Mortgage denial is not the end of the story, but the beginning

Banks approve approximately 70% of mortgage applications. Refusals rarely come. Less common than in 2010. Because the number of clients is approximately constant, but competition between banks is growing. We have to lower the requirements for borrowers and turn a blind eye to minor problems. But there is still a chance of being denied a mortgage. To get in 30% of clients

with problems. It is better to prepare for this in advance and figure out how to convince the bank.

We have looked at the main reasons for failures. And they wrote recommendations on how to protect themselves from them.

Scoring system

First, some technical information.
Banks have scoring systems. Soulless automation checks profiles

borrowers and issues an assessment. The more honest and informative you are about yourself, the higher your chances of scoring a passing grade.

Automatic verification is the first stage. Perhaps the easiest. It all depends on what data you enter in the form and what documents you provide.

Then they evaluate manually. Communicate with you and the employer. They check the information from the questionnaire with the involvement of the bank’s security service. It's worth preparing for this.

We have collected information about what usually causes concerns for banks. Use it and become an ideal borrower.

Main reasons for mortgage refusal

First, the main criteria of banks:

• Age from 21 to 75 years
  .
• Minimum 1 year
  of work experience over .
• Work experience at the last place of work is at least 6 months
  .

These are usually mandatory requirements.
You need to comply with them, otherwise they won’t give you a mortgage. They won't even consider the application. The exact requirements vary by bank. One needs less age and more work experience. Another allows up to 4 co-borrowers, but requires registration 100 km from the nearest office. Therefore, look at loan offers, consult with employees, and submit an application. Perhaps somewhere you will be approved for a loan.

Below are the main situations when a bank refuses a mortgage and what to do about it.

The apartment is not suitable for the bank

The apartment secures a bank loan until the mortgage is paid in full.
Therefore, he wants to protect himself by taking a good collateral as security. Therefore, it provides loans for the purchase of only liquid real estate. So that in case of problems with the client it is easy to sell it. Real estate usually undergoes banking examination:

• In the city or nearby suburbs.
• Built later than 1965. More precisely, it depends on the material and series of the house.
• A comfortable apartment or private house with a plot.
• Without encumbrances, debts, illegal redevelopment.
• In the region with bank branches.

Sometimes the bank gives approval for real estate with illegal redevelopment (not significant).
An agreement will be concluded with the borrower that all problems will be eliminated and legalized within six months. 100% brake lights

:

• the house is dilapidated;
• recognized as emergency;
• standing in line for demolition.

The client will be denied a mortgage. No options.

How to choose a house to get mortgage approval

• Order an extract from the Unified State Register of Real Estate. Check that the property is clean. Without encumbrances and residents with the right of lifelong residence.
• Go to the website of the city administration
  or housing policy department. There you can find out the status of the house: dilapidated, in disrepair or in line for demolition.
• Look at court cases
  . A search by address and apartment number, if the information was left open, will reveal details about the past of the property.
• Choose a new home
  . Maximum legal purity. Fresh, reliable building. The developing area of ​​the city is often interesting to the bank. New construction increases the likelihood of mortgage approval.

The client is confused and uncertain in answering questions

Conversations with bank employees are important.
Uncertain, evasive, and confusing answers increase the chance of mortgage denial. You can relax when you apply at the bank. The employee there simply passes on the information and advises you.

Concentrate when a bank representative calls you. You will speak with an analyst. Its task is to prevent bank fraud. Make your mortgage profitable and safe. Therefore, the conversation is like an interrogation

: a lot of questions from different areas, testing the waters and looking for inconsistencies.

Usually the list of questions overlaps with the questionnaire:

• About work
  . Where and with whom do you work? What you are doing. How much do you get? What does the company do? How many employees? What color is the office building?
• About credit
  . What is the amount of the down payment? Why are you renting an apartment? To live or rent. Who will live there?
• About you
  . The following questions are also possible. The analyst’s task is to identify a person who is unable to pay the mortgage. For example, due to severe illness or problems with alcohol.

