, since it is harder to prove a stable income with this type of work. First time buyers might also be rejected if the deposit they suggest is too low. 

"The best thing you can do to increase your chances of getting a mortgage is to make use of a mortgage adviser. Applying for a mortgage is a complicated and confusing process, but mortgage brokers help ensure you get it right."

Can a mortgage application be declined after you get your mortgage in principle? 

Yes, a borrower can still decline your application even after you get a mortgage agreement in principle (AIP).

This is because an AIP is granted from a lender based on basic information about your finances and credit history. It is often granted before you have even chosen the specific home you are going to try to buy. 

When the lender conducts a comprehensive analysis and affordability checks, they might reject your application. This is normally because they find something that suggests you cannot afford buying a home under that specific mortgage. 

The good thing is, a mortgage broker can help increase your mortgage chances. They can find the right type of mortgage for your situation, which lenders will be more likely to accept.

Can a mortgage be declined after offer?

Yes, even after you get an offer for your home lenders can change their mind. In this case, the lender makes a withdrawal of the offer. 

There are not strict rules regarding when they will and won’t do this. As a rough guide, they might do this if they find errors in your application, or if they discover that you do not meet the eligibility criteria. 

What information will show up on my credit report?

Your credit report will contain details of all of your credit accounts. This means all bank accounts, including savings accounts. This also covers any credit card accounts. 

It will also detail anyone that is financially tied to you. For example, you might have  joint savings accounts, or a life insurance policy with your partner. 

Finally, when you check your credit any incidents of fraud will show up. This covers any fraud you might have committed, plus any fraud committed against you.

In addition to these financial details, your personal details will also show up. This includes your address and mobile phone number.

mortgage broker

What doesn’t my credit report show?

As a rough guide, the following things aren’t included on your credit report:

  • Your religion
  • Any criminal convictions not linked to fraud
  • Your salary (though you will need to provide details of this later in the application process)
  • Payments to the Child Support Agency (CSA)
  • Arrears on council tax

Who formulates my credit report?

Credit Reference Agencies are the bodies responsible for compiling credit reports in the UK. There are three major/main Credit Reference Agencies in the United Kingdom. These are TransUnion, Equifax, Experian. The information each has on you can differ.

What credit score will be seen as ‘good enough’ to get mortgage approval?

The score you need really depends on the mortgage you are applying for, and at what interest rates. 

A fair score is anything between 721-880. At this level, you should get some deals with a fair interest rate. 

A good score is anything from 881-960. This means you should be able to get a lot of the better deals out there, but not all. 

An excellent score falls between 961-999. With an excellent score you should theoretically be able to access all the top deals. The interest rates you are offered should be lower, too!

If your score is below ‘fair’, you can still get approval. It just means you might have higher interest rates to pay, and need to provide a bigger deposit. You might also need a guarantor. 

Remember, the credit score is an important part of your application, but other things are considered too. To boost your chances the most, you want all of these factors to paint a positive picture of you. 

mortgage applications

Can I get approved even if I have bad credit history?

Whilst the process can be more difficult, it is still possible. To get a mortgage on a home, you should try to put down a larger deposit if you can.

Another possibility is getting a guarantor for your mortgage

You should also ensure repayments on any credit cards or other debt you have are paid on time. 

How can fraud affect my credit rating?

If someone tries to commit fraud against you it can be very damaging for your credit rating. The extent of this depends on the nature/scale of the crime. 

Fraudsters might apply for credit using your identity. This can leave behind a negative ‘mark’ on your record. Even if they are rejected, the application will show up. 

Fraudsters might also use credit you took out, for their own purposes. This can be especially damaging if you cannot pay this back or get it sorted out.

Can moving jobs stop me from getting a mortgage?

Yes, even buyers that are switching to a job with a larger salary have a risk of their job change causing rejection. 

One reason this can stop you getting a mortgage is because a lender will generally only make an offer for someone that has been in their job for a sufficient length of time. As a rough guide, a lender likes to have seen that you have had the job for around 3 years. 

The reasoning behind this is easy to understand. If the lender has doubts on your future income and its stability, there is a risk you will not make all your repayments. To avoid incurring debt, lenders often won’t accept such applications. 

applying for a mortgage

What if changing jobs is unavoidable for me?

If you cannot delay your job change, or your mortgage, you won’t necessarily be rejected. You just need to find a lender that isn’t ‘put off’ by your upcoming or recent career change. 

A broker can make finding a lender that will accept your application much simpler. If you can afford to put down a bigger deposit then this can help, too. 

My mortgage application was rejected. What should I do next?

A mortgage broker can speak to the lenders and ask why they chose to reject you. Lenders do not have to give an answer, though. 

It is important you try to correct whatever stopped you getting a mortgage on the home. This is because each time you are rejected for a mortgage, it will show up on your credit application. This is why you should try to get accepted first time, by seeking the help of a broker. 

If you were rejected due to outstanding debt on credit cards, make sure you make all repayments on time. This will make your mortgage application more appealing, as it helps improve your credit report. 

Another common reason people are rejected relates to their financial situation. You may not have been accepted because lenders are unsure whether you can afford the home. So, you could try to increase your income. You could also aim to reduce your outgoings. 

affordability checks

What will happen in my meeting with the mortgage advisor?

Before speaking to anyone, be sure they are regulated by the Financial Conduct Authority (FCA). The FCA regulates the financial market in the UK, authorising reliable companies to ensure consumers are treated fairly.

An advisor will consider all of your personal factors and recommend the best mortgages for you. They can advise you on help to buy schemes, and buy to let applications. This will help you decide what mortgage type suits your needs. 

Once you have chosen the specific type you need, they will help with the application. For example, the advisor will help you decide on a deposit amount and the mortgage term. They will also evaluate how much they think you can realistically borrow. 

Finally, the advisor can give you tips regarding any add-ons you might want. For example, some people take out mortgage life insurance. This pays out if you die before paying off the mortgage. It is particularly popular for those with dependents. 

Remember, a professional advisor might charge fees. While this might be off putting, their expert advice is based on many years of personal experience. In the long run, they can make things quicker and cheaper for you!

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Everyone wants to get the best deal when it comes to buying a home and getting a mortgage when they buy a home. However, being too ambitious can lead to your application being rejected. 

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Fees for mortgage brokers can be off-putting. A mortgage is an expensive financial product, and often buyers want to save as much money as possible. This might limit their options when it comes to using a mortgage broker.  However, not everyone advisor charges a fee.

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