To ask what happen if your mortgage application is refused via a broker?

[NotAnotherUserName5]

Applying for first mortgage. Very stressed, as we've found the perfect house and want it all to go well.

We have a broker who will hopefully find us a mortgage ( have a soft search decision in principle)

But I was wondering what happens next if, the mortgage gets declined?

Do you have to wait months for your credit to get over the bashing, or will they search for another mortgage usually?

If it’s a soft search and ageeed in principal then it should be okay
What’s your credit rating and wrongs like
Do you have moans and credit card if so are all these upto date plus all other credit
Mobile phones catalogues gas electric etc

If your declined it will go on a credit search so your broker needs to go for what they feel is your best chance of being agreed

Good luck

Lol sorry auto correct

Thanks for the reply. Credit rating is great on all three reports.

Fingers crossed tightly

The broker will only apply for one that he is fairly certain you'll get. Otherwise he's wasting his time, he will only get the commission once the mortgage goes through.

The only likely reason it would fail is if you have lied to him about something, which I'm sure you haven't. But if the worst comes to the worst, he will try another lender.

Remember, (part of) his job is to get you the best deal, i.e. the lowest APR. Generally if you just miss out on one deal there will be another with an APR a few tenths of a percentage higher.

your broker will advise to try with another lender if it’s to do with the property or their policy, or if it’s to do with credit will advise accordingly.

This is what your broker is for you know!

A good broker will only apply for a mortgage that you're very likely to get.

If you have good credit you should be totally fine, so don't worry too much! Easy to say I know, I was the same when we got our mortgage.

Your broker won't apply for a mortgage he doesn't think you'll get, so as long as he knows everything about your credit history the risk should be really low.

Good luck!