Curious about the possibility of being turned down for a remortgage? Discover if a lender has the right to deny your remortgage application with the help of our expert mortgage advisors at UKMC.
Concerned that your current lender has refused your remortgage application and unsure what you should do now? Don’t worry.
Below, the expert team of mortgage advisors at UKMC explains if (and if so, why) lenders can choose to refuse a remortgage application as well as what you should do if you’ve been denied a remortgage.
Can you be refused a remortgage?
So, can you be denied a remortgage? Put simply, yes, you can be denied a remortgage and there’s a wide range of reasons as to why you might be refused.
However, not all is lost if you’ve been refused a remortgage by your existing lender.
Depending on the reason for being denied a remortgage, you may still receive remortgage offers from other lenders.
This is because mortgage lenders have the freedom to set their own lending criteria, with some having a stricter criterion than others.
What are the reasons that would cause you to be refused a remortgage?
A lender might refuse to accept your remortgage application for any number of reasons.
One of the biggest reasons to be denied a remortgage, however, is due to having a low or bad credit rating (typically caused by late or missed payments, being close to your credit limit, or applying for credit too frequently).
You may also be refused a remortgage if you have significant mortgage arrears and missed payments, you don’t pass the affordability checks due to a drop in income, or you have a high loan-to-value (LTV) ratio (the ratio between your outstanding mortgage balance and the value of your property).
What to do if you’ve been denied a remortgage?
Instead of making more remortgage applications with other lenders, which could have a potentially negative impact on your credit rating, it’s important to discuss your options with a mortgage advisor, like UKMC, first.
An experienced mortgage broker can help you to understand why you’ve been denied a remortgage and provide you with the appropriate guidance to move forward.
They can take into your personal circumstances and even explore deals from specialist lenders.
Time to remortgage? Contact UKMC today
Feeling anxious after being denied a remortgage?
At UKMC, we aim to make remortgaging as simple and stress-free as possible. By adopting a down-to-earth and tailored approach, we can help you to understand all your options and choose the most suitable arrangement for your specific circumstances.
Regardless of whether you’ve been denied a remortgage by your existing lender, or you’re concerned that sticking with your current lender could mean you’re missing out on a more appropriate remortgage offer, our expert mortgage advisors can help.
We have access to thousands of mortgage products which could result in you securing an attractive remortgage deal with more favourable terms, such as a lower interest rate or shorter term than your existing offer!
If your mortgage deal is coming to end within the next six months, please don’t hesitate to request a call back and book an appointment with UKMC today.
You can also schedule an appointment by calling our friendly team on 01925 573328, filling in our online contact form, or emailing us at hello@ukmc.co.uk.
Alternatively, why not pay our Warrington office an in-person visit for a more personal touch?
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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