first national

smnb08

hi again guys
have decided to ask my broker to forget about beacon for loads of reasons and ask her to apply to first national.
just have a few questions about fn
can anyone else confirm that fn allow late mortgage payments?
do they have a booking fee if yes how much is it?
can you add the product fee to the loan and how much is it?
will they re-use my valuation from accord??

any advice on the above would be a big help before i go back and speak to my broker.
i bet she thinks i am a right pain in the you know what but i really dont care as had she have done her homework the first time round i would be all sorted now.

happybroker

she will be getting well paid for doing the mortgage so don't worry about badgering her.

I spent time working for GE Money and still know a lot of people there (until their redundancy comes through, they have laid off all the field advisers) so I am confident they allow late payments.

They charge £1695 on all deals as a completion fee...this link will take you to the product guide http://www.firstnat.co.uk/intermediaries/mortgageIntermediaries/pdf/1044.pdf

sarkin

You may get a retype on the val if your broker has used a packager otherwise it will be another fee. FN may alow late payments how many do you have more than 2 in the last 12 and you may be in trouble for a remortgage.

smnb08

sarkin i do actually have more than 2 late payments in the last 12 months but mainly the late ones are a day late with a couple of exceptions.
so are you telling me that i cant remortgage with more than 2 late payments?
first national seem to be offering a mortgage in which you can of missed 4 payments in the last 12 months i would of thought that being late the odd time would be no where near as bad as just not paying it for 4 months.
maybe i have read there product guide wrong and i will not be able to get a remortgage.

Toughluck

They do offer 4 in 12, 1 in 3 to 75%. Whether or not you would get the loan size is another thing. Based upon another thread I am losing my rag with FN and Igroup and their "picking and choosing" of loan sizes based upon credit scoring.

you'll need to get your broker to find out for def if FN will take into account last payments (they used to). Lets hope it is 2 in 12 for you and not 4 in 12 as the rate at 4 in 12 (75%) is 10.14% on a 2 yr fix!!! Bargain.

luckyfool

smnb08 wrote: »

sarkin i do actually have more than 2 late payments in the last 12 months but mainly the late ones are a day late with a couple of exceptions.
so are you telling me that i cant remortgage with more than 2 late payments?
first national seem to be offering a mortgage in which you can of missed 4 payments in the last 12 months i would of thought that being late the odd time would be no where near as bad as just not paying it for 4 months.
maybe i have read there product guide wrong and i will not be able to get a remortgage.

smnb08,

If you are providing your broker with a copy of an up to date mortgage statement then First National will run with that over the credit search. A credit search may show a late payment if you ran into the following month by even a day, whereas First National may not count payments that ran over just into the beginning of the following month as being late. I have had cases in the past where the credit search showed 5 months missed or late, but I have obtained products with First National based on them only counting 1 or 2 of them (meaning a much better interest rate). With that in mind you may well find that you qualify for a better product than your credit search would suggest.

Cheers,

Luckyfool