The package of documents depends on the type of credit product that the client is going to refinance. It is mandatory to provide the bank with:
application for refinancing;
original of the current loan agreement;
a certificate of the amount of debt (if the application is submitted to another bank);
consent of the creditor.
When refinancing a mortgage, you may additionally need an uk mobile database extract from the Unified State Register of Real Estate confirming the ownership of the property, insurance contracts, documents and consent of the co-borrower. You can find out the full list of documents for receiving the service at the bank you have chosen for refinancing.
Why might a bank refuse refinancing, and how can you increase your chances of getting your application approved?
Banks usually refuse refinancing without explanation, but you can independently assess your chances of getting a loan before applying. The probability of refusal is higher if the borrower:
low level of official income;
credit rating below 150 points;
there are unpaid fines, debts for taxes, alimony and housing and communal services.
The bank may also refuse to issue a loan in the event of:
providing false information when completing an application;
refinancing;
submission of an incomplete set of documents.
The bank considers each application individually, so you can increase your chances of approval by providing additional documents, such as a certificate of salary reduction or layoff, a sick leave certificate, a child's birth certificate and any other evidence of a change in your status and income.