There are many questions. They are different. Get ready for this.

How to pass the interrogation of a banking analyst

• Work through the dialogue
  . Brainstorm possible questions and answers in your mind in advance. Work them out. Find better wording.
• Be confident
  . Show that you have nothing to hide. Smooth, confident voice. Specific, clear answers. No stuttering or confusing explanations!
• Stick to the questionnaire
  . Say what you wrote in the questionnaire. The inconsistencies raise further questions. And they become the reason for refusal of a mortgage.

The client and his employer were not reached

Continuing the point about the survey by a bank analyst.
There will be no problems with answers if they don’t reach you. But the mortgage will not be approved either. Check that the numbers on the form are correct. The bank must contact you and the employer. Submit your application - stay in touch. Be prepared to answer the call at any time.

Miss calls - you won't get a mortgage.

How not to miss a call from the bank

• Check that the numbers are correct. Write them out separately before going to the bank. The main thing is to avoid mistakes.
• Keep your phone handy. After submitting your application, remain in the communication zone. Always.
• Warn your employer. Have him be ready to answer the phone and talk to the bank.

The client has health problems

Continued client problems.
The bank is very interested in the performance of the borrower. It must be operational until the mortgage is paid in full. Health problems are a possible reason for being denied a mortgage. Although it is difficult to find official confirmation of this.

Based on available information, unsuitable clients are identified based on the conclusion of a credit specialist. Suspicions may arise at other stages. For example, when analysts and security service see a photo of the borrower.

There is a high probability of mortgage refusal for:

• pregnant women;
• disabled people;
• came to the bank looking very bad.

A shabby, unpresentable appearance, bags under the eyes and a strange rash on the face - this is suspicious.

What to do if there is a risk of not getting a mortgage due to health

• Look presentable. Better appearance in the photo means higher chances of getting approval.
• Prepare co-borrowers. The bank will relax the requirements for the main borrower if he has a support group.
• Contact a loan broker. He works with several banks and knows their requirements. He will tell you what documents are needed to clear up the financial institution’s doubts.

Overdue on other loans and debts

A bad credit history guarantees that you will be denied a mortgage.
The bank checks how you used and repaid loans in the past. He is interested in:

• Loans taken out
  . How much and how often the client took money. Does he have open credit cards? The bank wants to know how the borrower behaves.
• Overdue loans
  . The longer and longer the delay, the worse. For Sberbank, 31-60 days of one-time non-payment is enough to reject client requests in the future. Even if the remaining loans are closed on time.
• Debts for alimony, taxes
  , fines and open writs of execution. A client who ignores government payments is unreliable. Debts can be viewed on the website of the Federal Bailiff Service.

Requirements vary by bank.
The larger it is, the more strictly it checks the borrower. Small banks cut off only very malicious defaulters. They look into each case individually and then make a decision. Because they need clients.

How to reduce the chance of refusal if you have debts

• Correct your credit history
  . Debts and arrears that arose due to a bank error can be removed. Contact the financial institution where you took out the loan and ask them to provide the correct information to the BKI.
• Close debts to the state
  . Pay taxes, fees and alimony. Become the most law-abiding citizen.
• Take out a small personal loan
  . Pay it on time. Show the bank that you have become a reliable borrower.
• Contact a small bank
  . They are interested in clients and try to understand the situation. If the delay was due to force majeure, for example, loss of work, then a small bank can ignore it. And issue a mortgage!

Problems with documents: forgeries and incorrect data

When you give documents to the bank, double check them.
A mortgage is denied due to errors in paperwork. An error in the passport data in the certificate, an incorrect entry in the work book or employment contract. Every little thing raises the suspicion of the bank.

In most cases, the client will be asked about the error. They will clarify the information and make a decision based on the correct data.

Refusals just because of an incorrect number on the certificate are rare. Usually the bank looks for good reasons. Debts or criminal record.

