Adverse credit mortgage in principal offer

kazimojo69

Hi

My hubby & I have seen a couple of houses we really like and would love to buy.

Trouble is we both have blips on our credit reports. Going via a whole of market broker - we have had a mortgage agreed in principle for £112000 which is exactly what we need.

However, I relocated with my work last year and my hubby moved at xmas - which meant he was unemployed between Jan - Apr this year. The company have now said they cannot offer this to him as he needs to have been in employment for 12 months .

This was the first time in 30 years he has been unemployed.

So they can do a mortgage on me - but it will be in his name as well - but for just £79149. They wont take his income into account but will take in his outgoings!

Is it worth going to another broker who may use another lender?

The broker did say this lender can be particularly difficult.

_Andy_

Which lender was it?
What has your broker suggested as an alternative?
If the broker is whole of market there isn't a lot of point going to another as they'll access the same lenders.

kazimojo69

I am not sure who the lender was - the broker has suggested waiting another 6 months or borrowing the extra from family.

herbiesjp

He should be trying to argue the case for you.

In actual fact, he should have made sure about this point before submitting the application.

As Andy says, if he is a whole of market adviser, the he should be able to find a lender that can help. However, the fact he seems to be a little "naive" about lenders' criteria would not inspire me with confidence

_Andy_

The broker should've given you a quote (in the form of a 'KFI') which would've said which lender.
Sounds like the lender isn't confident they can place you with another lender.

herbiesjp

The employment history should not be an obstacle that cannot be overcome though.

Sounds like a second opinion is needed IMO.

kazimojo69

Thanks

I would have thought they would have argued the point a bit more. It was only due to my relocation with work that my hubby left his job to move with me and could not find work. He did have a couple of jobs that lasted only a couple of days as the amount he was earning didnt cover childcare - so he was trying.

He is totally gutted and blaming himself and I am blaming myself as it was my work relocation!!

If I find out what lender it was and try another broker and see if they dont use this particular one - would that be worth it? Dont really want to ask family for such a large amount of money.

herbiesjp

Definitely have another go with a different broker and lender.

Don't blame yourselves, as you should be fine. You just need to find a broker that understands your situation a bit better, and who will place it with a lender who will help rather than just decline