Our Customers rate us 4.6 out of 5
Professional advice for mortgages declined after exchange.
Is your lender saying no even after you previously had an agreement in principle? Our team of friendly mortgage advisors are ready to step in and help you achieve success, overcoming any obstacles in your way.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Finding The Best Mortgage Deal After Being Declined at Exchange of Contracts
Lenders sometimes carry out final checks after you have exchanged contracts and the purchase process is well underway. It can be incredibly frustrating if these checks result in the withdrawal of your mortgage offer, and you may be frightened that you will lose the property you have fallen in love with. Maybe your mortgage has already been declined, or maybe you’re just worried that a change in your circumstances is going to ruin all your homeowning plans.
Don’t worry; our mortgage experts are here to step in and help you find a solution if things have gone wrong after the exchange of contracts. Whether you’ve had a pay cut, a change in your monthly outgoings, or have new bad credit showing on your file, we’ll help you navigate the situation and achieve mortgage success. With us, you don’t need to say goodbye to your future home and the better your chances of mortgage success will be.
Keeping you on track.
Having your mortgage offer withdrawn at a late stage in the process can be even more upsetting than a mortgage refusal early on. You will no doubt have been getting excited for move in day, and making plans about your future.
If you’ve been declined before completion, or are worried that an unforeseen change in your circumstances is going to create problems with a lender, we can help you determine the best next steps. Friendly, approachable, with an intricate understanding of the mortgage market and application process – we’re here to guide mortgage applications and open the door to different lenders who can help you achieve the mortgage finance for your new home.
Let's get the ball rolling.
We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
Check your credit file.
In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.
Turning Your Nightmares Into Dreams Realised
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
Frequently Asked Questions
Why has my mortgage been declined after exchange of contracts?
Lenders can decline a mortgage application at any stage of the process, from agreement in principle all the way through to completion. Generally, mortgages are declined after exchange of contracts if something undisclosed comes to light that alters your suitability or your financial circumstances have changed.
Often, mortgage lenders conduct a final check before completion. If these checks reveal bad credit that wasn’t picked up on before or has emerged subsequently, they may change their offer. This is also likely to be the case if your affordability has changed, either through to a lower income or higher outgoings. Having a mortgage refused at this stage can also happen due to something as simple as an error on your documentation, or matters as serious as suspected fraud.
If for whatever reason your mortgage has now been declined, our mortgage brokers can help you assess your options and get your house purchase back on track. Our experienced mortgage advisors have years of experience supporting those who have been previously rejected for finance. Talk to our friendly team today and we’ll guide you through your next steps.
Do all mortgage lenders run an additional check at exchange of contracts or completion?
My credit score has dipped. Will this mean my mortgage could be declined after exchange?
Adverse credit has appeared on my credit file after exchange. Will my mortgage application be declined?
A lender may use credit reference agencies to run a final credit check just before completion. It’s important to repay debts in a timely manner and manage your money well throughout the mortgage process, otherwise new information may appear on your credit report. Any new adverse credit, such as too much debt, may change their decision to offer you a mortgage.
It is worth speaking to a specialist mortgage advisor if your circumstances have significantly changed. At this late stage in the house buying process, it is important not to waste time. We’ll act quickly, seeking out alternative lenders who will consider your application even with a poor credit history. Or, if there are grounds to appeal or challenge this decision, we’ll guide you through the next steps.
My income has dropped since I applied for my mortgage. Will the mortgage lender decline me before completion?
You have a responsibility to declare any changes in circumstances to your mortgage lender. This is because income is normally considered a mortgage condition – it is, after all, fundamental to your affordability. In some cases, mortgage providers will still be able to offer you a mortgage.
In others, however, a change in income, regardless of whether you are a contract worker or self-employed, can mean you fall outside their specific lending policies and you will have your mortgage application declined. If you’re not sure, an expert mortgage broker can help you understand your options – whether you are likely to keep your current offer, or a new mortgage lender would be more suitable.
I am going on maternity leave. Will this impact my mortgage offer?
Maybe you’re buying a home for your growing family, and that bundle of joy is on their way a little earlier than planned! This is not uncommon, and lenders do understand that.
If your circumstances change before completion, many lenders will be happy to process the mortgage based on your steady income return-to-work income and hours. However, it’s important to enlist the help of a specialist mortgage broker who can provide professional advice to help you manage the situation, and prevent it from causing any issues and delays.
Will I lose all my fees if my mortgage is declined after exchange?
Unfortunately, yes. You will lose any valuation fees that you have paid as standard as a surveyor’s services are non-refundable. Any admin fees will also be considered non-refundable – the work of processing your mortgage application has been done, after all.
It is an option to add fees to the mortgage itself – in this case, you will be protected from losing the fee if your mortgage application is declined. You also may receive a refund on product fees, but this can take a while to come back. If you are working with a team of specialist mortgage brokers like When the Bank Says No, they will hold the fees until you have successfully been placed with another lender to make sure you don’t pay twice.
Useful links to begin your Mortgage Journey
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Remortgaging
Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.
Mortgage declined after exchange? Our specialist advisors are here for you.
When the Bank Says No is a team of mortgage specialists, with years of experience helping those who have been declined get their mortgage application right the second time around. A refusal after exchange can be a real stumbling block, but we’re here to show you it isn’t the end of the road.
We’ll work closely with you to understand the situation, identify your grounds for appeal, and act quickly to find more appropriate deals if things can’t be resolved. Our mission is to keep things moving, and help you to reach completion date with a mortgage provider who fully accepts your financial situation.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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