Reasons Your Mortgage Application May Be Rejected. There’s nothing as frustrating and inconvenient as having your mortgage application rejected, particularly if you believe you are ready to be a homeowner.
Previous Track Record. In addition to evaluating your financial history with regard to examining your past loan payments and how financially dependable you are, lenders will assess your past dealings to get a picture of how you may behave when granted the loan.
Not Registered On the Electoral Roll. If you aren’t registered on the electoral roll, make sure that you apply right away.
It’s important to be aware of what will make your mortgage application get declined so you know the pitfalls to steer clear of.
You can enlist the services of companies such as Experian to evaluate your overall credit report, to ascertain that you fully comprehend your current financial position.
If you have a significant debt amount, then a mortgage lender could take this as a potential risk that could hinder you from making regular repayments on their loan.