An estimated one in four mortgages applications are declined by traditional lenders because of their past financial difficulties.
If you have already been turned down for a mortgage it could be for many reasons including:
- Not being on the voters roll.
- Frequent change of address
- Lack of credit history
- Insufficient or unproven income
- Imperfect credit history
- Low credit score
- Incorrectly completed application
A significant number of failed mortgage applications could have been avoided with the professional assistance of a mortgage expert. Matching a borrower with a lender can make the difference between a mortgage agreed or a mortgage declined.
There are other reasons too, many of which obtaining your credit report will reveal. You can obtain a copy of your credit file from Obligo. An Obligo MortgageExpert can assist you with this, and can help interpret the probable cause of you being turned down.
