9 Reasons Why Your Mortgage Application Could Be Slowed Down

If you’re applying for a mortgage, you’re most likely buried under a mountain of paperwork as you try to find obscure financial records and documents you haven’t seen for years.

Alas, during this trying time, nothing is worse than slowing the process down due to errors that could easily be corrected.

Something as simple as a mistake with your phone bill could halt your mortgage application process!

Showing scanned documents

Wherever possible, you should provide the lender with original documents rather than scans or copies.

This makes it easier to verify the authenticity of your documents—scanned documents could easily be fake or otherwise tampered with.

Not updating your address on the electoral roll

Even if you don’t plan on voting in the next general election, updating your address on the electoral roll when you move is a good idea.

Mistakes on statements

Lenders will always check your payslips and financial statements very carefully, especially if you have had multiple jobs or are self-employed.

However, remember that mistakes on payslips and invoices could cause problems, even if the mistake is not your fault!

Always check your statements carefully, ensuring your name/address, etc., are written correctly.

Wrong address on driver’s license

Ensure that the address on your driver’s license is current. If it isn’t, you could face a steep fine!

While we’re on the topic, ensure your bank has been updated with your address details, too!

Hidden credit

If you don’t disclose credit that you have had (either previously or currently), your application could be refused.

Lenders don’t like risk; failing to disclose things paints you as a risky borrower.

It doesn’t matter if it’s a phone contract, a catalogue, or a store card – you should declare everything to be on the safe side.

Payday loans

The CAB has some great advice on payday loans, although we generally recommend that you avoid them altogether, if possible.

A history of payday loans (especially if they’re recent) is a huge red flag on a mortgage application.

Post-marriage names

If you recently got married and changed your surname, update all the appropriate institutions with your new surname.

If a mortgage broker reviews your records and finds inconsistencies in surnames, it will significantly slow down the process.

Inaccurate credit report

Websites such as CheckMyFile and UK Credit Ratings allow you to retrieve an accurate credit report – you can download your credit records here.

Failing to show how you built up your deposit

Whether it was family inheritance money, a lottery win (if only), or just plain old-fashioned saving, you must demonstrate how you built up your mortgage deposit.

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