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

There are several reasons a mortgage application might be turned down, including poor credit history, insufficient income, high debt-to-income ratio, or an incorrect application.

To improve your credit score, make sure to pay bills on time, reduce existing debts, avoid applying for new credit shortly before a mortgage application, and check your credit report for errors.

If denied a mortgage, review the lender's reason, check your credit report, consider other lenders with different criteria, and improve areas such as credit score or savings.

Yes, you can reapply for a mortgage with the same lender after addressing the issues that caused the initial denial, such as improving your credit score or increasing your income.

A joint mortgage could improve your chances if the co-applicant has a strong credit profile and steady income, but both parties will be equally responsible for repayments.

Lenders assess affordability based on your income, existing debt obligations, credit history, and ability to meet monthly repayments in addition to your other financial commitments.

Stable employment with a steady income is crucial. Lenders prefer applicants with a permanent position and a history of stable employment, though self-employed applicants can also be considered with proof of income.

Most UK lenders require a deposit of at least 5-20% of the property's value, depending on the lender and your financial situation.

To improve your debt-to-income ratio, work on reducing existing debt, refrain from taking on new debt, and consider increasing your income.

Yes, government schemes like Help to Buy and shared ownership can assist certain buyers with more accessible options for purchasing a home.

Typically, it is advisable to wait 3-6 months before reapplying for a mortgage to allow time to address the issues that led to the denial.

No, checking your own credit report is considered a soft inquiry and does not affect your credit score.

Payday loans can negatively impact your mortgage application as they may indicate financial difficulty, which lenders see as a higher risk.

A mortgage broker can be beneficial in finding suitable loan products and understanding different lender requirements, potentially improving approval odds.

While you cannot formally appeal a mortgage decision, you can ask the lender for details on why you were denied and address those issues in future applications.