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Refused A Mortgage Elsewhere

If you have been refused a mortgage elsewhere does that mean that you will not be able to get a mortgage from another lender, the short answer is NO. All lenders have their own method of underwriting each mortgage application, and it may just be for whatever reason that you may not fit with their current lending criteria.

Nearly all of the High Street lenders when making a decision to lend, credit check and credit score you to arrive at a decision. Credit scoring is a points based decision made by the computer with no manual input to make that decision. In certain circumstances at a low loan to value, normally less than 75% LTV, a decision can be appealed if the decision is borderline, but this is very much an in house process, as the frontiers can change at any time, and we are not a party to that process.

We now have lenders who will consider a mortgage application up to 95% LTV based on a manual underwrite, where there have been no credit issues within the last 24 months.

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More About Refused Elsewhere Mortgages

Where does Michael J Alexander feature in the mortgage process, and how can we help when others have failed. If you have a failed application, we first have to identify why that application failed. Unless you have a memory with total recall over the last six years, you may have forgotten a financial transaction that impacts on your credit score, or you do not realize what are the factors that make the decision to lend or not as the case maybe.

At this point we would suggest that you obtain a copy of your credit file from Experian, Equifax or Call Credit, a statutory copy of your credit file can be obtained for £2. When we have been able to view your file we can identify why you may have been declined and if there is a lender who would be prepared to lend in your current circumstances, or when they would accept an application.

Most of the lenders that we use where you have had some historical adverse credit, do not use the credit scoring system, and prefer to manually underwrite each application and the decision is based on what they see and how you have dealt with it.

No lender wants to take on a client who simply cannot be bothered to service their financial commitments, but as we all know sometimes circumstances overtake us, from marital breakdown, redundancy, health problems and family issues. All of these will be taken into account, as long as they are historical, and with some lenders they would have to be satisfied. Having a sight of your credit file us in the same position as the lender, we can see what the problems are and which lenders may help and what they will need from you prior to accepting an application.

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 03452 605506 or 07867 794837 to find out what we can do for you, or email us on michael.alexander@btconnect.com

The overall cost for comparison is 5% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.