Whether the maximum amount you can afford is visible to the real estate agent depends on the type of mortgage that was issued to you in principle. Mortgage brokers will not do their research before sending a request to a lender in the hope that the lender will find no problem. Good brokers do their homework and find a lender who accepts adversity. They understand that if the counter-value is not disclosed, if the lender finds it, the application will be rejected if it had been approved, if the problems had been disclosed from the outset. If you had a mortgage in advance authorization and were refused, it is usually because you did not pass the lender`s internal credit note. Each lender uses its own assessment system to interpret each reporting factor and has its own “passport sign” that applicants need to obtain authorization. If an agreement in principle has been proposed only for Natwest to refuse, it could be due to an undetected credit issue or a small error, so it may be worth talking to a broker and see if they can save the mortgage or find an alternative. A mortgage in principle is not mandatory, but there are several good reasons to make one. Yes, but don`t panic! You still have a few options if your mortgage application is rejected after making a policy decision. If you really want to improve your chances of being accepted for a mortgage – then contact our team of mortgage brokerage experts at TaylorMade. If your mortgage application is rejected, there are a number of things you can do to improve your chances of being approved next time. Don`t rush to another lender, as any app could be displayed in your credit file. This manual helps you understand why your app was rejected and what you can do to increase your chances next time.

First of all, a policy decision (a DIP) is an agreement given by lenders to say that, based on the information they have about you, they should be able to give you a mortgage if you ask for one with them. Even if these possible changes are taken into account, an agreement-in-principle is an important step in securing a mortgage and buying a home. It might even draw attention to something you didn`t expect that, in some cases, you can fix it. Even if your mortgage is accepted in principle, your full mortgage application could be rejected at a later date. For example, if the lender only performed a gentle credit check, it may not have seen it all in your credit file. Other information may be revealed when searching for a full mortgage application. Also, many real estate agents (or sellers) won`t even consider taking a home off the market if you don`t have an AIP, because that means they have no idea if you`re ever considered by a mortgage lender for the amount of money you want to borrow. If you have refused a mortgage application because of the COVID 19 situation, do not lose hope.

We work with a network of specialized mortgage agents who have assisted clients throughout the pandemic.