The situation is worse for clients who sell counterfeits. Purchased 2-NDFL, work book and contract. The bank's security service works well. She finds fakes and refuses the client. Plus marks him as unreliable. So your chances of taking out a loan in the future are reduced.

So forget about document falsification. The chance of getting a mortgage on them is minimal. More often than not they bring problems.

What to do with documents to get your mortgage approved?

• Check documents for errors
  . Correct information means fewer problems with the security service.
• Submit real documents
  . Do you work with a gray or black salary? Find banks that accept certificates using their form. Convince the employer to sign it and answer the bank's call. The financial institution will not accept a certificate without verbal confirmation.

Low salary

Income is one of the main criteria for assessing a borrower.
The bank wants the client to definitely have enough money to service the mortgage and have funds left for everyday expenses. The salary required for approval depends on the region. To put it simply, the more expensive the property, the more salary you need.

For Moscow, the minimum threshold is 60 thousand rubles. Approximately 2 times the average salary in the country.

For Kazan, Samara and other relatively large regions, the minimum threshold is approximately 30 thousand rubles.

For small cities, where apartments cost 300-600 thousand rubles, 10-20 thousand rubles will be enough. But there it is more difficult to find a bank willing to give a mortgage.

More salary means less chance of being denied a mortgage.

How to get a mortgage with a small salary

• Only the white part is small
  . Take out a mortgage with a certificate in the form of the bank. There you can enter the real number, not the official one. The main thing is that the salary suits the position and is verbally confirmed by the employer.
• The salary is generally low
  . Invite co-borrowers. They will become the bank’s guarantee that the loan will be closed.

The higher the salary, the better. Banks love it when clients are guaranteed to be able to repay their mortgage. The main thing to remember is that large expenses cover income in the eyes of a banking analyst

High expenses and financial burden

The bank likes it when the client earns a lot.
But he will refuse a mortgage if the borrower is wasting money. The approximate cost for the regions is as follows:

• for a salary of 30,000 rubles – less than 40-50% of income;
• for a salary of 60,000 rubles - up to 70% of income.

For Moscow, multiply by 2.
The bank takes into account other potential expenses. Family composition and dependents. What if the borrower has elderly parents and will soon have to spend money on their maintenance?

On this point, everything is individual. The bank decides whether it is willing to risk its money.

How to get a mortgage with high costs

• Close old loans
  . Pay them off and go get a mortgage.
• Involve co-borrowers
  . If you can’t get rid of old loans, reduce the risks for the bank with the help of an additional co-borrower.
• Contact a loan broker
  . He will select offers from banks willing to take risks. Risks will be covered by an increased interest rate.

The client changes jobs frequently

Work mobility is good for a person.
But the bank doesn't like it. Borrowers are often denied mortgages due to regular job changes. The bank likes it if:

• You have worked in one place for a long time. 1-2 years minimum
  . The longer the better.
• Haven't changed jobs
  in the last . Those who have recently joined a new company receive loan refusals.
• We gradually climbed the career ladder
  . The sudden jump from middle manager to top manager raises many questions.
• You work in a stable field
  . The bank doesn't like bartenders, security guards, or taxi drivers. These are risky clients with unstable income.

Mortgage approval is often obtained by representatives of stable professions who are loyal to the company.

How to get a mortgage if you recently changed your job to a risky one

• Contact a small bank
  . They are interested in clients and treat each one individually. Logically explain to the employee all the nuances of a career. Show that you are a disciplined and reliable worker.
• Invite guarantors and co-borrowers
  . Give the bank more guarantees that you or someone else will close the loan.

There is nothing else to oppose this filter.

This is approximately how you should look in the eyes of the bank and employer. Ideal employee. Stable position, prestigious field, high salary. Mortgages are willingly given to such people

Small down payment

A mortgage with a small down payment is more of a marketing ploy than a profitable offer.
Banks are interested in clients who are willing to shell out money when buying an apartment. The larger the initial deposit, the higher the lender's guarantees. And a higher chance of getting your mortgage application approved.

