Molo runs various automated checks based on information provided by you about the applicant and the subject property.
There are various reasons why you might have been rejected for a mortgage by Molo. Some of the common reasons for rejection are:
Based on eligibility criteria for the applicant:
- Annual income falls below the minimum required amount of £20,000
- Insufficient credit history
- Credit history outside of our lending criteria
- Couldn’t match name – In order for us to carry out automatic checks and ensure you get a mortgage as easily as possible, we need you to provide us with accurate information. This means we need you to provide your legal name, and not nicknames or abbreviations.
- Incorrect address history – In order to meet our lending criteria, we need to check your address history within the UK. If we cannot confirm this, we will be unable to lend to you.
- If you haven’t been a resident in the UK for the last 3 years
Based on eligibility criteria for the subject property:
- The property is outside England and Wales
- The property has a floor space below the minimum requirement of 30 sqm
- The property is an HMO