What Does It Feel Like To Be Refused A Mortgage?
Have you ever been refused a mortgage? You would be surprised just how many people face the frustration of a negative decision on their mortgage applications the feelings it creates vary, from panic through to sheer incomprehension.
While its never pleasant to be told you cant get a mortgage, its worth considering the situation from the lenders point of view for a moment. A mortgage usually represents a considerable sum of money according to Credit Action, the average outstanding mortgage is nearly 100,000 in almost 12 million households in the UK!
When dealing with such a colossal amount of money its no surprise that lenders seek to minimise risk wherever possible. A significant part of this is not to lend to people that are considered a high risk.
In the UK, there tend to be two groups of borrowers prime (those people with a regular, provable income from an employer and no history of bad credit) and sub-prime. Its a rather unflattering term but those in the sub-prime category represent those who are more likely to be declined a mortgage by the High St lenders.
There may be obvious reasons...
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