Top 3 Reasons Your Mortgage Application Might Be Declined

🚫 Top 3 Reasons Your Mortgage Application Might Be Declined

If a bank says "no" to your mortgage application, it’s often due to one of these three reasons:

1️⃣ Property Type: Some lenders won’t approve certain property types. For instance, non-standard construction or high-rise flats can be problematic for specific lenders.

2️⃣ Credit File Issues: Your credit file plays a crucial role in your mortgage application. If there are issues, it’s important to know beforehand and seek specialist advice to find a lender that suits your situation.

3️⃣ Income Type: Lenders may reject your application if your income type isn’t acceptable to them, such as income in foreign currency or certain types of benefit income.

This is why working with a mortgage advisor can be invaluable—they can help match you with the right lender for your unique circumstances.

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Your home may be repossessed if you don't keep up repayments on your mortgage.

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