Help first time buyers who cannot get mortgage

Gillybob

Hi All

This is my first posting and I would much appreciate all of your valuable advise. My daughter and her boyfriend are desperate tp find a mortgage deal. They are hoping to buy a property (already found the house) that costs 120k, they have a 10% deposit saved and could possibly stretch this to 15%.
They have a mortgage advisor (in whom I don't have a lot of faith as he never returns calls etc etc and I think perhaps he doesn;t stand to make enough money out of them) and he has tried Halifax, Nationwide and Leeds all who say they fail (he says) the credit scoring. Briefly my daughter is a shift manager for a well know restaurant chain and has been with the company 5 years. She has zero debt except for a student loan of 9k. She earns around 15k. Her boyfriend is HM Forces (climbing the ranks)and earns 25k . He is signed up for the duration and is very much making a career of it.He has a car loan with 5k remaining and 2k on credit cards. He did pay his credit card late on one occasion (he was serving abroad at the time) but otherwise fine. Please help they are at their wits end and I feel so sorry for them. Its corny but this is their little dream home and they stand to lose it if they don't come up with something soon. Sorry for the long post. Cheers Gillybob

space_rider

Can`t they find another mortgage advisor. I would think there are plenty out there at the moment who would seize the opportunity to help them get a mortgage and the commission that comes with it. Failing that how about they approach whoever they have their savings with.

wymondham

Can your daughter and her boyfiend check their credit files to see if a problem really does exist, and also try another advisor if you don't trust the one they are using...

It might also be beneficial if your daughter joins this forum to discuss the problems directly?

Leon_W

Have they got recent copies of their credit files ?

It looks on paper to be doable IMO but there is always the chance of something nasty lurking on a file somewhere that someone is overlooking or trying to hide ?

I have had problems with HM Forces clients in the past which usually relates to address history as they are always moving about. Lenders don't like this as it makes their life difficult trying to build a profile. I'd also be a little bit concerned about the number of credit checks building up here, these don't help and lower your score so the more you a[pply the worse it gets.

I think you need to get the files and get to the route of any problem.

Regards

Gillybob

Thanks all. They both have their savings with Barclays. The mortgage advisor doesn't recommend Barclays! My daughters boyfriend has moved around alot but has always had everything registered at his parents home address (credit, electoral role etc). I take the point that it maybe sensible for them to check their files just incase there is something "lurking" there. Thanx again.

ema_o

It sounds like they definitely need a new mortgage broker. It's best to get a recommendation from someone if possible, I've found that my friends are more than happy to recommend a good mortgage advisor.
Ours advised me to apply for the mortgage ourselves since she would get nothing out of it and would have had to charge us otherwise. However she was great help confirming the deal we'd found was the best for us.
Its also worth doing your own research, there is lots of advice on this site about where to look
http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

_Andy_

Sounds like a mix of address history and (possibly) more adverse than one missed payment.
As per above, next action would be to get hold of credit files before any more applications are done.

getmore4less

HE will continue to move around,

owning could be a nightmare, and a strain

If he is career forces might be best she focuses on portable skills and can move around with him.