What happens if I make a mistake on my business

2 min read

Tell themAs soon as you spot it

FixableMost honest errors

RiskUncorrected = misrepresentation

Keep recordsOf the correction

Genuine errors are routine

Transposed figures, an out-of-date address, the wrong turnover box — underwriters see these constantly and expect a quick correction. Spotting a mistake does not sink your application. Contact your named contact, explain what was wrong, and provide the correct information; they will update the file and carry on.

Why correcting matters

The danger is leaving an error in place. Lenders verify what you tell them against Companies House, bank data and credit files, and a discrepancy they find themselves reads very differently from one you flagged. Uncorrected inaccuracies can be treated as misrepresentation, which is far more serious than the original slip.

Fixing it cleanly

Put the correction in writing, keep a copy, and ask the lender to confirm the file is updated. If the error changed the amount or affordability picture, they may re-check — that is normal. Using the checklist to review before you submit prevents most mistakes in the first place.

Frequently asked questions

Will a mistake get my application declined?

An honest, corrected mistake will not. What gets applications declined is a material inaccuracy the lender discovers uncorrected, because that undermines trust in everything else you have stated.

What if I only notice after drawdown?

Still tell the lender. A correction after the fact is far better than a discrepancy surfacing later; it protects the facility and your relationship with the lender.