First meeting with bank about mortgages - getting things in order

kte

Hi, Just after a few words of advice.

My huband and I are looking to get our first mortgage (the plan is to be out of our rented flat by September). We have some deposit saved and I want to meet with the bank towards the beginning of April to find out what they would be willing to lend us (the mortgage would be based on my salary only).

I got married last year and have not yet changed all accounts to my new married name. I also have most accounts still at my parents address, and one at our rented address (I never planned to change everything over as I knew we weren't staying there long term).

The question is is this going to cause lots of unnecessary confusion/questions? I have been reading all of the threads on here about the credit checks and I am guessing that is where my current situation will cause difficulty? Or is it not the big deal I think it is...?

Thanks

VIGILANT22

You would be better arranging everything correctly ie appearing on electoral roll at correct address, bank/credit card/ relfecting this....

As FTB'S why are you going to a Bank?...You are restricting yourself as to what is available on the market...ie if you go to Abbey, they cannot recommend if the best deal is Halifax, or any other except Abbey. Find yourself a whole of market mortgage adviser and they will be able to search the whole market for the most suitable for you........

kte

Thanks...the trip to the bank was just to get a feel for what borrowing was possible and to ask some questions - the plan then as you say is to go to another mortgage advisor.

I'm a little worried about the credit checks - not because I believe I have any problems, but there still continues to be letters demanding money from our previous tenant arriving to this address. That was one of the main reasons not to move my main bank address to here although I am on the electoral register...

VIGILANT22

Get a copy of your own report yourselves now...you can do this here
http://www.experian.co.uk/experianhome/?sc=410006&bcd=googlsearchlp1110609


Remember and read the T&C's and cancel within the first month.
As for " a feel for what borrowing was possible"....just go on Halifax/Alliance & Leicester's etc websites and input yr details in the affordability calculators.

Try reading up in advance on mortgages yourselves..

http://www.moneysavingexpert.com/mortgages/mortgage-guide

Cannon_Fodder

VIGILANT22 wrote: »

Find yourself a whole of market mortgage adviser and they will be able to search the whole market for the most suitable for you........

Except for those deals not available through advisers?

So, do both and see multiple banks.

Senior_Paper_Monitor

Generally good recommedations BUT I want to stress that the last thing you need is 'banks' / 'advisers' putting in additional credit checks.

Any conversation with a bank in particular should be very clear that you don't want to start any credit checks solely because any multiple checks impact your rating. V22's comment aboiut using the bank calculators is absolutely correct - they will tell you as much as the bank rep will tell you without the credit checks.

Any competant independent/whole of market/broker/adviser (NOTE the bank person is not an adviser within the definition I am using) if you are open about your circumstances/fears will not make that mistake.

The previous tenant is unlikley to be a problem for you - but you need (as stressed by previous posters) to get your own report(s) and [preferably provide them to a good adviser who should be able to give you a very clear indication as to where you stand and the best way forward.

getmore4less

Senior_Paper_Monitor wrote: »

Any conversation with a bank in particular should be very clear that you don't want to start any credit checks solely because any multiple checks impact your rating. V22's comment aboiut using the bank calculators is absolutely correct - they will tell you as much as the bank rep will tell you without the credit checks.

Banks on-line info is not kept up to date

The calculators are not a good way to check you lending limits

I checked the one account calculator last week and it was still accepting 99% LTV allthough their current limit is 75%

Still does the headline link on the home page lets you do 99%
http://www.oneaccount.com/onev3/calculator/mortgage-shrinker-calculator.shtml

This 75% limit is on
https://service.oneaccount.com/DAPP/currentrates.do

and

https://service.oneaccount.com/DAPP/borrow.do


Bet others are also not kept up to date(for some time)

Senior_Paper_Monitor

Possibly valid point GM4L (generally intermediary section calculators are maintained fairly well - I can't speak for public access clculators, but assumed they were at least indicative).

Howeevr, my key point is ensure you (the OP) keep the credit checks under control.

VIGILANT22

A lot of direct deals have "headline" rates to draw everybody in, that way the direct deals can cherry pick what customers they want. If this is a joint mortgage but based on 1 salary this is going to reduce lending dramatically. You're most certainly better off speaking to a whole of market adviser regarding this. When you go to a bank you will meet very nice people, however the majority of the time you will see a customer service advisor....it's the banks name for a data input clerk, they will input yr data and a mortgage will pop out. They are neither permitted or qualified to give advice ...and with yr situation you need to discuss this with someone experienced and qualified if you feel lending is to be based on one salary........

kte

Thank you for all of the responses. As getmore4less commented, I was finding such different lending amounts on bank websites - generally a difference of about 40K between some of the large lenders, hence my desire to try and find the 'real' amount...

Vigilant22 - I think that comment about who I would see in a bank though is key in terms of what real information they could provide. My bank is currently offering a very low rate mortgage so I will make them my first visit primarily to enquire about that, but this will definately be just the first person I speak to.

The credit check thing I will certainly take note of in terms of amounts of checks done. I'm still not quite sure where to start though in terms of which address to use (parents or rented) or whether to try and get these all changed before starting...

Thanks everyone...