genral enquiry to mortgage advisers

kieron67

Hi, second new thread in two days.

I have had plenty of advice on my original thread which I thank you all for. However I would like to put a general question to experienced mortgage advisers to possibly give my wife and myself peace of mind should the worst happen in our current situation

Without analysing what has gone wrong with our current mortgage application, based on the following information how hard would it be to obtain a mortgage.

Married couple, only one name appearing on the mortgage.
Value of property to be purchased £173k
Value of mortgage required £108300 (less than 65% LTV)
deposit to be paid by husband on sale of his house (that's the name not appearing on mortgage. Letter of gifting and non claim on new property already written)
Full letter of disclosure already held by solicitor. Wife has good credit rating and has already passed affordability test on potentially failed application. Wife's salary is £26500 (4.08 ratio for mortgage required)

GMS

Married applicants in single name is a no go with some lenders. Deposit being provided by a person not party to the mortgage who will reside is a no go again with many.

Why is the mortgage not in joint names?

kieron67

Hi GMS, wenmt into in depth in my other thread. Potted version is this house in my name, my credit rating went south 11 years ago during first marriage. Put this house up for sale, it's sold STC, we've offered on another, accepted offer. We were all aiming to completion date of 30th June. Wife is obtaining mortgage in her name and I'm providing deposit. Everything was going through fine when it came to light that advisor from estate agent put application through marking us as separated. I'm fully aware thanks to replies on my other threads that it is a no no with a lot of lenders. However my original question is is it do-able, are mortgage advisers aware of lenders that do this, I know there are some as the solicitor stated she was completing on a sale on someone in exactly our position, I'm just asking how hard it is

GMS

You need to go back to the adviser and tell them to deal with it asap. Not surprising from an EA adviser to fudge the application to fit.

Who is the application with now?

kieron67

the application is through the adviser at Reed Rains, the lender is a company called Aldermore, what set alarm bells ringing was some throwaway comment from either the adviser or the manageress at the ea saying he shouldn't have done that but he had to put you throw as separated (to my wife) as the lender wouldn't accept the application in one name, the wife's head was all over the place at the time of the DIP and didn't register the comment until she filled the forms in for the solicitor.

$64000 question, do you think the mortgage we want is readily available should the adviser walk away from the mess he created on Tuesday

GMS

Aldermore were never going to do it. Lying to get the offer is a silly move as it will fall apart on completion.

Could be possible but without knowing your circumstances fully it is difficult to say. Having 2 apps done in error by the adviser will not help.

You could either give the adviser one last chance to sort or if you dont trust him find another adviser.

Are you certain you could not go on the mortgage? Do you have any CCJ's, defaults or missed payments?

You may find that you can get a deal together.

kieron67

we figured the application was in jeopardy once the facts come out, that's why we can't understand his actions.
Unfortunately I def can't go on the mortgage, my credit score is still low as I am still paying off all the debts my ex wife left me with, they're down to about 7-8k now but i've been advised that my credit file is still pretty poor and will stay so for 7 years after the debts have been cleared. I am currently in voluntary payment agreements with about 6 debt collection agencies to pay these off

GMS

Get copies of your credit report from Experian and Equifax. £2 statutory reports, not the free trial ones which can be difficult to get out of.

You may be surprised and get with a lender. Have you considered clearing the debts with the sale proceeds so as to start afresh so to speak?

Credit shows for 6 years from date of settlement. If the debts have been cleared (or will be) and no defaults or CCJ's in last 2/3 years then you may find a lender.

Other than that a proper discussion with lenders is needed re the sole application, not a DIP it here and there and see approach.

Thrugelmir

kieron67 wrote: »

we figured the application was in jeopardy once the facts come out, that's why we can't understand his actions.
Unfortunately I def can't go on the mortgage, my credit score is still low as I am still paying off all the debts my ex wife left me with, they're down to about 7-8k now but i've been advised that my credit file is still pretty poor and will stay so for 7 years after the debts have been cleared. I am currently in voluntary payment agreements with about 6 debt collection agencies to pay these off

Why not clear your debts upon the sale of the property?

Making a gift rather than repaying your creditors does not give a good impression as to how you manage your personal financial affairs.

kieron67

thrugelmir i think you may need to read my other thread to understand the reason for the gifting, I am paying my debts, i have to state the deposit is a gift to show i have no claim on the property my wife is buying

Thrugelmir

kieron67 wrote: »

thrugelmir i think you may need to read my other thread to understand the reason for the gifting, I am paying my debts, i have to state the deposit is a gift to show i have no claim on the property my wife is buying

I understand your reasoning. However, if I was sitting on the other side of the fence so to speak. I might well take a different view of what you are proposing to do. Business is ultimately about relationships.