Clients who try to reduce the first payment arouse the bank's suspicion. They are usually required to have a white income

. According to the 2-NDFL certificate, with an extract from the salary account and a tax return.

Therefore, it is advisable to have 30-40% of the cost of housing for a down payment. This will reduce the likelihood of your mortgage being rejected. The bank believes that a borrower with a large down payment is inclined to save. He lives within his means. Postpones. Such a client is disciplined and pays on time. What to do to get a mortgage with a small down payment?

• Confirm white income
  . Only official certificates. No free form.
• Show income stability
  . Working in one place for a long time, owning other real estate, investing in shares of large companies.
• Invite co-borrowers and guarantors
  . As in the previous paragraphs, give the bank more guarantees.

Criminal record

The most clear point. Those with a criminal record are denied a mortgage
. Because for the bank this is a strong stop signal with no statute of limitations.

It's too risky to give money to a criminal. Even if the crime is reposting a meme on a social network.

From the bank's point of view, any violation of the law is bad. Such a client is unreliable. He might break the law again. Then there will be no income from the loan. But there will be problems with the sale of secondary real estate.

No military ID

A military ID is an additional requirement of the bank for men.
Usually they refuse if the borrower did not serve in the army and there is no deferment in the registration. For the bank, such borrowers are a big risk. Perhaps they are avoiding service. Therefore, at any moment they can be tracked down by the military registration and enlistment office and taken away. As a result, the co-borrower, if there is one, will repay the loan.

Without a military ID, it is more difficult to get a mortgage. The bank needs evidence that the man is not interested in the military registration and enlistment office

Reasons for refusal of a mortgage

Content

1. Property. 2. Age. 3. Marital status. 4. Experience. 5. Amount and form of income. 6. Profession. 7. Fake certificates. 8. Credit history. 9. Lack of credit history. 10. Employer.

When people turn to a bank for a mortgage loan, they often have no idea what difficulties they can expect. When they are denied a mortgage, they are usually at a loss: why?

Why can they refuse a mortgage? First, you need to understand what the bank checks before issuing a loan. Banks do not like to disclose schemes for checking the reliability of borrowers and those factors that influence the decision to issue a loan. But nevertheless, we will analyze the main factors that banks pay attention to.

1. Property

We need to understand what kind of real estate we are taking, in what market: primary or secondary. If the market is primary, then it is important to know whether our facility is accredited by the bank or not. We check the accreditation of the bank. The first reason for a bank's refusal to purchase a new building may be the lack of bank accreditation for this property.

2. Age

We are analyzing why they could have refused. What we pay attention to:

Age. Age matters when you take out a mortgage. Many banks refuse older clients. But there are banks that approach this issue more loyally. Sberbank provides loans to pensioners under 75 years of age. But there is a nuance. Sberbank makes some payments before retirement, and others after retirement. You need to be prepared that payments will be significantly higher before retirement.

3. Marital status

What you need to know here. If spouses purchase an apartment with a mortgage, it becomes common property. Here all banks work differently. Some involve their spouse as a co-borrower, others require the spouse’s notarized consent to receive a loan and purchase an apartment, and others require a prenuptial agreement.

If one of the spouses has a bad credit history, they may be denied a loan. What to do in this case? Most often, an impersonal marriage contract is concluded. It is also called a prenuptial agreement for a mortgage. Under a marriage contract, a mutual agreement is concluded between the spouses, which establishes their rights in relation to jointly acquired property and mortgages. The prenuptial agreement determines who pays the mortgage and how much.

4. Experience

Previously, banks required at least 6 months of experience. Now banks are more loyal to length of service. Sberbank has a minimum experience of 2 months, VTB and Rosbank - 1 month.

5. Amount and form of income

The amount of the approved loan depends on the form and amount of income. If the borrower has an official salary of 20-25 thousand rubles, then he will not be approved for a mortgage with payments of 15 thousand rubles. If there is not enough income, you need to look at who in the family can act as a co-borrower.

