Knocked back for online approval and don't know why.

milkfloatquack

We're looking to borrow approx 85K on a property worth 145K. Annual income 25K. No bad credit history. Any ideas as to why were would have been knocked back (waiting for a call back from the lender).

Many thanks.

Jonbvn

Have you checked your credit file with experian?

dunstonh

What liabilities do you have and what is the monthly cost of those?

What does your mortgage broker say?

Perspective

I quite often find that when clients do their own on line applications, they mis -key something, such as income at £2,500 rather than £25,000. These sausage systems dont have a human being watching the interaction so unless the client complains directly the lender have no idea why the deal was rejected. I would assume in this case that the credit is OK. Who is the lender? Simon

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

Tamsalina

Hi,

When I got rejected for a mortgage after believing I didn't have bad credit I found out that allsorts of things can cause you problems:
Your credit may be good but anyone you share a house or bank account with will be taken in consideration too....
even not being on the electoral register can bring your score down!
You may need to do a search on your credit history to find out for sure..