Is your mortgage application declined because of a BKR coding? First of all: don’t panic. We can help you increase your chances for a mortgage application. Most of the time this rejection comes at a really inconvenient moment. Especially when you are in the process of buying a house.
What is BKR?
If you have obtained for credit or a mortgage, the information is registered with BKR. At that moment the loan provider keeps the database from BKR updated with your payment behavior. You will be coded if you have caught up overdue payments for a number of months. Each credit type has a different period. For example, for mortgages, this period is 3 months.
If you have caught up overdue payments, a rehabilitation code will be noted in your BKR overview. This is called a “herstelmelding” (rehabilitation). This information will remain visible for a period of 5 years after the contract ends.
Mortgage declined because of a BKR code
A lot of mortgage providers decline a mortgage application if you have a BKR-code. Also, some lenders prefer to lend to a specific demographic. As independent mortgage advisers, we have experience of the market and can help you obtain a mortgage. We will be aware of what different lenders require before offering you a mortgage, and we will speak to the lender on your behalf.
We can make a scan about the possibilities of obtaining for a mortgage if you provide us information regarding your income and the property you want to buy.
Administration errors BKR coding
Lenders aren’t perfect. Some of them put the details from your application into a computer so you might have failed because of a mistake or error on your BKR-file. If you want to know what is registered you can easily download your BKR-file. For a mortgage application, we also need a copy of this BKR report.
Each mortgage application is logged in your BKR-file. Repeatedly applying for a mortgage makes it look like you have problems, so try to avoid this situation. We prepare your mortgage application and will search for a solution.
When is it possible to apply for a mortgage?
If you have a BKR-code it is necessary that you meet the following standards:
- there is a rehabilitation code (H-erstelcode) visible on your BKR overview;
- the loan has an end date;
- your current situation is stable and steady.
Have a question?
For applying for a mortgage scan please contact us.