Mortgage Declined On Affordability

Affordability is an important aspect of any mortgage application, if the lender does no feel you are able to afford the mortgage payments it would be irresponsible to approve your mortgage application.

There are still possible options available to you to possibly get approved your mortgage or remortgage, below are possible solutions to help you improve your mortgage affordability.

• Consider a joint mortgage
• Extend the mortgage term
• Consolidate existing debts into your mortgage
• Increase your mortgage deposit

Joint Mortgage Application

If you are considering buying a property and you are in a relationship you may consider purchasing the property together with a joint mortgage. Because it is a joint mortgage the lender will consider both incomes on the mortgage affordability increasing the chance of being approved. If you are not in a relationship you may also be able to add your parent as a guarantor or add them on as a joint owner. It is important to note that if you have a joint mortgage then all parties listed on the mortgage have rights of ownership and will also be liable for any missed payments.

Extend The Mortgage Term

By extending your mortgage term you will reduce your monthly mortgage payment making it more affordable, it is important to note that if you make your mortgage term longer then you will be repaying more over the term, although you can look at restructuring your mortgage in the future when your monthly income has increased.

Consolidation Your Debts Into Your Mortgage

If you have existing debts you may consider consolidating any loans, credit cards into your mortgage, this will reduce your monthly outgoings making one payment instead of multiple debt payments.

Increase Your Mortgage Deposit

In some cases you may be able to increase your initial deposit, this will reduce your loan to value and reduce the amount of money you will need to borrow and reduce your monthly outgoing.

Refused A Mortgage

With over thirty years of mortgage industry experience, having worked with a wide selection of lenders. First Choice Finance offer fully qualified mortgage advice and have helped many borrower get approved for a mortgage who have been declined a mortgage by other lenders.

We`ve helped a wealth of clients to benefit from the most suitable mortgage solution for their holiday homes, dream houses in the country and those all-important first-time purchases.

As well as mortgages First Choice Finance also offer a selection of home owner loans and personal loans, we look at all finance enquires and offer you best solution from our panel of lenders.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.