Refused A Mortgage Elsewhere

You must expect that our lenders may need a slightly higher deposit, 15—-25%, and you may pay slightly more on the interest rate, but our lenders are ready to lend, and take a we want to lend attitude, rather than finding every which way to say no.

It will cost you £2 to obtain a copy of your statutory credit file, and we make no upfront charges, so it will cost you £2 to find out if we can help you. Call Michael J Alexander now on 0800 802 1003 or 07867 794837 to find out what we can do for you, or email us on michael.alexander@btconnect.com

A fantastic service run by fantastic people. Always kept us updated a long the way from getting our mortgage offer all the way to completion, topped off by a lovely gift! Thank you Michael and Karen for everything you have done for us.
Dan and Chantelle
– Dan Webb – Reviews.co.uk

With our specialist lenders, although they have an internal scoring system, this is only to see what level within a product that the client may qualify for.  There can be up to eight levels of rates within each product. The actual underwriting is on a manual basis, with an underwriter assigned to each application. If you have been declined by any lender it is not the end of the world.  We now have a new breed of specialist lenders who will consider clients where they have recent or historic adverse credit, and the fact that you may have been declined by one lender does not mean an automatic ‘no’ from another lender.

Before any client considers applying for a mortgage, or re-mortgage, even if you think you may have a good credit record you should access your credit file from either; www.equifax.co.uk  OR www.experian.co.uk Both give you the same level of credit information that the underwriter at the lender will view when deciding to proceed or decline the application.

What we have seen on many occasions is that the client was unaware that they may have had any credit issues, bearing in mind your credit file will cover the last six years and you may have moved house, changed jobs, or marital status during that time.

You may have forgotten that there had been a problem previously that had been overlooked, or you were not informed about at the time. We have seen applications that have been declined where one partner was unaware that their partner had credit issues, mainly because they were too embarrassed to share with them that they had suffered historical credit problems.

By accessing your credit files, before you consider making an application for a mortgage, you will see if you have any credit problems and how they will be viewed.  By calling us on 0800 802 1003 we can advise you how lenders will view your credit profile.

Clients should be aware that shopping around for a bargain rate or the most competitive terms is something that most us like to do. However, you should be aware that if you apply for a mortgage with a lender there are two types of search that the lender can carry out.

If the lender does a ‘Soft Search’ then only you and the lender can see that search on your credit file, and it will not be seen by other lenders who you may approach. The problem, when a lender does a ‘Hard Search’, is that this can have a negative impact on your credit score, and they may decline the application. The next lender that you approach can see that you have applied to other lenders and some may take a negative attitude in considering your application.

This is why it is so important to know where you stand in today’s very complex mortgage market before you make an application. As previously stated, being declined by one lender does not mean that other lenders will take the same attitude, but if we know what the problem is before you make an application, we stand a much better chance of solving that problem and taking the concern and worry away from you with a stress free application process.