Five x salery question

Pammy

I am waiting for a full application to go through followingan AIP but due to so many knock backs due to two defaults from 5 years ago I am concerned this will all fall apart again.

We need to borrow £210,000 for a £280,000 property.

My partner has a 45,000 yearly income would it be possible to it soley in his name?

Thanks
(Salary should have an a not an e, can't edit it now)

herbiesjp

It may be possible.

It will all depend on the whole scenario and your affordability i.e children, other debts to name a few.

Are you applying direct to lenders or via a broker? How many "knock backs" have you had and from which lenders?

If going direct, stop immediately, as you will be doing your chances more harm than good.

You should ideally get an up to date copy of your credit file, and discuss with a good whole of market adviser, who will be able to indicate what your chances are based either on a joint or sole mortgage application.

Pammy

Hi Herbie.

No debts, all paid off. We have applied for 4 all through the broker, so Abbey, RBS, Halifax and another. All declined, plus a couple of others that didnt leave a footprint.

One has now agreed, they did it by hand and looked at the credit report before proceeding.

It has been a horrible time and feels so long ago when I got them but obviously not in the eyes of credit checks.

But we are in the early days of the full application and despite the broker saying it will be ok I can't help but think it will go wrong.

herbiesjp

I can't help thinking your broker is just applying to the lenders without discussing the case verbally in the first instance - it looks like a case of lets apply and see what happens, otherwise I doubt you would have applied so many times.

You should be able to find something and would be surprised if this latest attempt fell through.

Leon_W

Sometimes I don't think the lenders help either herbiesjp as a lot of them don't know their own criteria.

The number of times I phone lenders with a particular specific query such as a default or a CCJ only to be told to try an AIP "and see what happens !" . Really helpful that !

JA1000

And then an AIP doesn't cover most things and they decline kicks in, an AIP should carry weight but it doesn't almost pointless.

Pammy

I have an AIP and just forked out for a survey. If I get turned down at this stage, which happens often it seems, I have just wasted money and everyones time.

It seems that the AIP should hold more substance, not be a case of 'yeah me might give you this'.

Why can't they do more checks at this stage. Is it the costs involved?

herbiesjp

Not all lenders work in the same way - so in reality you would indeed need a lender that would agree the mortgage upfront before taking fees and having surveys done.

JA1000

Nationwide still have £99 of MY money for an application post AIP which was accepted and then turned down.

herbiesjp

And that is exactly my point - knowing that Nationwide charges that fee, you would not risk going with them with as you would risk losing that fee.

JA1000

It was my broker who suggested it, Nationwide encouraged it at AIP stage and for affordability reasons which should have been picked up at AIP declined it.

Affordability - 2.3 times joint income!!!!!

They shouldn't have let it get past AIP stage, it proves this stage is pointless.