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If you apply for a mortgage and get turned down will it effect your chances if you apply again with a co-borrower?
Wiki User
∙ 14y ago
Most likely not. As long as credit scores are okay, the co-borrower is assumed to be brought in to assist the primary borrower in qualifying and will not hurt your chances of getting another loan. If you already applied for a mortgage and you were turned down it would be a good idea to try with a co borrower as this could increase your chances of getting approved. Now there are various factors as why a loan is turned down such as credit, debt to income ratio, etc so it would be best to figure out why the application was turned down and if adding a co-borrower would resolve the issue. Veronica Rodrigues Voyage Home Loans
Wiki User
∙ 14y ago
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How does a repossession affect a mortgage?
If your house is repossessed in the UK you will be entered on to The Council of Mortgage Lenders "Repossession Register" Future mortgage companies check this register as part of their usual credit checks. If there is an entry in yours (or your partners name in joint mortgage applications) then this will have an adverse effect on your application and may result in your mortgage application being turned down by high street lenders. This does not mean it wouuld not be possible to get a mortgage as some companies specialise in obtaining mortgages for people who have previously been repossessed. These companies do however charge more! If you refer to an existing mortgage, on another property, then any previous repossessions will not have an effect on this mortgage, if however you need to remortgage at any time in the future you will be subject to the same problems as outlined above. This would be of particular concern if your current mortgage deal will revert of a lenders Standard Variable Rate (SVR) which is much higher than what your current deal charges. Most deals last 2 or 5 years.
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