Britannia Mortgages

fusar

Hello,

I was just wondering if anyone had any thoughts on the Britannia application process for mortgages? Are they quite strict or one of the "softer" lenders? I have heard that Nationwide have very strict credit checking procedures, but don't seem to be able to find any details on Britannia? Can anyone offer any advice?

Many thanks
Fusar

ReportInvestor

Are you planning to commit fraud?

When I last applied for a mortgage with them I found them willing to "bend" certain rules especially for existing customers applying for new deals that were allegedly / officially "off limits" to existing customers.

fusar

he..he..... I just spoke to an advisor and he seemed really "straight-laced", and asked for so much documentation - letters off employer, P60 etc, bank Statements... it made me so nervous!

I am worried about the bank statement part, as I have been living in my over draft at the end of each month, before my wages are paid (I never go over my permitted overdraft) - but won't this look bad?

Many thanks!
Fusar

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Maybe your adviser thinks you look like an FSA field agent?

fusar

Maybe it was my voice, as I spoke to him over the phone! :-)

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Could a mortgage adviser please comment on fusar's original post?

AKK_3

Hi,

I am trying to source a mortgage myself for a Shared Ownership property. I called Britannia the other day and they said they would only look at applications, were you were going to buy 50%.

I would like to put down a 5% deposit, so am only looking to buy a 40% share.

Portman and Halifax will offer me a mortgage at a rate of 4.99%, but I am not sure if that is a good deal.

Had a call from a broker today, who made it sound all so easy. Considering letting him handle it all.

Leon_W

Ok Report here goes !

When a lender asks for bank statements it maybe for several different reasons but the main one is CONDUCT of the account. No bounced cheques, staying within agreed limits etc. Generally being a good boy.

Of course they can also derive quite a bit of "lifestyle" information which you may wish to bear in mind. Level of salary, direct debits for loans that may not have been declared, how much you spend in Threshers etc.

I had a client who on the face of things was quite good, although he got a little nervous when I asked for bank statements to send to Nationwide. He posted them to me and asked me not to let his girlfriend see them. The reason ? Lots, and I meen LOTS of Ladbrokes.com entries ! Everyday for £20 quid here and £30 quid there.

Anyway the outcome was case declined. I reckon that 75% of his income was going to the bookies and the guy had a serious problem. Obviously none of this was ever going to show up on a credit report. It met Nationwides criteria in every respect, but be honest, would you lend him money ? I wouldn't.

In fusars case he'll probably be fine if as he says he's remained within limits although if he has an overdraft limit of £30k they may reconsider !!!!

Hope this helps.

ReportInvestor

As the Sunday Times Money Editor commented at the weekend, about the push to eliminate the humble bank note:

"some purchases are best made with cash"

fusar

Hi Leon,

many thanks for your great advice! I only have an overdraft of £800, thankfully not 30K!

Does anyone know how strict Britannia is in particular?

Many thanks
Fusar

Leon_W

One of the fussyer lenders in my view (just bare in mind that it is my view) along the lines of a Nationwide.

The reason ? They offer some of the best rates around and can pick and chose who they lend too. They generally like very low risk borrowers.

Hope this helps.