Mortgage declined? Get a second opinion.
A rejection is the decision of one bank, not of the whole market. We review your case free of charge, and within 2 working days you get an honest assessment of whether and how things can move forward, with no obligation whatsoever.
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- Broker licensed under Section 34i GewO
- Office in Hannover-Vinnhorst
Why do banks decline?
Most rejection letters give no reason, or only a general one. Behind it there is almost always a lending policy of that particular bank, and policies differ from bank to bank. The eight most common reasons, and what can be done about each:
Probationary period or fixed-term contract
Many banks only lend after the probationary period or require a permanent contract. Others assess the industry, qualifications and career history and lend during probation as well, sometimes with a conditional approval.
Self-employment or fluctuating income
Your current bank often calculates with your weakest year or requires three sets of annual accounts. There are banks that accept two sets and take a current management report into account.
Too little equity for your bank’s policy
Some banks require the additional purchase costs and ten percent of the purchase price to come from your own funds. Others finance up to 100 percent of the purchase price if income and property fit. The interest rate is higher then, but the financing is possible.
The property does not fit the lending grid
Year of construction, condition, leasehold, mixed use or a location outside the bank’s business area lead to a rejection at many banks, regardless of your credit standing. We know banks that assess such properties individually rather than by grid.
Overly conservative household budget
Banks apply flat-rate living costs that are sometimes well above your actual spending. These flat rates often differ from bank to bank by several hundred euros a month, and that is exactly what decides between yes and no.
Age and term until retirement
Some banks want to see full repayment by retirement. Others accept a remaining debt in retirement if pension, assets or the property value support it. An adjusted repayment rate helps as well.
Schufa credit record entry
Settled entries are no obstacle at some banks; outstanding claims almost always are. We tell you this honestly up front instead of submitting enquiries that have no chance.
Too many enquiries in a short time
Several loan applications within a short time can affect your Schufa score. That is why we first clarify terms via rate enquiries, which are neutral for the score. The actual loan application is only made by one bank in the end, namely the one that fits your case.
When a second opinion helps, and when it doesn’t
Frankly: not every rejection can be turned around. If the instalment permanently exceeds what your household can carry, if the property is simply too expensive without equity, or if there are outstanding Schufa claims, then even more than 600 banks and financing partners will not help. In these cases we tell you so clearly and show what would have to change: a different property, a savings phase, or settling the entry first.
A second opinion, on the other hand, is almost always worthwhile when the rejection was down to a policy rather than your figures: probation, self-employment, property type, age or the household budget of a single bank. How financing with us works in general is explained on the page about the mortgage process.
How the review works
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I
Send your documents
You send us the rejection letter, your proof of income and the property documents, as photos or PDFs if you like. We tell you what is missing.
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II
Analyse the reasons
From the rejection and your documents we work out what it came down to: policy, household budget, property or credit standing.
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III
Approach suitable banks
Only banks whose policies fit your case, via rate enquiries that have no effect on your Schufa record.
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IV
Feedback with an assessment
Within 2 working days we tell you whether financing is realistic, on what terms, or what would have to change.
From several rejections to an approval
“I am very grateful to Mr Christian Gülke from Nordfinanz! Before I came to him, I had been to other financial advisers – but everywhere I only got rejections. I was told it was impossible to finance a second house. An acquaintance then recommended Mr Gülke to me – and that was a very good decision! He achieved what everyone else had presented to me as impossible: despite the existing loan for my first house, he made it possible for me to finance a second house entirely in my own name. Mr Gülke works in a highly professional and committed way and keeps looking for solutions until he finds one. He takes his time, explains everything clearly and is always available. Thanks to him I was able to realise my dream of a second home. I am very, very satisfied and can recommend him without reservation!”
Briefly answered
Still unsure about something? Call or write to us, we answer personally.
No. The review and the advice are free of charge for you. If a mortgage is concluded, we are paid by the financing bank. If none is concluded, you incur no costs.
No, if it is made correctly. We submit rate enquiries, which are neutral in the Schufa record and do not affect your score. A loan application, which can affect the score, is only made by the bank you actually want to sign with.
Within 2 working days of receiving your documents you get a first honest assessment. The bank’s binding decision takes a few days longer, depending on the institution.
You don’t have to, but it helps. From the rejection letter and the documents we can usually see quickly what it came down to, and we avoid enquiries at banks with the same policy. We do not mention the rejection to other banks unprompted; each bank assesses your case independently.
Have your rejection reviewed
Free of charge, no obligation, answer within 2 working days.