Mortgage declined after exchange

Professional advice for mortgages declined after exchange.

Is your lender saying no? Our team of friendly mortgage advisors are ready to step in and help you achieve success, overcoming any obstacles in your way.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Mortgage Deal After Being Declined at Exchange of Contracts

Lenders sometimes carry out final checks after you have exchanged contracts and the purchase process is well underway. It can be incredibly frustrating if these checks result in the withdrawal of your mortgage offer, and you may be frightened that you will lose the property you have fallen in love with. Maybe your mortgage has already been declined, or maybe you're just worried that a change in your circumstances is going to ruin all your homeowning plans.

Don't worry; our mortgage experts are here to step in and help you find a solution. Whether you've had a pay cut, a change in your monthly outgoings, or have new bad credit on your file, we'll help you navigate the situation and achieve mortgage success. With us, you don't need to say goodbye to your future home and the better your chances of mortgage success will be.

Mortgage declined after exchange FAQs.

Lenders can decline a mortgage application at any stage of the process, from agreement in principle all the way through to completion. Generally, mortgages are declined after exchange of contracts if something undisclosed comes to light that alters your suitability or your financial circumstances have changed.

Often, mortgage lenders conduct a final check before completion. If these checks reveal bad credit that wasn’t picked up on before or has emerged subsequently, they may change their offer. This is also likely to be the case if your affordability has changed, either through to a lower income or higher outgoings. Having a mortgage refused at this stage can also happen due to something as simple as an error on your documentation, or matters as serious as suspected fraud.

If for whatever reason your mortgage has now been declined, our mortgage brokers can help you assess your options and get your house purchase back on track. Our experienced mortgage advisors have years of experience supporting those who have been previously rejected for finance. Talk to our friendly team today and we’ll guide you through your next steps.

No, not all lenders complete a final check after exchange. This is more common when someone is looking to purchase a new build property because you normally need to exchange within 28 days, whilst the completion date can be 6-12 months away. If a builder’s completion date has delayed the mortgage process, the lender may deem an additional check necessary to see that nothing has changed in your credit history or financial circumstances.

The lender will be looking for any negative change in your circumstances, but a small dip won’t necessarily prove an issue. More than that, the lender will be aware that their own credit search may have impacted the overall score. If your credit score has changed significantly, however, this may lead to mortgage refusal. Be careful not to apply for unsecured credit regularly at any point during the mortgage process as this can leave multiple hard searches on your credit report and impact your score. Whatever is worrying you, our team of mortgage advisors are here to help.

A lender may use credit reference agencies to run a final credit check just before completion. It’s important to repay debts in a timely manner and manage your money well throughout the mortgage process, otherwise, new information may appear on your credit report. Any new adverse credit, such as too much debt, may change their decision to offer you a mortgage.

It is worth speaking to a specialist mortgage advisor if your circumstances have significantly changed. At this late stage in the house buying process, it is important not to waste time. We’ll act quickly, seeking out alternative lenders who will consider your application even with a poor credit history. Or, if there are grounds to appeal or challenge this decision, we’ll guide you through the next steps.

You have a responsibility to declare any changes in circumstances to your mortgage lender. This is because income is normally considered a mortgage condition – it is, after all, fundamental to your affordability. In some cases, mortgage providers will still be able to offer you a mortgage.

In others, however, a change in income, regardless of whether you are a contract worker or self-employed, can mean you fall outside their specific lending policies and you will have your mortgage application declined. If you’re not sure, an expert mortgage broker can help you understand your options – whether you are likely to keep your current offer, or a new mortgage lender would be more suitable.

Maybe you’re buying a home for your growing family, and that bundle of joy is on their way a little earlier than planned! This is not uncommon, and lenders do understand that.

If your circumstances change before completion, many lenders will be happy to process the mortgage based on your return-to-work income and hours. However, it’s important to enlist the help of a specialist mortgage broker who can provide professional advice to help you manage the situation, and prevent it from causing any issues and delays.

Unfortunately, yes. You will lose any valuation fees that you have paid as standard as a surveyor’s services are non-refundable. Any admin fees will also be considered non-refundable – the work of processing your mortgage application has been done, after all.

It is an option to add fees to the mortgage itself – in this case, you will be protected from losing the fee if your mortgage application is declined. You also may receive a refund on product fees, but this can take a while to come back. If you are working with a team of specialist mortgage brokers like When the Bank Says No, they will hold the fees until you have successfully been placed with another lender to make sure you don’t pay twice.

Mortgage declined after exchange? Our specialist advisors are here for you.

When the Bank Says No is a team of mortgage specialists, with years of experience helping those who have been declined get their mortgage application right the second time around. A refusal after exchange can be a real stumbling block, but we're here to show you it isn't the end of the road.

We'll work closely with you to understand the situation, identify your grounds for appeal, and act quickly to find more appropriate deals if things can't be resolved. Our mission is to keep things moving, and help you to reach completion date with a mortgage provider who fully accepts your financial situation.

Keeping you on track. 

Having your mortgage offer withdrawn at a late stage in the process can be even more upsetting than a mortgage refusal early on. You will no doubt be getting excited for move in day, and making plans about your future. If you've been declined before completion, or are worried that an unforeseen change in your circumstances is going to create problems, we can help you determine the best next steps. Friendly, approachable, with an intricate understanding of the mortgage market and application process – we're here to guide mortgage applications and open the door to your new home.

Let's get the ball rolling.

We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.