![]() ![]() This can be done with tax statements and business accounts.įirstly, try not to worry. If you are self-employed you may have to prove you have a steady income and secured future work. ![]() Self-employed or contracted workers – Being self-employed can be seen as less secure by lenders.You may need to provide a visa to prove this. Time living in the UK – Some lenders specify that you must have lived in the UK for a certain amount of time before you can apply for a mortgage.Not being registered to vote – It’s a good idea to register to vote before applying for a mortgage, as this allows a lender to confirm that the details you have provided are correct.Payday loans remain on your credit report for six years.Ĭommon reasons for being refused a mortgageĪside from your finances, other factors can affect your mortgage application. Using payday loans – Depending on the lender, payday loans you have taken out might be a factor.They will look at your earnings and outgoings before making a decision. Affordability rules – If a lender thinks you won’t be able to make the repayments, you can have your mortgage application declined.Anything below this can see your mortgage declined. Low deposit – You usually need a minimum of deposit of between 5% and 10% to get a mortgage.High level of debt – If you already have a lot of debt, lenders may be unwilling to let you borrow more, as this may be unmanageable for you.Lenders may think you will struggle to meet the repayments if you have a poor credit history. Poor credit history – Missed or defaulted payments, County Court Judgements (CCJs) and multiple/full credit applications all appear on your credit report.Your financial situation is normally the main reason a mortgage application is declined. Other times, it could be a larger issue that takes longer to fix, like a low credit rating.įinancial reasons for being refused a mortgage Sometimes, it’s just a simple mistake you can quickly change – such as a misspelling or incorrect personal information. There are lots of reasons a mortgage might be rejected. ![]()
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