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  • FIRST POST
    • Bongofish
    • By Bongofish 9th Jan 18, 12:29 PM
    • 17Posts
    • 2Thanks
    Bongofish
    Can someone help me with where we are at?
    • #1
    • 9th Jan 18, 12:29 PM
    Can someone help me with where we are at? 9th Jan 18 at 12:29 PM
    Hi again guys!

    If any of you read my other post you’ll know everything. If not here’s a quick update.

    -Buying a property that’s worth £175000 (new build)
    -Putting £26,250 down as deposit (15%)
    - my credit is not great with 1 default from 3 years ago and a few missed payments all over a year ago. My partners is excellent.

    So we had our meeting with our broker yesterday who we had spoken to on the phone about a week a go. I am really worried about my credit being a problem but he has said nationwide has already credit checked us ( we both have hard checks on our accounts) so there is nothing to worry about. He says all we need to do now is give him bank statements ( which we will do this afternoon) and if everything tallies up to what we have said then there will be no problem getting this mortgage.

    We have been truthful on everything we have put and nationwide have done a hard check on us? Is it now just looking at documents and that’s it?

    Also when we applied a week a go we applied saying I had £1800 o a credit card and my partner had car finance. These are both paid off now as my parents helped us clear some outstanding debts. We are basically credit free apart from mobile phones.

    Are we nearly home and dry or have we not even begun yet?

    Thanks guys!

    Also my dad wants to transfer a significant amount of money into my bank account to help with setting up the house etc etc. Will this go against me as such a large amount of money being put in my account could look weird, or will it go for me showing I have access to this kind of money?

    Once again! Thanks!
Page 1
    • amnblog
    • By amnblog 9th Jan 18, 12:50 PM
    • 10,148 Posts
    • 3,965 Thanks
    amnblog
    • #2
    • 9th Jan 18, 12:50 PM
    • #2
    • 9th Jan 18, 12:50 PM
    Your Broker is the person you should be directing 'where are we' questions to. With regard to funds transfer from Dad, speak to your Broker.
    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.
    • Bongofish
    • By Bongofish 9th Jan 18, 12:52 PM
    • 17 Posts
    • 2 Thanks
    Bongofish
    • #3
    • 9th Jan 18, 12:52 PM
    • #3
    • 9th Jan 18, 12:52 PM
    Well I’ve asked him so many questions in last 24 hours I don’t want to come across annoying. Just don’t know if anyone knows if you have been credit checked and your handing in a full application but with an AIP certificate if we are actually closer to the end then we think or no where near.

    Once again. Thanks.
    • kingstreet
    • By kingstreet 9th Jan 18, 1:23 PM
    • 32,596 Posts
    • 17,546 Thanks
    kingstreet
    • #4
    • 9th Jan 18, 1:23 PM
    • #4
    • 9th Jan 18, 1:23 PM
    If a full application has been submitted, you have been credit searched.

    Your documentation will then be uploaded for the lender's analysis.

    The surveyor will be instructed to carry out the mortgage report and valuation.

    When all that is done and acceptable, a formal mortgage offer is issued to you and your solicitor.
    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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Bongofish
    • By Bongofish 9th Jan 18, 1:36 PM
    • 17 Posts
    • 2 Thanks
    Bongofish
    • #5
    • 9th Jan 18, 1:36 PM
    • #5
    • 9th Jan 18, 1:36 PM
    See this is what I don’t understand. Our broker is saying when he receives our bank statements he will put the full application in. But we have already been hard checked on our Experian and Equifax credit files.
    • Thrugelmir
    • By Thrugelmir 9th Jan 18, 5:14 PM
    • 56,687 Posts
    • 50,061 Thanks
    Thrugelmir
    • #6
    • 9th Jan 18, 5:14 PM
    • #6
    • 9th Jan 18, 5:14 PM
    See this is what I don’t understand. Our broker is saying when he receives our bank statements he will put the full application in. But we have already been hard checked on our Experian and Equifax credit files.
    Originally posted by Bongofish
    The lender has to follow their own internal underwriting procedure. Dot i's and cross t's. This part of the process cannot start until the full application is received. Any checks performed so far are just the initial hurdles to weed out applicants before they waste the lenders time. .
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
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