Reasons For Declined Mortgage Application

REASONS FOR APPLICATION BEING DECLINED

  • AGE FACTORS- UNDER AGED (BELOW 18) OR TOO OLD TO BE ABLE TO SERVICE A 25 YEAR TERM BASED ON CURRENT PROFESSION…LENDERS SHOULD NORMALLY NOT DISCRIMINATE AGAINST OLDER AGE
  • NON-RESIDENT OR OTHER VISA
  • DEPOSIT MAY NOT BE SAVED FOR REQUIRED PERIOD-LUMP SUM/ONLY GIFTED DEPOSIT & NO EVIDENCE OF ANY SAVINGS FROM APPLICANT
  • SOURCE OF DEPOSIT NOT EXPLAINED SATISFACTORILY-NO PAPER TRAIL
  • FREQUENT CHANGE OF EMPLOYMENT W/OUT VALID REASONS
  • FREQUENT CHANGE OF RESIDENTIAL ADDRESS
  • INCOME IS EXTREMELY IRREGULAR- IRREGULAR DEPOSITS TO A/C
  • SOURCE OF INCOME NOT CONFIRMED OR UNACCEPTABLE TO LENDER
  • IN CURRENT EMPLOYMENT ROLE FOR BRIEF PERIOD WITH NO PRIOR WORK HISTORY EITHER IN NZ OR OVERSEAS
  • INSUFFICIENT INCOME FOR AMOUNT REQUIRED AS ON APPLICATION
  • TOO MANY EXTERNAL BORROWINGS – HP’S, CREDIT CARDS/S, PERSONAL LOAN/S, DEFERRED INSTALMENT PLANS…
  • BANK ACCOUNT CONDUCT NOT ACCEPTABLE (REFER TIPS OF LAST WEEK)
  • A/P’S & D/D’S REVERSED WITHOUT STRONG REASONING
  • INFO DISCLOSED IS INCORRECT / INCOMPLETE – APPLICATION COULD EARLIER HAVE GONE TO SAME LENDER WITH DIFFERING INFORMATION.
  • NON-DISCLOSURE OF INFO IS QUITE SERIOUSLY VIEWED
  • BAYCORP HISTORY NOT GOOD ENOUGH
  • INSUFFICIENT TRADING PERIOD FOR SELF-EMPLOYED
  • WRONGLY ASSESSED BY LENDER
  • PROPERTY NOT ACCEPTABLE TO LENDER
  • IF REFINANCING – HAS MISSED REPAYMENTS ON HOME LOAN TO PREVIOUS LENDER IN THE LAST 6 – 12 MONTHS

how can we help you?

Call Satish at Mortgage Mantra – Registered Financial Advisor