The Mortgage Application Closed Letter is a crucial document in the English and Welsh mortgage lending process, used when a lender needs to formally communicate the rejection of a mortgage application. This document must balance regulatory requirements with clear customer communication, including specific reasons for decline, next steps, and relevant consumer rights. It serves as both a compliance document and a customer service tool, requiring careful attention to FCA guidelines, data protection laws, and consumer credit regulations. The letter typically includes application details, decision rationale, complaints procedures, and data retention policies.
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1. Recipient Details: Full name and address of applicant, application reference number, and date
2. Decision Statement: Clear and concise explanation of why the mortgage application was unsuccessful
3. Regulatory Information: FCA registration details and regulatory compliance statements
4. Data Protection Notice: Information about how personal data will be stored and handled under GDPR
5. Complaints Procedure: Standard information about how to raise concerns or complaints about the decision
1. Alternative Products Section: Information about other suitable financial products that might be appropriate for the applicant
2. Appeals Process: Details about how to challenge the decision if appeals are permitted under company policy
3. Financial Advice Guidance: Recommendations regarding seeking independent financial advice
1. Credit Report Summary: Overview of credit-related factors that influenced the decision, if applicable
2. Alternative Products Sheet: Detailed information about alternative products being suggested to the applicant
3. Complaints Procedure Guide: Comprehensive guide to the company's complaints handling process
Relevant legal definitions
Application Reference Number
Mortgage Product
Lending Criteria
Financial Conduct Authority (FCA)
Credit Report
Loan-to-Value (LTV)
Interest Rate
Fixed Rate Period
Variable Rate
Affordability Assessment
Property Valuation
Decision in Principle
Credit Score
Debt-to-Income Ratio
Repayment Method
Monthly Payment
Arrangement Fee
Early Repayment Charge
Complaints Procedure
Financial Ombudsman Service
Mortgage Product
Lending Criteria
Financial Conduct Authority (FCA)
Credit Report
Loan-to-Value (LTV)
Interest Rate
Fixed Rate Period
Variable Rate
Affordability Assessment
Property Valuation
Decision in Principle
Credit Score
Debt-to-Income Ratio
Repayment Method
Monthly Payment
Arrangement Fee
Early Repayment Charge
Complaints Procedure
Financial Ombudsman Service
Clauses
Opening Salutation
Application Reference
Decision Statement
Reason for Decline
Data Protection
Record Retention
Right to Appeal
Alternative Options
Next Steps
Complaints Procedure
Financial Ombudsman Reference
Consumer Rights
Customer Support
Contact Details
Data Privacy
Regulatory Compliance
Document Retention
Future Applications
Broker Information
Closing Statement
Application Reference
Decision Statement
Reason for Decline
Data Protection
Record Retention
Right to Appeal
Alternative Options
Next Steps
Complaints Procedure
Financial Ombudsman Reference
Consumer Rights
Customer Support
Contact Details
Data Privacy
Regulatory Compliance
Document Retention
Future Applications
Broker Information
Closing Statement
Relevant Industries
Relevant Teams
Relevant Roles
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