Turned down for a mortgage? Find out why and what to do

Your mortgage application could have been declined for several reasons, such as a low credit score, insufficient income, high debt-to-income ratio, or problems with the property itself.

Yes, a low credit score can negatively impact your mortgage application because lenders use it to assess your creditworthiness and your ability to repay the loan.

Lenders assess your income to ensure that you have a reliable source to repay the mortgage. Insufficient income or an unstable job history could lead to a declined application.

Lenders look at your debt-to-income ratio to determine if you can handle additional mortgage debt. High levels of existing debt relative to your income can result in a rejection.

Yes, the property's condition, location, or appraisal value can affect approval. If a lender sees risk in these areas, they may decline your mortgage application.

Review the lender's reasons for rejection, improve your credit score, reduce existing debts, increase your savings, and consider waiting to reapply when your financial situation improves.

Applying with a different lender could be beneficial as each lender has different criteria and risk assessments. However, ensure your financial situation has improved before reapplying.

You can contact the lender to discuss an appeal, especially if you believe there were errors in their decision. Have documentation ready to support your case.

The timeframe to reapply can vary. It’s advisable to address the reasons for the previous rejection and make necessary improvements, which could take a few months or more.

Yes, but self-employed individuals might face stricter scrutiny. Lenders typically require additional documentation, such as tax returns and business accounts, to verify income stability.

Pay off outstanding debts, make payments on time, avoid applying for new credit, and check your credit report for discrepancies that need correction.

A larger deposit can improve your chances as it reduces the loan-to-value ratio, posing less risk to the lender. It may also help you secure better interest rates.

A mortgage broker can offer expert advice, assist in finding lenders that match your financial situation, and potentially help you negotiate better terms.

Pay down existing debts, increase your income, avoid taking on new debts, and create a budgeting plan to maintain lower spending.

Yes, schemes like Help to Buy or Shared Ownership can assist first-time buyers by offering equity loans or allowing them to purchase a share in a home and pay rent on the rest.