Refused by Leeds Building Society

Refused for a mortgage by Leeds Building Society

It’s OK to be disappointed, frustrated or upset if Leeds Building Society denies your mortgage application. But don’t let this stop you from pursuing your home-buying dreams.

Although it can be demoralising, you should remember that you may be able to appeal the lender’s decision or save your plans with another mortgage lender.

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Help if you have been refused by Leeds Building Society for a mortgage

Our mortgage brokers can help, no matter the reason for your rejection. Contact today to speak with a specialist mortgage broker. We will introduce you to mortgage providers who will be able to offer you a mortgage approval.

You can read our guide to learn what to do if Leeds Building Society has declined you a mortgage.

Contact our mortgage brokers today for free mortgage advice and find a suitable lender whose lending criteria you will meet.

Is Leeds Building Society a strict lender of mortgages?

Leeds Building Society is roughly as strict as other high-street mortgage lenders. Although they might accept minor credit issues, they will reject customers with more serious problems like unsatisfied defaults, poor credit file or debt management plans.

Customers with non-traditional deposit sources and customers with self-employed accounts with less than two years can be subject to increased scrutiny.

What should you do if Leeds Building Society denied your mortgage application?

Here are some steps to follow if Leeds Building Society has declined your mortgage or is about to reject you.

1. Do not make another application.Many people rush to apply to another lender hoping for a better outcome. However, it’s impossible to predict what will happen if you don’t know the market.
   You could be rejected again if you rush to submit a second application. Too many finance applications in a short time can also negatively affect your credit score. You could end up putting off future mortgage applications, which can further damage your plans. Keep in mind the high costs associated with applying to another lender at the wrong moment could have a significant impact on your financial plans.
2. Get all the facts
   Find out why Leeds Building Society won’t approve you so you can find a solution. Ask for a copy of the reports they have done and download all your credit files to see firsthand any problems and correct any incorrect information. A mortgage broker can optimise your credit report to make it more appealing in the future.
   You can skip step three if you are short on time or cannot find the documents.
3. Talk to a mortgage broker.
   Your best defence against the rejection of a mortgage is a broker.Their mortgage advice can make the difference between mortgage approval and rejection. A broker who understands how to negotiate with Leeds Building Society for your benefit will be able to help you find another lender that is more likely to approve.
   A free broker-matching service will match you with the broker best placed to help you overcome any obstacles that prevented you from getting a Leeds Building Society mortgage. This specialist advisor, whom we have vetted, will help customers who have been turned down by high-street mortgage lenders every day.

If you need expert advice on a mortgage decline by Leeds Building Society, contact us immediately

• Any type of bad credit file
• You are self-employed with one year of accounts
• You are buying an unusual property or a property with a unique construction.
• You’re using a non-standard deposit source.
• You use supplemental income sources such as benefits
• I already declined a mortgage elsewhere

Get Expert Advice, we provide mortgage advice free of charge.

Why Leeds Building Society refuses mortgage applications

• Your credit report is in error

Leeds Building Society offers bad credit mortgages to customers with various credit issues. However, as with many mortgage lenders, there are certain types of bad credit they do not consider deal-breakers. Customers with unsatisfied defaults, debt management plans, and county court judgments (CCJs) are often rejected immediately.

• You are self-employed and would like to borrow based on your most recent year’s accounts

Leeds Building Society will consider your application for a mortgage if you have been self-employed for less than 24 months and can provide evidence of your income.

However, there may be issues if your affordability assessment is based only on the accounts for the current year. Perhaps you have only one year of trading experience, or maybe you had a great year but struggled the year before. Leeds Building Society is not the right lender for you if your trading history is less than one year.

• Leeds Building Society won’t lend to your property type

A few home buyers are surprised to learn that Leeds Building Society gave them an offer in principle but rejected their mortgage application at the full mortgage offer stage. This could happen when property surveys are back. This could be due to survey results suggesting that the property is less valuable than the buyer is willing to pay. However, it may also happen because of a building type not within Leeds Building Society’s lending criteria.

They usually deny mortgage applications for properties constructed with British Iron & Steel Federation, wholly timbered construction, or non-repaired prefabricated reinforced cement.

• The lender is watching your deposit source

Leeds Building Society may decline your mortgage application because they aren’t comfortable with the source of your deposit. To get a principle agreement, you will need to prove this early. Leeds Building Society is happy to accept traditional deposit sources. However, they are not interested in unsecured loans or gifted deposits unless they come from a family member.

• The majority of your income comes from benefits

People on benefits like Universal Credit often have additional capital they can declare when applying for a mortgage. Some mortgage lenders will accept this total from all sources of income. This is sufficient to allow them to move up the property ladder. Under the right circumstances, it is possible to obtain a mortgage using an income primarily from benefits.

Leeds Building Society will not likely offer you a deal like this. They don’t accept applications that have benefits listed as the primary income source.

• Other reasons

Leeds Building Society may decline your mortgage application for any number of reasons. However, an expert can help you with every problem that could be causing delays in your mortgage application. We can match you up with a broker to help you climb the property ladder. This could be through re-negotiating with Leeds Building Society or starting over with a different mortgage lender that offers a better deal.

We can help you solve these problems of refusal

Leeds Building Society may decline to approve you for a mortgage if you have any of these issues. However, getting the financing you need is possible through the right mortgage broker.

Our network has brokers who have occasional access to Leeds Building Society deals. However, if you don’t meet their criteria, they might be able to help you find a different mortgage provider that meets your needs.

Match with a broker that specialises in the overturning of declined mortgage applications

It is vital to find the right lender. Mortgage advisors are often experts in different areas. You will need someone familiar with your situation, whether bad credit or low income.

Our broker-matching service is free and will match you with the right expert for your circumstances. If there are grounds for appeal against Leeds Building Society’s decision, the advisor will help you to negotiate with them if it’s the best choice. You might find a better mortgage elsewhere.

We’ll schedule a no-obligation, free chat with you and your ideal mortgage advisor by contacting us today.

Contact us now to get help with any mortgage refusals