Turn a mortgage application “No” into a “Yes”

Did you know two common reasons for a “No” from your bank are;

• The application hasn’t been presented in a way the bank likes i.e. it is missing a lot of supporting documentation
• The lender/ manager you are talking to doesn’t understand your application or your business. Again this might be down to presentation, but it might be that the lending manager or contact centre just doesn’t have the sign off authority required to say Yes.

Most people think a loan is declined due to bad credit but this, in my experience, occurs in only a relatively small number of cases.

Remember when you are asking for mortgage monies the lender is sitting thinking how big a credit risk you are and is he/she going to get repaid. If you start from this viewpoint, you will understand some of the questions they ask.

Get the presentation right and give the lender what they are looking for, will make his/her job much easier and give you a better chance of getting a Yes. If it is lacking in detail and poorly set out it won’t help your case. Did you know that the persons shifting through all the mortgage applications only have a limited time per application?

Once you get past the presentation bit, now it is up to the lender to understand what you are looking for. Sometimes an application requires a bit of lateral thinking and showing it to be worthy of the bank’s consideration.

So if you need help or would just like someone to work with you to get a Yes, then why not consider someone whose speciality is mortgage finance and has seen just about every situation you can imagine. Surely this will help you get peace of mind, save you hours of needless wasted time and get a loan that is competitively priced, but more than that, a loan which is structured correctly so it will be paid off before 65 or even many years before.