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What things keep you from getting a mortgage?

What things keep you from getting a mortgage?

It should come as no surprise that a lender will look at a variety of factors when evaluating mortgage applications.

It's possible that your mortgage lender rejected your application for one of the following reasons:

- Your creditors have looked at your income and determined that you might not be able to make your payments.

-You have a poor credit history.

- They can't prove your address because you're not on the electoral roll.

- You have not provided evidence of a consistent source of income (particularly likely if you are self-employed)

- You spelled your name incorrectly on your application form.

- You applied for the wrong type of mortgage and did not meet the requirements.

- In recent months, you have submitted far too many credit applications.

What can I do to improve my chances of securing a loan?

Using a mortgage adviser is the best thing you can do to improve your chances of securing a loan. Applying for a mortgage can be a difficult and confusing process, but mortgage brokers can assist you in making the correct decisions.

This implies your mortgage application is less likely to be denied. The broker can also assist you in locating the greatest offer.

Another strategy to improve your chances is to think about the property's price and the amount you want to borrow. You should also make an effort to make a persuasive deposit or downpayment.

Stamp duty will be applied to more expensive homes. As a result, you may need to consider this when determining what you can afford. Consider utilizing an online stamp duty calculator to figure out how much more you'll have to pay.

Any old or inactive bank accounts should be closed as soon as possible. Also, make certain that all bills are paid on time. This may seem self-evident, but many people ignore the importance of punctuality in this situation. Setting up a direct debit is the best method to ensure you don't forget.

If you can avoid applying for credit in any way, do so. We recommend waiting 3 to 6 months before applying for credit cards or other financial products. The fact that you applied for the credit card, loan, overdraft, or phone contract will appear on your credit report even if you do not take out the credit card, loan, overdraft, or phone contract. This may have a negative impact on your application.

Drop a mail to andy@harveybowes.com to get a quote for your home loan or check out the facebook pages of UK Smart Property, and Andy Coghlan Harvey Bowes.

#finance #uksmartproperty #AndyCoghlanHarveyBowes #debt #mortgage #mortgagebroker #debt #smartfinance #property #harveybowes #economy #housing #realestate

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