Mortgage Decline

EMX_2

What happens if you mortgage is declined.... do you get to know why?
are you given any further options in order to make an agreement or is that it over and done with?
Do you have to wait a while before applying for another? Or is it likely if that is declined all the others will be too?

Thanks

FinAdv

Hi,

Did you apply directly with the lender or through a broker.

Normally, they would tell you the reason as to why the mortgage was declined. You should try to find out from them.

Because unless you know exactly why it was declined, there is no point applying with other lender as it may be declined for the same reason again.

Its not absolutely necessary that it will be declined by other lenders but it depends on why it was declied as you may satisfy the criteria for other lenders.

EMX_2

Thanks i am just thinking ahead as i am worried that being in my over draft the last three months will cause it to be declined. as they have asked for my last three months statements