Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.
Steven Neale – Specialist Bad Credit Mortgage Broker
Our experience as first time buyers was simply exceptional! We have been guided through the mortgage process and buying our first home has been an easy journey thanks to your professionalism and efficiency.
13th Jan 2022
After thinking I was going to lose the new home I had fallen in love with, Steven worked hard with me and understood my circumstances. I was at the point of nearly giving up and within 4 weeks I had a full mortgage offer. Thank you for making my dreams come true. I would highly recommend your services. Absolutely no bull or jargon.
10th Jan 2022
The service we have received has been amazing. We were kept up to date every step of the way. Honestly, the relief on my face when I received your email with the mortgage offer was priceless. I can not thank you both enough you are both amazing at what you do. We can not thank you enough for everything, Thank you so much, you have made our dreams a reality.
4th Nov 2021
Thank you foremost for choosing to specialise in adverse credit services for people. All we read online is that it is not possible or easy to get any form of credit when you have or settle an IVA and I’m so glad I kept looking and found you. You have helped us more than you’ll ever realise. We are so happy to have a chance to start again and be able to remain on the property ladder, all thanks to you.
1st Nov 2021
SN Mortgages gave me a chance when no other brokers would. They listened and empathised with my situation. Advised me accordingly and supported me throughout my journey. Highly recommend.
11th Oct 2021
Steven & Sue have been absolutely amazing through the whole process – extremely calm, organised and helpful. We will definitely be using them in the future and would highly recommend them to family & friends.
20th Sept 2021
Steve and Sue have been absolutely amazing. I was really worried about my financial history meaning I wouldn’t be able to get a mortgage but they were nothing but supportive and non-judgemental, always available to explain things and answer questions as well as extremely efficient.
18th Jan 2022
Steve and Sue were very professional and provided an excellent service. Great communication throughout keeping you up to date at all times. Overall a smooth process, would highly recommend.
24th Aug 2021
Struggling to ‘get back’ on the housing ladder after 15 years and being ‘self-employed’ was proving near enough impossible, until we found Steve & Sue. They found us a lender that would use my ‘day-rate’ rather than the usual ‘self-assessment’ and even though there was stumbling blocks along the way, they get us over the line with a ‘mortgage offer’! We can’t thank them enough and would definitely have no hesitation in using them again!
28th July 2021
A fantastic service provided by SN Mortgages once again. Highly recommend SN Mortgages, they have been brilliant at finding the best rates for us, keeping in regular communication and quite frankly achieving the impossible! Where other brokers fail to come back to us or could not find a deal, SN would always go the extra mile and revert back. Thank you so much!
22nd July 2021
We are so grateful to Sue and Steve for all their effort in helping us get our mortgage. Their knowledge and clear love of their job shines through and they have been on hand to answer all our questions no matter how silly or small. They have clearly explained everything from start to finish which has made us feel so much more at ease throughout the whole process. We can’t recommend them enough!
1st July 2021
Can I get a Mortgage if I’ve been Declined or Refused?
If you’ve recently been declined for a mortgage you may think you’ll be unlikely to get one from another lender. If you make further applications with different lenders, you may be right, as doing so can be damaging to your credit file due to hard searches from multiple lenders. However, I’ve helped many people to get a mortgage after being declined, as I understand the criteria of lenders, and who is most likely to say yes first time.
Should I apply again if I’ve been declined for a mortgage?
No! This can damage your chances of success.
I see it so often when I am reading a client’s credit file that they have numerous credit searches from different mortgage lenders and I know from experience, there is not a chance that those lenders would have lent to them.
The more times you apply for a mortgage to lenders that leave a ‘hard’ credit footprint on your file, the less chances you have of being offered a mortgage.
Why was my mortgage declined?
One common reason is failing credit score, the most annoying reason a lender can offer. On the day you applied you simply did not have enough points. You could apply tomorrow however, with the same lender, and pass because the lender has changed their point’s allocation. But there are ways to make sure you give yourself a better chance of passing. Have a look at the Boost Your Credit Score page on my website but here is one to remember when you are completing the mortgage application form.
The importance of filling out an application in full
Complete every single box or section on the form because every answer you give will be allocated a score. If you leave out a telephone number you may lose a point, miss out a full 3 year address history and you will lose even more points. You will never know how many points you had, but give yourself the best possible chance by completing the form fully.
Lenders for mortgage applications after a decline
Finding a home and applying for a mortgage can be a very stressful time, and nothing adds to that stress like having your application declined or rejected. But being refused isn’t the end of the road though.
Since 1986, I’ve helped people in your position to find a lender prepared to take another look at your application, putting you a step closer towards owning your own home or property.
Only a handful of subprime lenders currently operate in the UK property market, so you have to get your second-chance application right first time to avoid more rejection and refusals. And that’s just what I’ll do.
The first step to doing this is finding out just why your application was refused?
How credit issues can result in a mortgage being declined
Before I can help you find a mortgage, we need to discuss your current financial situation. You’ll need to share your credit history and details of your income, and tell me how much you’re looking to borrow to finance your property purchase. Then we’ll look at why you were refused and find a way around it.
In my experience, the most common reasons for applications to be refused are as follows:
- Poor Credit Scores
- Existing Debt
- County Court Judgements (CCJs)
- Debt Management Plans
- Debt Relief Orders
- Director Guarantees
- Individual Voluntary Arrangements (IVAs)
- Mortgage Arrears
- Payday Loans
- Low Credit Scores
- Low Income/Small Deposits
All of these rejections have one root reason. Lenders don’t like to take any risks.
If you have a poor credit history, lenders won’t want to approve your mortgage. I’ll examine your credit history with you and if there is incorrect information that’s holding you back, I’ll show you how to correct it – top tip is to dissociate yourself from a previous partner on your credit file.
If you’re already in debt, lenders may not want to add the burden of mortgage payments onto your stretched finances. I’ll help you to find lenders who may be more flexible in their underwriting criteria or help you to understand how to manage your debts so that lenders can see you can take on the responsibility of a mortgage. All this should give you a better chance of a mortgage in the future.
Many lenders are put off by issues such as CCJ’s, IVA’s and Bankruptcy – even if your CCJ was the result of an illness or redundancy leading to a missed instalment of your credit card bills. However, depending on the time since your issues, and the amount of money involved, I may be able to find a lender willing to approve your application.
The best advice I can give you is to be realistic about the mortgage you can afford. If you have a lower income or smaller deposit than your lender is looking for, your mortgage is likely to be refused. If your income is a barrier to the home you want, I’ll advise you on alternative lenders, and look at different kinds of mortgages.
No matter why your initial lender declined your mortgage, I’ll help you to find an alternative.
Information held on your credit file
The information held on your credit files is very important as lenders use these agencies to look at your credit history for the past 6 years. If you have been refused a mortgage and the lenders say ‘have a look at your credit file’ you can bet you have something adverse on there.
When you call me, it would help if you had a copy of your file to hand from Check My File – free for 30 days and then £14.99 a month – you can cancel online anytime – which checks all three, so it is a good place to start to get an overview of your credit history. It may be that once I have identified a lender, we get copies of your credit file directly from the agency the lender uses to make absolutely sure your credit history is OK for that particular lender.
Why you should use a broker for a mortgage after being declined
As a mortgage adviser I’m not tied to any single lender. Because of this, I’m on your side and it’s my job to find you a lender willing to approve your mortgage application.
As I explained above, I’ll have a no-obligation discussion with you to determine the reason for your rejected mortgage application and your current financial situation. I’ll then give my honest opinion on your prospects and help you to prepare an application to a subprime lender.
It’s vitally important that your application is correct, as you’ll only have one chance to avoid having another application declined. Fortunately, I can draw upon my years of experience to make sure you have the best possible chance of having your application approved.
Take your first step towards owning your home by calling on 01494 526400 or 07949 713563 to discuss your mortgage requirements. I’ll do everything I can to make sure the next thing you hear from a lender is “Yes!”
If you would like further information on how I can help you if you have had a mortgage declined or refused complete my online enquiry form.