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I have been turned down for a loan or credit card, will I still be able to get a mortgage?

If you have made a credit card or loan application and the lender has declined you, then, before you apply for a mortgage, you need to find out why you were rejected.

Mortgages are large sums of money and every lender has different criteria when they assess the suitability of a potential customer. They will not lend to you if they think you exceed the level of risk they are prepared to accept.

But each mortgage lender has different ways of assessing risk as well as different levels for what they call “acceptable risk”. For example, some won't even consider anyone who has black marks on their credit history, whilst others will (such as credit card arrears and CCJ’s).

If you have an application to a credit card company or loan company refused, then ask them to give you the name and address of the credit reference agency they used. Then contact them to get a copy of your credit report. You will then be able to see what the problem is, fix it if the information is out of date and shouldn't be on your credit report, and then future applications should run more smoothly.

If your credit report retains the 'black mark' then your mortgage application will have to be placed with lenders who specialise in clients with a poor credit history. These companies charge higher rates of interest to reflect the percieved credit risk. Then, once you have successfully adhered to a repayment schedule for a few years, your credit rating will have returned to normal and you will be able to get a cheaper mortgage with a standard, mainstream lender at normal, competitive rates.

More FAQ's:

What exactly is a mortgage?
Where can I buy a mortgage?
What type of mortgage should I choose?
How do I shop around for the cheapest deal?
What are mortgage rates?
How do I get a mortgage quote?
What is an Agreement in Principle?
How much can I afford?
Cheap loans
How long are mortgages usually for?
How is interest calculated on a mortgage?
What is a mortgage calculator?
What happens if interest rates change?
How do I prove my income?
What happens if I am self-employed?
How does a joint mortgage work?
Can I get a mortgage with a group of friends?
Do I need a Guarantor?
What is Conveyancing?
How much deposit do I need?
What will the initial costs of buying a house be?
What is a Mortgage Indemnity Guarantee (MIG) and will I have to pay it?
How much is the Valuation Fee?
Will I have to pay an Arrangement Fee and how much will it be?
What is a Mortgage in Principle?
What happens during the mortgage application process?
What will I need to support my mortgage application?
What are redemption penalties?
How do I choose a mortgage?
How do I compare mortgages to find out which is the best?
Should I choose a "repayment" or an "interest only" mortgage?
What is a fixed rate mortgage?
What is a discounted rate mortgage?
What is a variable rate mortgage?
What is a flexible mortgage?
What is a current account mortgage?
What is an offset mortgage?
What is a capped mortgage?
What is a base rate tracker mortgage?
What is a cash back mortgage?
What is a 100% mortgage?
What is a first-time buyer mortgage?
What is a buy to let mortgage?
What is a self-certification mortgage?
What is an ISA mortgage?
What is a Refinance Mortgage?
I have been turned down for a loan or credit card, will I still be able to get a mortgage?
What happens if I am refused a mortgage?
What if I have bad credit?
What if I have mortgage arrears?
What happens if I have bank defaults?
What happens if I have no proof of income?
What happens if I have a repossession order?
What happens if I can't keep up my repayments?
Can I repay my mortgage early?
Can I take a break from making my mortgage repayments?
What happens if I have an unusual property?
What is "Right to Buy"
What happens if we have a joint mortgage, but one of us wants to leave?
Is there any way I can lower my monthly repayments without switching mortgages?
What happens if I want to move home?
What happens if there's a shortfall at the end of my mortgage term?
What is a remortgage?
What is Equity Release?
How do I switch mortgages?
How do I know if I should switch mortgages?
Do I need Mortgage Life Insurance?
Do I need Mortgage Payment Protection Insurance?
Do I need Buildings Insurance?
Do I need Home & Contents Insurance?
How do I calculate the rebuilding cost for my Buildings Insurance?
What is a Loan to Value (LTV) Ratio?
What if I die before my mortgage is paid off?
Is there a Government Regulatory Body I can refer to?
What is the Mortgage Code?
Can I buy my mortgage online?
Do I need to see a mortgage advisor?
What's the difference between buying a mortgage from a broker and the lender direct?
Do I have to pay the mortgage broker a fee?
Complaining about your mortgage broker
Complaining about misleading advertising

Kings College Articles and News
Mortgage Authority Sites and Mortgage Lenders
Mortgage FAQ's

Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or
any debt secured on it. Security by way of a charge on your home may be required.

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