Form of income. Banks are very loyal to clients who have a salary project in the same bank. In this case, banks see the client’s income and length of service from their documentation.

A salary project is a service in which the bank, on behalf of the company, transfers salaries to employees on plastic cards.

The best certificate to confirm income is a certificate of income of an individual, 2NDFL. If there is no white salary, then we confirm the earnings using the bank form. A certificate in the form of a bank is a document that confirms by the employer information about all types of income of the borrower for a certain period of time. The certificate in the bank form takes into account official and unofficial income. In this case, the employer must confirm income over the phone. There are categories of borrowers for whom it is more difficult to verify their income and take out a mortgage loan. These are self-employed, business owners, individual entrepreneurs. Each category requires its own approach.

Not all banks give loans to individual entrepreneurs, and only if they have a simplified taxation system. Banks always track income according to the declaration; if there is no income, then getting a loan is problematic.

6. Profession

Banks traditionally do not like to lend to workers without a regular income: realtors, insurance agents, sales managers, some creative workers, etc. It is extremely difficult for them to get a loan.

There is a group of professions associated with risk. These are firefighters, police officers, high-altitude workers, bodyguards and others. It is easier for workers in risky professions to get a mortgage. The bank requires them to have life and health insurance. The insurance company treats them more strictly; their insurance is more expensive.

7. Fake income certificates

Banks most often see fake income certificates, so if you “draw” an income certificate, then you need to do it plausibly. Bank representatives review thousands of income statements every day, so it is not difficult for them to distinguish a fake from a real one. They don’t just look at the certificate, but can also trace the work history. When a former janitor with extensive experience suddenly brings them a certificate stating that he is currently the director of an enterprise with a substantial income, this is doubtful for the bank.

Now, when the security service doubts the authenticity of the document, it requests documents from the pension fund. If the data does not match, then banks refuse to deal with such borrowers. The worst part about this situation is that they may report the fraud to the credit bureaus. Then the borrower will not be able to get a mortgage anywhere, because all banks look at potential borrowers using the BKI database.

8. Credit history

Checking your credit history takes place in two stages. First, scoring is done - a specially developed bank program checks the client against all bases. At the next stage, the borrower is checked by a bank analyst. What lowers your credit score?

Reasons for a decrease in credit rating.

• Late loan payments. The worst option for late payment is non-repayment of the loan. Also, bankrupts will not pass the scoring.

• Loan restructuring or credit holidays.

• If you often apply for various loans. You have many different types of loans, including microloans.

• If banks understand that the potential borrower is a persistent defaulter who does not pay housing and communal services bills, does not pay alimony, etc. The source of such information can be various organizations and legal entities.

• Too frequent applications for loans. There are people who constantly live in debt. It's good if they pay all their bills regularly. But frequent applications to many banks is a bad sign for your credit rating.

• Trials. Various processes in which a potential borrower is a defendant for various types of debts and non-repayment of finances. Usually the court in such cases seizes the debtor's property.

• If you have been rejected by many banks despite your good earnings and other data, you can check your credit history. Your credit history is usually checked by a credit bureau.

• If you were a guarantor in banks, loans and did not live up to your guarantee.

• Sometimes the borrower may not be aware of certain delinquencies, such as on credit cards.

If your credit history is bad, then there are ways out of a number of situations.

9. Lack of credit history

A fairly common question: I have never had any debts or loans. Is this good or not? In principle, this is good when a person does not like to live in debt, but for a bank it is not very good. Banks love borrowers with a good credit history.

The fact that you have never applied to banks for loans and have no credit history is a negative factor when approving a mortgage. It is difficult for the bank to judge you as a borrower.

Therefore, if you do not have a credit history, you need to create one.

10. Employer

Often, it is not you, but your employer who may not inspire confidence in the bank, and may also be blacklisted. Banks check all employers and entrepreneurs against databases. It happens that bank employees may call and recommend changing your employer. This means he has problems.

If the employer is an individual entrepreneur, then there is little chance of getting a mortgage.

