Specialist mortgage providers, are more flexible with their lending criteria than the high street banks and building societies, but not every lender on the market can claim to help everyone. However, being rejected by a specialist lender isn’t abad thing. If you’ve been rejected by a specialist mortgage lender, don’t worry. There are so many specialist lenders in the United Kingdom, and with the help of the right mortgage broker, you will find a mortgage lender who will be willing to offer you a mortgage approval.
Common reasons why lenders reject mortgage applications
1. You could be paying more than what the property is worth
Some people find that specialist mortgage lender will automatically offer them a mortgage in principle, only to decide not to offer when the property valuation has taken place. This is because the surveys the property is overvalued, so the lender will be worried about not being able to recoup money in the event of having to repossess you’re the property and sell it on.
Being declined by might feel like a huge setback to your plans, but we can tell you that you aren’t at the end. With a specialist mortgage broker with the right expertise could help you with those mortgage ambitions.
2. You’ve recently started a new job and probationary period
Although specialist lenders can be flexible with some of its lending criteria, it has tight rules around employment and like most other mortgage lenders, they won’t lend to anyone who is in a probationary period at work. So, if you’ve just started a new job and applied for a mortgage, there’s a good chance your application could be declined.
Azembel specialist broker can help you find a lender who’s more than happy to offer.
3. “severe” bad credit
A specialist lender, can offer a range of bad credit mortgages for otherwise eligible customers with all kinds of issues on their file, from adverse to discharged bankruptcies. There are mortgage brokers at Azembel mortgages who specialise in bad credit mortgages, and they could find you a specialist lender with an even higher appetite for risk.
4. An issue with the property
The lender won’t lend if the property is built of non-conventional building material, Japanese knot weed, short lease etc.. We work with brokers who specialise in getting mortgages for customers buying non-conventional material homes and properties with issues many lenders won’t touch.
3. Get professional advice from a mortgage broker
The best way to bounce back from a mortgage rejection is to speak to a mortgage broker and they will help you identify what options you have.
Had a Mortgages application declined?
Help is available! Azembel mortgage brokers could help you turn that rejection into a mortgage promise
We’re a great match for you if you’ve been declined by a specialist mortgage lender
If a specialist mortgage provider has turned you down for a mortgage or you think that they’re going to, first of all, don’t worry, professional advice from a mortgage broker at Azembel. The right mortgage advisor here will have the skills and expertise to help.
Call us on 0208 1910007 to find another mortgage lender offering an even better deal today!