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  • FIRST POST
    • CAMJO
    • By CAMJO 2nd Sep 17, 7:45 PM
    • 10Posts
    • 1Thanks
    CAMJO
    Vida Homeloans
    • #1
    • 2nd Sep 17, 7:45 PM
    Vida Homeloans 2nd Sep 17 at 7:45 PM
    Hello all,

    I'm new to the MSE forum although I do have a regular read through forum posts.

    My partner and I have just been declined by Precise Mortgages after they checked Equifax credit reports following our application, although we had received DIP from them.

    Our broker is now away for three weeks and in his absence a colleague has obtained DIP from Vida Homeloans late yesterday afternoon but I'm concerned that we will fail at application stage again- not yet applied for until broker calls Vida Homeloans on Monday morning for clarification.....

    My credit report is completely clear but my partner has historical debts problems including previous mortgage arrears as his ex-partner habitually debts from him for some years. He has paid off all outstanding debts which included
    3 CCJs dated 2011, 2012 and 2014
    2 defaulted accounts in 2011 and 2015
    He took over mortgage payments from his ex partner in September 2015 and has made every monthly payment on time since 30/09/2015 and paid off arrears each month with special arrangement plan - credit report reflects that he was no longer in arrears from December 2016. However AP stated on credit report (correct) but then historical mortgage arrears for 2014, 2013, 2012.

    Does anyone have experience or are there any mortgage brokers out there who have any experience of this company.

    Trying not to stress but all we can think about.... Affordability and deposit are not an issue - rests solely on credit report it would appear
Page 1
    • Lilla D
    • By Lilla D 2nd Sep 17, 11:46 PM
    • 308 Posts
    • 154 Thanks
    Lilla D
    • #2
    • 2nd Sep 17, 11:46 PM
    • #2
    • 2nd Sep 17, 11:46 PM
    I speak to lenders first before even submitting an agreement in principle, so not sure why your broker went for an AIP with a credit footprint ahead of speaking to Vida first?

    Personally, I like Vida, as they are quite flexible with their offering and you seem to fit their criteria subject to satisfactory explanation of the bad credit history, but even so, in cases like yours, I'd call them first.

    Just a question - you mention that affordability is not an issue. Is it not an issue based on joint income or even just based on your income? If you can get the required mortgage based on your income alone, it may be worth proceeding that way and then adding your partner once his credit history is more of a distant past. Of course, you'd have to consider the cost of transfer of equity and associated stamp duty payment at that point versus the savings based on a lower rate deal from a main stream lender if the mortgage is in your name only, but it's an idea, if you really can't sort something out jointly and you can get a mortgage by yourself.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • CAMJO
    • By CAMJO 3rd Sep 17, 1:23 AM
    • 10 Posts
    • 1 Thanks
    CAMJO
    • #3
    • 3rd Sep 17, 1:23 AM
    • #3
    • 3rd Sep 17, 1:23 AM
    Thank you very much for your reply, affordability is ok on joint incomes but not on my salary alone unfortunately. I shall keep my fingers crossed for Monday and for full app if made. I will ask the broker to explain situation, as mentioned, we have yet to meet him as he has picked up our file following decline from Precise on Thursday as original broker on leave.
    • ACG
    • By ACG 3rd Sep 17, 11:10 AM
    • 15,389 Posts
    • 7,782 Thanks
    ACG
    • #4
    • 3rd Sep 17, 11:10 AM
    • #4
    • 3rd Sep 17, 11:10 AM
    Im with Lilla, I wonder why the broker has done a DIP with a lender before checking your circumstances with them.

    I have heard mixed things about vida. In general I hear they are quite slow and "thorough" (that is the polite way of saying anal), although I have no first hand experience with them.

