Have You Been Declined For a Mortgage in Essex?

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Mortgage Advice in Essex For Difficult Situations

How can I avoid disappointment?

What are other applicants doing?

Reduction in loan amount

Your Mortgage Broker in Essex is here to help

Mortgage Advice in Essex For Difficult Situations

Every mortgage lender has their own different way of deciding who gets accepted and who doesn’t. Some lenders criteria are hard to match up against and some are a little easier, it all depends on how strict they are and the quality of your credit score.

Often we see that mortgage applications are declined simply because a customer does not meet the right criteria. It’s reasons like this why we feel you’ll truly benefit using a Mortgage Broker in Essex, like ourselves. Our team of dedicated advisors will work hard to get you the most appropriate lender for you and your circumstances.

How can I avoid disappointment?

Firstly, before you apply, you should check your credit file to see whether or not it is in a good state. If it is not, then you may need to try and improve your credit score. There are lots of different ways that this may be possible, as listed in our article, though we will always recommend that you speak to a Mortgage Advisor in Essex to know exactly what to prioritise when working to improve your credit score.

It’s worth noting that only very few people are realistically eligible for every deal that is available on the market. This means that most of the time, people are just searching for the wrong deals for what they’re looking to do. Just because you have seen a cheap deal, doesn’t mean that you will pass the lenders criteria and qualify for it.

As an experienced and dedicated Mortgage Broker in Essex, we advise that do some research into the different types of mortgages available or Get in touch to benefit from a free mortgage consultation.

What are other applicants doing?

Something else we see regularly is customers using price comparison websites to find a mortgage. Whilst there may be nothing wrong with this, you need to remember that the price comparison websites can only check the different costs of a deal, not match you to all the nuances of a lenders criteria.

You can end up wasting a lot of time, as it can be weeks down the line of an application sometimes when a mortgage lender finally declines your case. Because of this, you may end up losing your property and/or breaking down a property chain. You may also find yourself getting declined because of picking the wrong mortgage, which in turn could damage your credit score due to a failed application.

Reduction in loan amount

Customers may find themselves being eligible for various deals, but in order to match the criteria for them, may end up being offered reduced deals. This seems to happen quite often, as the lender will first say that you can borrow a set amount and then later on change their mind and find a way to reduce the mortgage that were previously available to customers.

As mentioned, lenders all have their own unique way of doing things. You will often find that there is a huge difference between lenders and it’s very unlikely that you are going to match up against all of their criteria. You need to narrow down your options and work out what your best option will be.

Your Mortgage Broker in Essex is here to help

Whether you’re a First-Time Buyer in Essex or Moving Home in Essex, we believe that getting in touch for some expert mortgage advice will be incredibly beneficial to you and your mortgage process. Not only will we support you from start to finish, through your journey, but we will also try to find you the most appropriate mortgage deal for your personal circumstances.

Over the years we have worked with thousands of specialist mortgage cases and been able to help customers who maybe feel down on their luck, find a level of success with mortgages that they never thought they’d achieve.

Approaching a trusted and dedicated Mortgage Broker in Essex, like Essexmoneyman, you’ll also be able to learn how best to improve your credit score, in the event of any unfortunate financial circumstances.

Need help with a Specialist Mortgage situation? Get in Touch today with a Mortgage Broker in Essex for a free initial mortgage consultation.

Date Last Edited: December 6, 2023