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Solutions for people turned down or rejected for a mortgage.

When you apply a mortgage, prospective lenders will carry out a search on your name and address to establish whether or not you are creditworthy. A lender will use a credit reference agency to check your credit file. This will show them who you're currently borrowing money from, and give them an indication as to whether you're a good or bad payer.

If you have incurred defaults, CCJs, been bankrupt or entered into an IVA, this will show up on your credit file and might jeopardise your chances of being accepted for a standard mortgage with the majority of high street banks and building societies.

Every loan, credit card, store card or mortgage you’ve ever applied for will be listed on your credit file, including ones that were declined. If you have missed payments in the past, you might find it difficult to get credit in future.

Strange as it may seem, it can also work in reverse: if you have never borrowed money, you might also be turned down because not enough is known about you to determine whether you present a risk.

An estimated one in four people in the UK are routinely turned down for a mortgage by high street lenders for a number of reasons including:

Not being on the electoral roll
Frequent change of address in last five years
Unable to provide proof of income
Imperfect credit history
Insufficient income to meet income multiple requirements
Lack of credit history

If you have been turned down, declined or had your mortgage application rejected, all is not lost as there may be other lenders who can help.

Not all lenders apply the same income multiple rules or lending criteria when 'credit scoring' an application. In fact some lenders specialise in assisting individuals who fall outside of the scope of mainstream lenders.

However, it is true to say in recent years many lenders have backed away from the non standard or 'sub prime' market meaning reduced choice and rising rates for people who fall under this category.

A specialist mortgage advisor can help by assessing your situation and suggesting what your best options are. They'll know which lenders are likely to be sympathetic to your circumstances and more inclined to accept you.

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