Here are some of the common reasons that will cause your mortgage application to be rejected: Debt. When you make a loan application, it is worth noting that any debt you may have accrued on car loans, store cards, credit cards or other kinds of loans will be considered.
This can make it difficult to get your mortgage approved through regular mortgage providers.
Mortgage providers currently use three premier credit reference firms to get this sort of information: TransUnion, Experian and Equifax.
Self-Employment/Contractor. If you are a contractor or are self-employed, chances are that you don’t have what is referred to as a consistent income.
They will essentially evaluate the application form, credit report information, and any pertinent information about you.
Using expert mortgage brokers for contractors and self-employed individuals is the best path to prevent your application from getting rejected.