Being declined for a mortgage by your bank is disappointing, especially when you've found the right home or your current deal is ending. It doesn't always mean you can't get a mortgage. Lenders each have their own rules, and a decline from one doesn't mean every lender will say no.
Before you apply anywhere else, talk to us. It costs nothing.
It's natural to want to try another bank straight away. But each full mortgage application usually leaves a hard search on your credit file, and several in a short time can make the next lender more cautious.
It's usually better to pause, find out why you were declined, and then apply to a lender whose criteria fit your situation.
Every lender sets its own criteria, so a decline is often about the fit between you and that particular lender, rather than about you. Common reasons include:
Lenders don't always tell you the exact reason. You can ask them whether the decision was based on information from a credit reference agency, and if so, which one.
As a whole-of-market broker, we work with high street banks and specialist lenders, including lenders who only accept applications through a broker. Many lenders don't publish their criteria in full, so we check before anything is submitted.
We'll look at your situation with you, explain honestly whether we think another lender may consider it, and, if we think it's worth applying, present your case clearly so the lender has the full picture. If we don't think an application is likely to succeed right now, we'll tell you, and explain what could help.
Your first consultation is free, and there's no obligation. You'll have one named adviser from your first conversation through to completion.
If you're struggling with debts or worried about money, free, confidential help is available from MoneyHelper, the government-backed money guidance service, at moneyhelper.org.uk. Talking to them won't affect your credit file.
We're based at Beehive Works in Sheffield and advise clients across the UK by phone, video or face to face. Whether you were declined for a first home, a move, a remortgage or a buy-to-let, the first step is the same: a free conversation about what happened.
Don't apply anywhere else straight away. Find out why it happened, check your credit file, and talk to a broker before your next application. We'll give you an honest view of your options.
The decline itself isn't recorded on your credit file, but the lender's search usually is. A hard search can stay on your file for around 12 months, and several in a short time may make lenders more cautious. That's why it's worth getting advice before applying again.
There's no fixed rule. It depends on why you were declined. If it was the lender's criteria, a different lender may consider you straight away. If it was something on your credit file, it may be worth fixing that first. We'll give you an honest view.
We can't promise that, and no one honestly can. What we can do is look at why you were declined and whether another lender's criteria may suit you better, before you make another application.
No. Your first consultation and discussions with your adviser are free. If you go ahead, our mortgage fee is typically £795, and you'll have it in writing before you commit to anything. See our fees.
We may be able to. Read more on our bad credit mortgages page, or talk to us directly.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Tell us a little about what happened, and one of our advisers will get back to you. Your first consultation is free and there's no obligation.
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