At Unusual Mortgages we meet many clients who have been turned down elsewhere by Banks, Building Societies and even other Mortgage Brokers. The key message that we have for people who are declined elsewhere is not to give up and to speak with the countries leading specialists at finding mortgages for people in Complex and “Unusual Circumstances”.
There are 70 mortgage lenders on our “Manual Research” list, that may be able to help you buy the property of your dreams, or add the next piece of your property portfolio. Just because one lender turned you down, it does not necessarily mean that you are a poor lending risk and you may in fact be mortagable with another lender.
Income & Affordability is the most common issue preventing applicants from achieving mortgage finance at the moment, with so many changes to mortgage criteria over the last few years. Lenders have become very strict with their criteria for evidencing income and for both employees and self employed applicants.
All lenders have different criteria around the documentation that is required to agree a mortgage, especially for Self Employed applicants. If your mortgage application has been declined due to income, or if the lender has failed to offer enough money, then be sure to seek specialist financial advice.
Adverse credit is also another key reason for mainstream banks for turning down mortgage applications, with late payments on credit cards and loan agreements currently the most common reason for applications to be declined. Some well known high street lenders decline applications, even if there is only one late payment recorded on the whole of a persons credit file.
Where applicants have had a discharged bankruptcy in the past, some mainstream lenders will automatically decline an applicant, where others are much more open minded. If there are County Court Judgements and Defaults in the past, this is also likely to rule out a number of high street lenders. However, there are now specialist lenders that are offering help to people in their positions and once again applicants should seek specialist financial advice.
Multiple Mortgages were announced in our recent survey as the most common reason for clients approaching Unusual Mortgages and we have a long experience of helping people secure “Large Mortgages”, especially for people who already have several mortgages in their name. Only a select few lenders offer mulitple mortgages to applicants.
This means that if you approach the wrong high street lender, you could be declined out of hand and left wondering the reason why you were not acceptable to them. The key thing to remember is that there are more than 70 lenders in the UK market and as Independent Mortgage Advisers we can help you find the right lender and products for your needs.
Free 15 Minute Mortgage Assessment
Unusual Mortgages offer a free 15 minute Mortgage Assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across 70 lenders on our manual research list, from which we tailor bespoke solutions for our clients.
If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from one of the most experienced mortgage brokers in the United Kingdom.
If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk