Financial Conduct Authority No. 952718

You are here

What Can Affect My Mortgage Application?

22 Jun

Mortgage News

As your go-to Mortgage Broker in Northamptonshire, we’re here to help streamline the mortgage application process and advise you on the specific products available on the market for you and your current circumstances. 

Contact our mortgage experts today if you need to speak to one of our team for personal, no obligation advice. In the meantime, check out our guide below regarding the most common pitfalls for mortgage application rejections!

What Can Affect My Mortgage Application? 

When it comes to applying for a mortgage, there are many factors you need to be aware of in advance of your application to give you the best chance of success. These include, but are not limited to, the following:

  • Poor Credit History
  • Are You Registered To Vote? 
  • Current Income vs How Much You’re Looking To Borrow
  • Too Much Debt Or Too Many Credit Applications

Poor Credit History

Many mortgage applications are rejected on the basis of a poor credit score or history. Before applying for a mortgage, we recommend running a soft search with a credit reference agency, such as Experian. Many search agencies are free to use and will not appear on your credit history. 

This method is a great way to see if there is anything likely to be flagged, any incorrect information that needs updating, or any recommendations to improve your chances of being approved. 

Are You Registered To Vote? 

Another key thing to check as part of your “soft search” is to make sure you are registered to vote on the electoral register at your current address. Registering to vote at the correct address helps lenders confirm who you are, but may go against you if the information is incorrect or they cannot verify you. They will also use this to check that your credit history is accurate and up-to-date.  

Current Income vs How Much You’re Looking To Borrow

Another reason mortgage applications are often rejected is because the amount you are seeking to borrow is too high in comparison to your current income. 

If you’re worried about not having enough income when applying vs how much you’re trying to borrow, try to apply for a smaller mortgage. As your Mortgage Advisors in Northamptonshire, we can help provide you with advice if you have any concerns about how much you will be able to borrow. 

Too Much Debt Or Too Many Credit Applications

Some people are unaware that when they apply for credit, many lenders search your credit history, which leaves a “hard” search on your record. This can stay on your record for up to 2 years. 

Make sure to avoid applying for lots of credit over short periods, particularly in the year before you intend to apply for a mortgage application, as this can send the message to lenders that you struggle to manage your money correctly. 

Additionally, if you have too much outstanding debt at the time of your application, this can also cause rejection. To improve your credit score, try to keep any borrowed money below 30% of your credit limit and pay the repayment fees on time. 

We’re Here To Help You Get Your Dream Home! 

At CG The Mortgage Experts we pride ourselves on being a free independent mortgage broker in Northampton, with no hidden broker fees. When it comes to mortgages, we provide expert, tailored advice across a range of requests, from first-time buyers going through the mortgage application to remortgaging and equity release

Get in touch with a friendly member of our team today to get started, or visit our News and Insights page for more expert advice.


Contact an Expert today

Need guidance on your Mortgage Application? We have all the answers to your frequently asked questions here.

Contact us

Get in touch today

Contact us

Get in touch today