Nobody likes to be told “no” at any stage of our life, but it’s particularly disappointing when being rejected for a mortgage. It can feel like our dream is being unfairly taken away. However it’s important to understand that it’s not you, it’s them. At NI Mortgage Advice, we’ve got extensive experience of helping people who have previously been rejected for a variety of reasons.
Whether it’s a remortgage and you want to switch to a better deal, you’re a first time buyer finding the process harder than you expected or you’ve self employed, we can help. Our qualified Northern Irish mortgage advice team is here to explain all of the options and recommend which mortgages we believe would best suit your personal and financial needs.
Whilst some people are rejected for a mortgage, we also speak to others who have historically been accepted, but proceeded with a mortgage which was unnecessarily more expensive. We’ve met people in the past that realised they were with the same mortgage lender for years and never considered switching, even though it could save them money each month. Consider this, £30 saving on your mortgage each month may not seem a lot, but over a 5 year fixed deal, that equates to £1,800! It may be easier to remain with the same mortgage lender, but when a simple switch can save almost £2,000 it’s definitely worth reviewing your options.
The benefits of speaking to a free mortgage adviser in Northern Ireland are endless and as always, you don’t need to proceed with our advice. You can receive free mortgage advice and support on 0800 193 4874.
Self-Employed Mortgages
If you’re self employed or a Director of a limited company and you’ve tried to apply for a mortgage, then often the first answer you can receive from a mortgage lender is “no”. That’s because some mortgage lenders don’t take dividends into account when they look at your annual income. This can mean that your base salary is all that’s considered, so even though your income is substantially more, they don’t look at the full picture.
However, there is some good news! There are some mortgage lenders that do allow you to take advantage of your total monthly income – both basic salary and dividends. It’s not uncommon to become bamboozled with all the questions asked by lenders, such as, “what was your net profit each year for the past 3 years”? If you’ve guessed this number or listed a figure lower than is accurate then this could be instrumental in whether you’ve been accepted or rejected.
Many people will either go to their bank or search online for the best mortgage rate, but it’s not often explained that each company will have it’s own criteria past the loan to value (LTV). It’s important not to feel too disheartened because of a decision in principle being rejected and that other mortgage lenders could still be an option. It’s essential that any decision in principle is not listed on your credit file as having too many rejections could affect your ability to get a mortgage elsewhere.
Rejected For Mortgage – Get Free Advice
If you’ve been rejected for a mortgage then why not have a conversation with a mortgage advice specialist. We never charge you a fee for our advice but can provide you with a list of different mortgages that you would be suitable for. If you decide to proceed we can help you gather and complete the necessary paperwork and submit the application on your behalf. Again, we won’t charge you a fee for our support.
Avoid the headache of being rejected with a qualified and experienced team supporting you. Call today for free mortgage advice in Northern Ireland on 0800 193 4874.
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