I had a client who was a hired employee in a small company. She was paid regularly, her earnings were not bad, she needed a small loan, and all banks regularly refused her. In the end, bank representatives made it clear that the problem was not with her, but with her employer. If the credit history is good and the problem is not with the borrower, it is possible that the problem is with the employer.

What to do if you are denied a mortgage?

Good luck! Galina Cherkis

Special situation: the mortgage was first approved, then denied

Separately, there are cases of refusal after mortgage approval. This usually happens when:

• The economic situation has changed. For example, in 2014, the Central Bank increased the key rate. Approved loans became unprofitable for banks. They renegotiated the terms of the loans. Those who stopped approaching were refused before the deal.
• The borrower changed jobs. The bank may reconsider the decision on the application. Especially if the new job has a lower salary.
• New loan. Don't apply for new loans before you get a mortgage. A new loan load may force the bank to withdraw approval.
• Delinquency on old loans. You can't make debts either. Otherwise, the bank will think that you are an unreliable borrower. The refusal may come right before the deal is concluded.
• A criminal case was opened against the borrower. There will be 100% failure. Because tomorrow the borrower could go to jail.

Additional reasons for refusal of a mortgage after approval

You must understand that verification of the borrower and the mortgaged property is mandatory for financial institutions. At the same time, banking companies will not simply risk their reputation to refuse a mortgage loan after pre-approval.

Additional reasons for refusal of mortgage lending include:

• A sudden deterioration in the economic situation in the country - in this case, financial organizations may face a situation when the Central Bank of the Russian Federation raises rates. Accordingly, they will be forced to reconsider the terms of mortgage lending, including taking into account the borrower’s solvency. As a result, a refusal or a significant reduction in the borrowed amount may be obtained. Some financial institutions confirm the previously provided conditions, despite the current situation;
• The borrower's execution of a new consumer debt agreement after receiving mortgage approval. Accordingly, the client’s ability to pay changes. In this case, the lender will definitely check this information when directly signing the mortgage loan agreement;
• Changes in marital status – this factor applies to borrowers who were married at the time of application. In this case, the second participant in the marriage acts as a co-borrower. Accordingly, in the event of divorce, by the time the mortgage debt agreement is drawn up, the financial institution will issue a negative answer. A situation where the borrower’s spouse finds herself in a financial situation by the time the debt agreement is concluded can also lead to a refusal. This is accompanied by further maternity leave and an increase in the number of dependents. In this case, the previously calculated total income will affect the final solvency of the borrower;
• Change of current workplace - employment is a very important indicator for the lender. Naturally, if you change jobs during the period of applying for a mortgage, it is accompanied by serious risks. The final decision rests with the financial institution, but in most cases this will lead to refusal. Banks only favor changes in workplace within the same organization;
• Recording arrears on existing debt obligations during the period of approval of a mortgage loan - financial organizations constantly monitor credit history. Any delay of more than 3 days may result in denial of a previously approved mortgage;
• Opening a criminal case or a writ of execution against the borrower - the emergence of problems with the law will undoubtedly lead to a negative decision on granting a mortgage loan.

How to find out why your mortgage was rejected

Your mortgage has been rejected - try to find out the reason.

• Ask a bank employee. They are not required to provide the reason for refusal. But some banks meet customers halfway and tell them why they did not give a loan.
• Compare the costs of loans taken and income. Usually they refuse when expenses exceed 40% of income.
• Check your credit history. Request it from BKI. Refusals come to clients who did not take out loans or were late in payments.

Plus compare yourself to the list of top reasons above. Perhaps you fall under one of them.

How to find out why the bank refused a mortgage?

If your mortgage is rejected, find the reason. There are several ways to find out why the bank did not give a mortgage.

1. manager at the bank. Lenders usually don't talk about this. Therefore, you will have to analyze the reason for the refusal yourself. But there are exceptions, and bank employees tell you exactly why they did not issue a loan.
2. Check your credit history. Make a request to BKI. If there are delays in the CI, then this is the reason.
3. Compare income and expenses on loans. If current loans take more than 40-50% of your income, then they are denied because of this.

