What to do when the bank says no.

Finding out you’ve been declined for a mortgage is tough. You’re probably feeling upset, frustrated, and a little bit confused about what to do next – especially if you’re already partway through the purchase process. The good news is that no doesn’t mean never; you don’t have to put your homeowning dreams to bed. When the bank says no, our team of specialist mortgage advisors will find your yes.

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Yes! A mortgage is still within your reach, even if you’ve previously been declined by a high street bank or lender. Mortgages can be declined for a number of reasons, and none of them have to spell the end of your property plans. A declined mortgage won’t be recorded on your credit file; all that might get noted will be a hard search – but this shouldn’t cause too much of a problem as long as there aren’t lots of them close together. Whether it’s repairing things with your current lender or sourcing new, more appropriate options, we will endeavour to help you achieve mortgage success. Contact us today to discuss your situation further!

At what stage can a mortgage be declined?

Mortgages can be declined at any stage of the property purchase process, all the way through to completion. Whilst it’s less common to be rejected after exchange of contracts, it can happen. Your mortgage lender might also say no after they’ve already said yes – something which can be confusing and annoying to hear! Whether you’ve been declined on application or during underwriting, there are things you can do. Mortgage success is still within your reach!

Why has my mortgage been declined?

There are lots of reasons why mortgages get declined, and it can be highly frustrating when you don’t know for sure what the problem is. Sometimes, adverse credit that wasn’t discovered during initial checks may come to light. But you can still get a mortgage with a low credit score – find out more on our dedicated page. Mortgages can also be declined due to affordability, and due to issues with the property itself that have been discovered after valuation. This might be because the property is non-standard or timber framed, uninhabitable, or not worth the purchase price.

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Your next steps.

A declined mortgage is upsetting, but it’s not the end of the world. The most important thing is what you do next.

Don’t panic.

A no isn’t a nice thing to hear, and it’s easy to get stressed if this has happened to you – especially if you’ve already made an offer on a property. Instead of panicking and making a rushed reapplication, it’s important to take a deep breath and approach the situation in a calm, logical frame of mind.

Find out why you’ve been declined.

The lender might not tell you why they’ve declined your application, but it’s a good idea to ask anyway. If they don’t tell you, it can be trickier to determine the cause of your rejection, but we can help you work it out! Whether it’s down to rogue late payments on your credit file or you’re just not compatible with the lender’s criteria, we can help you approach your next application the right way.

Contact the experts.

It’s okay to ask for help. Getting specialist advice at this crucial stage is important, enabling you to determine the best next steps. You might be feeling alone, but we have years of experience supporting people in situations just like yours. From liaising with your lender to sourcing more appropriate options to providing guidance on the steps you can take to improve your chances, we’re here for you.

Don’t forget your credit file.

To help us help you, it’s important to have a recent copy of your credit file handy! This will enable us to properly determine the cause of your rejection if it isn’t something obvious, and provide bespoke advice. You can check your credit file here.

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Specialist advisors for declined mortgages.

We exist to find your mortgage – even if a lender has already said no. If you’ve been rejected, you don’t need to be worried. We have plenty of tools and resources available – from guidance on being a first time buyer with bad credit to visa and expat mortgages. Explore our services pages or our blog to find out more. Together, our team of specialist mortgage advisors will help you move forwards with confidence. Let’s find your yes against the odds!