Things you should do, include:
Check your credit history and cross-reference it with a credit agency to see what information they hold about you. If any of the information that they have is wrong or hasn’t been updated, then you can get them to correct it.
Most searches done by lenders are recorded on your credit history, leaving a footprint. If you repeatedly apply for any credit, be it mortgage, loan or finance, then it may look like you are desperate for credit or have financial problems.
Each lender’s criteria vary, and it’s possible that your application simply didn’t match their demographic. Your broker should know the lender’s appetite and whether you should match, so if you got declined because of this, speak to your broker.
If you’re self-employed or a contract worker, you will have to prove that your income is regular by showing your business tax statements and accounts for the last two to three years.
There is a wide number of reasons that your mortgage may have been declined that goes beyond the few examples above, with some more obvious than others.
For advice on why your mortgage may have been declined, or if you have any questions on how it could be, speak to one of our expert advisers who will be able to help you with the next steps.