Failing A Credit Score For A Mortgage in Middlesbrough

Credit Scores | Mortgage Advice in Middlesbrough

A frequent hurdle for some applicants wanting a mortgage would be a matter of passing the credit score. The level of difficulty (or ease) to pass the credit score differs depending on which Mortgage Lender you decide to go with. If by chance it appears that a person isn’t successful in regard to passing, sometimes Lenders are not helpful when giving reasons as to why this may have happened. This can be due to a multitude of reasons which can mean it’s unclear to all parties when trying to find an understanding.  

This is where a Mortgage Broker in Middlesbrough will come in and deem useful to you as an applicant trying to move forward with your mortgage. If you are able to obtain a copy of your credit file for your Mortgage Advisor in Middlesbrough, then they will be able to go through it and determine which Lender you may suit your application the most, therefore giving you a better chance of passing. An important tip to remember is the more deposit you are able to put down, the easier it is to pass a credit score for a mortgage.  

In the meantime, there are ways you can improve your credit score. If you have a credit card you should try to use it each month and upkeep paying the balance off in full each month. Another factor that will help is declaring your addresses and making sure you’re on the Voter’s roll with your current address. Closing down old Bank Accounts and credit / store cards that you are not putting to use will also help.  

Just because a person has failed one credit score doesn’t mean they should give up completely. There are other lenders out there who may accept you but you need to be cautious about having too many hard credit footprints left on your credit report as this can affect your credit score.

Declined for a Mortgage on Affordability

When it comes to calculating your estimated borrowing amount, every Lender is different and has their own approach. It is possible that if you went to ten different Lenders, you could get ten different Lenders. This is because some Lenders are more lenient in certain circumstances, e.g. Self-Employed Applicants, assessing employee’s overtime and bonuses, or ‘unearned’ income such as tax credits, child benefits and maintenance.

An advantage that an applicant will gain by using a Mortgage Broker in Middlesbrough will be that the delegated Mortgage Advisor in Middlesbrough is able to approach multiple lenders without the need for a credit check to carry out an affordability assessment. The affordability assessment is useful to have carried out before you start viewing properties to avoid any future disappointment.

Being able to prove that you have maintained payments either through rent or your mortgage in the past, does not necessarily guarantee that you will pass a Lenders individual affordability test.

Outside of Lending Policy

As mentioned earlier, all lenders have their own strict mortgage lending criteria, so some lenders are better than others in certain situations. Lenders look to define themselves as more niche in the property market to attract higher quality mortgage borrowers who might not tick all of the right boxes for their competitors.

Examples of why your application has been declined for being outside of policy can include:

  • Adverse credit history.
  • Not enough deposit.
  • Non-standard property construction.
  • Married applicant applying for a sole mortgage.
  • Minimum/maximum age or mortgage term.
  • Minimum/maximum loan amount.

Our Mortgage Brokers in Middlesbrough use their collated experience of lenders and criteria tools to make sure that you are offered the most suitable mortgage for you and tailored to your own circumstances. If your situation could be deemed as out of the norm then it is worth looking towards mortgage advice as being declined further may affect your chances of being accepted.

Credit Scores | Mortgage Broker in Middlesbrough

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