10 things that can stop you getting a Mortgage

Getting a mortgage can be a challenge. Now, whilst it’s not impossible, there are some holes in the road along the way which can cause your mortgage path to grind to a halt. So, how do you make sure your mortgage application runs smoothly? Well, other than using the wonderful team at Zing, we’ve got what can cause your application to stop dead in its tracks.

We’ve been mortgage brokers in Essex for a while now, so we know exactly what can stop you getting a mortgage, however, you’ll know how to avoid all of the things that might. In Zing’s latest blog, we’ll be looking at 10 different things that can stop you getting a mortgage. Let’s get into it.

1. Debt

If you’ve found that you have a lot of debt, lenders might not be so eager to process your mortgage application and approve you. Lenders have different affordability criteria which look at your expenditure vs. your income – this is so they can see if you’re able to sustain mortgage repayments. If you’ve got a lot of debt, lenders may determine that you cannot afford the mortgage alongside your debt repayments. Similarly, if you have the potential to have a lot of debt , they might not consider your mortgage as well. What we mean by this is if you have a large overdraft or credit card limit (which you haven’t touched), lenders may see this as a potential for you amassing debt. So, if you’re going to apply for a mortgage, clear your debt and close those unused credit accounts.

2. Credit History

The next is your credit history, or should we say your possible lack of history. Yes, if you’ve got no credit history, lenders consider you as much of a risk as someone with bad credit. Why? Because you have no credit history to prove that you’re good at making repayments on time, meaning they have no way of checking your reliability. Make sure you have a good credit score before applying for your mortgage (Or speak to one of our brokers who can put you in the direction of a lender who would consider you’re application).

3. Errors

If there are any errors on your credit report, such as one of your lines of credit being registered at the wrong address, this can impact your mortgage application. Whether it’s an old store card or a credit card you’ve forgotten about or no longer use, you need to make sure everything is up to date before you apply for your mortgage.

4. Credit Applications

If you’ve been applying for loads of mortgages in a frenzy with the hopes of getting accepted, but find you’re not getting anywhere, it may be because you’re applying for too many. A sudden burst in credit applications isn’t good for your mortgage application as It can make you look panicked and clutching at straws. Unfortunately, applying for credit on mass can cause a potential application to grind to a halt altogether if you’re not careful.

5. Moving

Whether it’s moving jobs or moving home a lot, it can affect how mortgage lenders will take your application. Ideally, you should live in the same place and work at the same job for at least a year or so, as it gives the lender a better indicator of how stable your income and living situation is. Try and stay in the same job and home when it comes to applying for your mortgage.

6. Voting

Like we’ve mentioned in our credit score blog, not registering to vote can affect your credit score, but it can also stop you getting a mortgage. Being on the electoral register means that lenders can pinpoint where you live and establish your identity more easily. So, register to vote!

7. Errors – Part 2

As well as errors on your credit report, your mortgage application can also be slowed down and stopped by having errors on your mortgage application. Lenders will go through your application with a fine toothcomb, so it’s essential to make sure all the information is not only correct, but it is all true as well. Hiding information will never end well with a lender, because they will find it sooner or later and will question why you didn’t disclose It In the initial application.

8. Affordability

You’re likely to be declined from a mortgage amount you want if your income isn’t enough. Lenders will not consider your mortgage application if you’re applying for one that you cannot afford. All mortgages are subject to affordability checks, where your income and expenditure is looked at. For those applying for more than they can get, lenders might not approve your application.

9. Financial Past

Your financial history can affect your chances for landing a mortgage. If you’ve struggled with finances in the past, it may prevent your mortgage application from progressing further. However, don’t disappear, as any major financial struggles on your application will only remain there for 6 years, and those minor blips possibly only up to 12 months. It’s sometimes worth waiting for them to disappear in order to get better rates on your mortgages, but if waiting is not an option, they may be lenders out there that will consider it.

10. Lender Choice

Whilst you can’t blame any of the above on your lender, some lenders are just downright picky and won’t consider you for a mortgage application if you don’t fit their strict criteria. Every lender is different, not only do they offer different deals and different rates, but their criteria can also be different, with some lenders happy to offer mortgages to the more quirkier of situations. So, it’s important to do your research and find the right lender for you. Luckily, you’re reading this on Zing.

Our dedicated mortgage advisers in Essex are here to help you secure the right mortgage for you. We make time for you, working around your schedule and provide advice throughout the whole process – keeping your mortgage on the right track.

Contact us today for more information on how we can help you get the right mortgage for your new home.

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