    I doubt it will put your mind at ease, but being declined by one lender does not mean you will get declined by other lenders. You have a DIP and assuming the broker checks everything on monday, that should be a good indication as to whether you will be accepted or not.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • middy991
    • By middy991 3rd Sep 17, 12:04 PM
    • 27 Posts
    • 3 Thanks
    middy991
    • #5
    • 3rd Sep 17, 12:04 PM
    • #5
    • 3rd Sep 17, 12:04 PM
    our broker as done ours with vida,our dip was refereed so took a bit longer to get it put full application in on the 10th aug then they looked at it on the 21st aug valuation ordered same day and they asked a few questions on the 21st,Broker says we should here something tomorrow monday 4th sept but not really sure where we are in the process as dont wanna push as not really confident we will get a yes
    • CAMJO
    • By CAMJO 3rd Sep 17, 6:15 PM
    • 10 Posts
    • 1 Thanks
    CAMJO
    • #6
    • 3rd Sep 17, 6:15 PM
    • #6
    • 3rd Sep 17, 6:15 PM
    Thank you for your reply ACG.
    • CAMJO
    • By CAMJO 3rd Sep 17, 6:19 PM
    • 10 Posts
    • 1 Thanks
    CAMJO
    • #7
    • 3rd Sep 17, 6:19 PM
    • #7
    • 3rd Sep 17, 6:19 PM
    Good luck middy991, I notice that their processing times are their website. I've already scoured the intermediary site although we haven't yet applied! I can't post link as I'm a new user , but it is at bottom of their residential page
    • middy991
    • By middy991 3rd Sep 17, 7:08 PM
    • 27 Posts
    • 3 Thanks
    middy991
    • #8
    • 3rd Sep 17, 7:08 PM
    • #8
    • 3rd Sep 17, 7:08 PM
    yer seen processing dates on their website but not sure what happens wen they ask for further info if you drop down to the bottom or what,just checked our credit file nd we were hard and soft credit checked by then on the 10th when the application went in
    • KENOUK
    • By KENOUK 7th Sep 17, 7:03 AM
    • 1 Posts
    • 1 Thanks
    KENOUK
    • #9
    • 7th Sep 17, 7:03 AM
    • #9
    • 7th Sep 17, 7:03 AM
    We made a full application to Vida on the 23rd of May, yesterday 06/09/17 we finally received our offer of a mortgage. They like to go through everything with a fine tooth comb. Every time they request more documents you go to the back of the queue, roughly a 3 week wait everytime they ask for more documents.
    Last edited by KENOUK; 07-09-2017 at 7:07 AM.
    • csgohan4
    • By csgohan4 7th Sep 17, 7:44 AM
    • 3,766 Posts
    • 2,351 Thanks
    csgohan4
    Is your broker London and Country? if it is good luck
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • CAMJO
    • By CAMJO 7th Sep 17, 4:37 PM
    • 10 Posts
    • 1 Thanks
    CAMJO
    No we are using local mortgage broker where we can visit as well as phone and email! I read up about L&C as was considering using them until I looked through forum posts
    • CAMJO
    • By CAMJO 7th Sep 17, 4:39 PM
    • 10 Posts
    • 1 Thanks
    CAMJO
    Will keep fingers crossed, our mortgage broker has said that he hopes that we hear back by Monday at latest.... I see that several forum users have had long wait when using specialist/adverse credit lenders. I understand that they need to be thorough, but not sure what else we could provide.
    • middy991
    • By middy991 7th Sep 17, 5:16 PM
    • 27 Posts
    • 3 Thanks
    middy991
    We heard back from Vida today for the first time since the 21st August,problem with accounts from accountant they need resigning but his off till Monday so guess another 2/3 week wait after then,valuation came back ok
    • CAMJO
    • By CAMJO 8th Sep 17, 6:25 AM
    • 10 Posts
    • 1 Thanks
    CAMJO
    Good luck Middy, let us know how you get on. 🤞🏻
    • middy991
    • By middy991 18th Sep 17, 5:11 PM
    • 27 Posts
    • 3 Thanks
    middy991
    mortgage broker got offer through today so taken 5 and half weeks from putting application in,just waiting on her to email it through to us but outlooks down
    • CAMJO
    • By CAMJO 20th Sep 17, 11:27 AM
    • 10 Posts
    • 1 Thanks
    CAMJO
    Congratulations Middy991, pleased for you ...has that 5.5 weeks been the longest of your life?

    I’m waiting for an update from our broker, know the valuation was done last Thursday... fingers still crossed very tightly x
    • David White
    • By David White 20th Sep 17, 11:52 AM
    • 819 Posts
    • 348 Thanks
    David White
    Vida are by far one of the most unprofessional lenders I have ever dealt with.

    Up until recently they had a backlog of around 1 month at which point my BDM actually told me to stop sending them business.

    When their own rep is telling you not to give them business you know it's bad!

    Essentially they're a tiny firm that lends money and were in over their head due to taking a high volume of applications.

    Just to give an example I spoke to an underwriter regarding an old case on Monday to which I was given some guidance. Called up yesterday only to be told the guy only had to give 1 days notice as whilst he was an underwriter he was actually just a contractor and had walked out!

    Very much a necessary evil and even then I would be exploring literally any other alternative.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • middy991
    • By middy991 20th Sep 17, 11:54 AM
    • 27 Posts
    • 3 Thanks
    middy991
    yup was very very long but our broker was great,she had an area manager from vida into see her nd said because their a fairly new lender they have togo through everything with a fine tooth comb,just waiting for solicitors now so hopefully all done by end of october
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