When is the best time to reapply for a mortgage?

Depends on the bank.
Some banks, after refusing a mortgage, place the client on hold. For some time, all his applications will be rejected. Usually this is no more than 6 months. For loan overdue and other serious situations, the period may increase to 5 years. You can re-apply immediately after the problems have been resolved. Your salary has increased or become completely white, you have money for a down payment, you have found a good co-borrower - go to the bank. He will look at new facts. He will weigh them and give a decision.

Each situation is individual. So try it. Perhaps even a small increase in wages will change the bank’s decision.

Portrait of an ideal bank client. How to increase your chance of getting a mortgage approved

• Good health.
• Higher education.
• A neat appearance when going to the bank.
• Quick response to calls from the bank.
• Good credit history or lack thereof. It is better if the client has taken out loans before, has repaid everything or is paying consistently.
• Expenses are less than 40% of income.
• Stable, safe job with a decent salary.
• Down payment 30-40% of the property value.
• There are up to 4 co-borrowers.
• Few dependents.
• There are no debts to the state.
• Close relatives do not have a bad credit history.
• No criminal record.
• Military ID or registration with deferment.
• There are other properties owned.
• Good, liquid real estate has been selected. Fresh secondary or new building.

The expert told who may be denied a mortgage

https://static.news.ru/photo/16c6fb52-a8a8-11eb-9907-96000091f725_660.jpg Photo: Sergey Bulkin/NEWS.ru

When considering an application for mortgage lending, a bank may be confused not only by the income of a potential borrower, the scope of activity and the financial position of the company in which he works, but even by the source of funds for the down payment. Lawyer, member of the Council of the Moscow Regional Branch of the Russian Lawyers Association Gennady Nefedovsky told NEWS.ru about this.

According to the expert, given the consequences of the pandemic, banks are especially carefully assessing the solvency of potential borrowers, analyzing their financial situation not only at the moment, but also in the future.

Even a high income, confirmed by a 2-NDFL certificate, is not a guarantee of the solvency of a potential borrower, since during a pandemic, anyone can lose their job ,” Nefedovsky noted.

The lawyer identifies several groups of borrowers who will find it difficult to obtain a mortgage loan in 2021. Firstly, these are young people under the age of 21 (as a rule, they do not have a high income, and the unemployment rate in this category is noticeably higher), as well as pensioners - borrowers whose age at the time of repayment of the mortgage loan will exceed 65 years.

The third risk group is workers in the industries most affected during the pandemic: private entrepreneurs and self-employed employees of companies in such areas as the restaurant and tourism industry, trade, and the beauty industry, the lawyer said.

It will not be easy to obtain a mortgage for borrowers with a negative credit history who are late in fulfilling their debt obligations, as well as for Russians with a constant but low level of income.

When applying for a loan, bank specialists calculate the amount of the monthly payment, which should not exceed 50–60% of the total family income in order to avoid the borrower’s failure to fulfill its obligations , the expert clarified.

According to Nefedovsky, even borrowers who use maternity capital (or borrowed funds) as a down payment risk being rejected by the bank. Bank employees proceed from the fact that the family’s financial situation does not allow them to save money for a down payment, which means that in the future there is a high risk of the borrower not fulfilling its obligations, the lawyer explained.

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Contact all banks, check all options

If you were denied a mortgage - remain optimistic.
There are chances of getting approval from another bank. Use the service on our website where mortgage offers are collected. Remos employees will submit your applications to several banks at once. All you have to do is wait for answers and act according to the situation. There will be refusals - check yourself with the list. Perhaps there is something alarming the banks. Fix any problems, cover any weaknesses, and reapply. Perhaps this time you will look like the ideal borrower.

Remember, many factors influence the bank's decision. Even the economic situation. Therefore, reapply regularly to get a mortgage. Sooner or later you will be approved.