Northern rock?

emszii

its a pain in the !!! as i just want to know wether i am clutching at straws wanting to buy my own home......i mean ivebeen renting for 3 years at 500pm and im sick of renting.

MortgageMamma

Well, here's what to do. Give your broker until tomorow lunchtime to get back to you, if he hasn't give him a call. Ask if he's actually done the agreement in principle yet, if he says no, tell him not to bother and instruct somebody else who will do it straight away, within the hour.

I am saying to do it this way as you don't want two credit checks doing. If he has done it, there's your answer. You can at this point either choose to place the business through him and take your chances on the servicing of your mortgage, or , go to another broker, say "I want a northern rock together but don#'t credit check me I already had an AIP done" and try and get some better service.

I know how you feel about renting, some clients of mine moved into their first home this morning on a NR together mortgage, I sent them a card and a text wishing them well, they sent me a MASSIVE big bunch of flowers - it should have been the other way round they were such a pleasure to deal with.

I hope they are reading this as they are MSER's and they know who they are

I love first time buyers. big feelgood factor!

emszii

i think thats what ill do,thanks for the info I mean in your opinion,not to be construed as advice now, but from my first post do you think I am reaching too far out of my league to be looking at properties with offers in the region of 122'000, and wanting to take a 100% on a combined income of 28k to do this? I know properties in the area that have sold for 109k ish......and its the ideal property for us,close to work etc....
im not going to lie we have defaults and we are in debt, but we can afford the mortgage payments...

MortgageMamma

No I don't think you are taking on too much at all. YOu are only really looking for just over 4 times income. If you want to lower the repayments you could always stretch the term a little to try and keep it cheaper.

emszii

thats good to know, i was worried with our circumstance and history we were lokking out of our price range if we can get a mortgage that is.....

AndrewSmith

MortgageMamma wrote:

I know how you feel about renting, some clients of mine moved into their first home this morning on a NR together mortgage, I sent them a card and a text wishing them well, they sent me a MASSIVE big bunch of flowers - it should have been the other way round they were such a pleasure to deal with.

I hope they are reading this as they are MSER's and they know who they are

I love first time buyers. big feelgood factor!

Wouldnt be an MSE'er by the name of Snippy30 would it? He seems very pleased with what you have done for him by the number of posts he has thanked. You must have given him some excellent advice.

It is a rewarding way of life when people are so genuinely pleased with the work that is done on their behalf, and can see real benefit in the services offered by a broker on a day to day basis. Despite what some may advocate, this is a hard industry to work in. Client relationships are built on respect and trust which the broker must earn by way of doing a good job and being honest with the client. This is also vital between the broker and solicitors/agents/lenders and indeed other brokers, if they are to survive in this very tough environment. After all, one never knows when the help of another broker may be needed to give a second opinion on a difficult case etc.

This applies to these forums in a way too. I get great satisfaction from giving help and guidance to posters on here, and hopefully pointing them in the right direction.

That is why I am always pleased for people who have seen genuine benefit in my posts to click the thanks button to reflect that.

Andy

dwight-van-man

To clarify NR timescale for the OP, a decision in principle, whether online or via phone, takes 10-15 minutes to run. As MM rightly says, the broker is given the outcome at the end with level of credit score and sums approved. About 1 in 10 cases 'refer', in which case, the broker would get a decision in 24 hours, although currently its running at less than that. A small number of these refers do get passed over to our investigations people, but this is generally only when there is suspicion of fraud and even in these cases you would get an answer back in 2-3 days.

As regards the original question, credit policy generally doesn't favour those with defaults, but if the score is good, few addresses, time in job etc and the defaults are relatively historic, settled and credit history showing a good payment profile after the defaults arose, then there is a good chance NR would run with the case.

AndrewSmith

I agree.

This long a timescale can only indicate either an unlikely glich in NR's system (personally I have found them quite trouble free) or, more likely, a reluctance on the part of the broker in getting back to you with the decision.

Call the broker and find out whats going on.

ukmonkey

MM/AS - stop the whinging please and get on with doing what you do best - HELPING PEOPLE! :-)

And this was meant in a light-hearted manner before you both jump on me...!

Personally, I appreciate both of you guys' help with my purchase, you've both being, and are being fantastic!

AndrewSmith

I appreciate your intervention UKMonkey and thank you for your kind words. I was about to post something that I know would not have been well received by some.

I am sure the full reason for my frustration will out soon enough.