FTB Mortgage Pickle

Laver

Hi guys,

I shall explain our pickle!

We sought the advice of a mortgage advisor at the start of August 2010 to see if we'd be OK for a mortgage, what with us being FTBs.

It's a joint application (me and the girlfriend - both 999 Experian credit scores), joint income of £43K, 10% deposit (£17K), money there for fees e.t.c..

We had an AIP from Skipton Building Society (for £153K) at the start of August 2010 with them saying everything was fine, and we could proceed with finding a house.

Found a house (£170K), offer was accepted and we proceeded to complete our application with Skipton only to find out they'd pulled the product (2 Year Tracker).

Mortgage advisor showed us our options with him, and we filled in a pre-application from Abbey and were accepted in principle, however the monthly payment and interest rate is quite a bit higher than the Skipton quote.

After a bit of research last night, it seems that applying directly to places such as Santander and the Post Office (not through the MA) seems to yield better interest rates than available to him.

My question to you guys is would it be worthwhile us applying to someone like the Post Office directly instead of going through the MA?

My main worry is would the two successful credit checks from Skipton (August 2010) and Abbey (Sept 2010) go against us when say, the Post Office, came to review our credit check?

Thanks guys.

An anxious Laver.

bmfenner

In answer to the last bit of your question - my wife and I are FTB's, and were applying for a mortgage directly with the Post Office, we received a decision in principle which was approved and showed up on our credit file. When reading the small print, we noticed they wouldn't allow mortgages with people who had missed any payments on a loan within the last 3 years. I missed one payment 1.5 years ago, so decided to stop the application. We the applied directly to Yorkshire Bank, having had two post office searches completed, and we have been approved completely approved for a mortgage with them, despite having two very recent searches from the Post Office.

With regard to the MA, we used one a while ago, then got turned down. This time, we went direct and it was much easier and cheaper!!

Ben

GMS

Laver wrote: »

Hi guys,

I shall explain our pickle!

We sought the advice of a mortgage advisor at the start of August 2010 to see if we'd be OK for a mortgage, what with us being FTBs.

It's a joint application (me and the girlfriend - both 999 Experian credit scores), joint income of £43K, 10% deposit (£17K), money there for fees e.t.c..

We had an AIP from Skipton Building Society (for £153K) at the start of August 2010 with them saying everything was fine, and we could proceed with finding a house.

Found a house (£170K), offer was accepted and we proceeded to complete our application with Skipton only to find out they'd pulled the product (2 Year Tracker).

Mortgage advisor showed us our options with him, and we filled in a pre-application from Abbey and were accepted in principle, however the monthly payment and interest rate is quite a bit higher than the Skipton quote.

After a bit of research last night, it seems that applying directly to places such as Santander and the Post Office (not through the MA) seems to yield better interest rates than available to him.

My question to you guys is would it be worthwhile us applying to someone like the Post Office directly instead of going through the MA?

My main worry is would the two successful credit checks from Skipton (August 2010) and Abbey (Sept 2010) go against us when say, the Post Office, came to review our credit check?

Thanks guys.

An anxious Laver.

If you apply directly make sure you have checked the criteria fully. Otherwise you may find a problem further down the application.

Santander are currently offering good intermediary products but so may be worth speaking to your adviser again. Post Office do not deal with brokers but check criteria thoroughly, another poster mentions a missed payment meaning outside of criteria.

The credit searches you have done will show as a search, not as successful or otherwise.

Your adviser shoudl be willing to help you with a 'direct' deal but may charge a fee for their time. Not unreasonable if it gets you a better deal.