Mortgage Application with Charleswold mortgage brokers

sjameson6969

Hello everyone.

Looking some advice, in the process of buying my wifes grandmothers house.
It was valued 3 months back at 125,000-135,000.
Currently the value is around 125,000.

We have offered 105,000 which has been accepted.

We are using Charleswold mortgage brokers, and they have supplied us an illustration for a mortgage with Halifax, we don't have a deposit though?

As far as I'm aware because the house is already in equity then a deposit isnt always needed?

Our credit file is fair, not great but fair.

Affordability is ok,do you think it'll go through ok?

ps we live in Northern Ireland.


All advice is welcomed guys.


Stuart

Leon_W

You should be OK provided you have passed Halifax credit score although they do reserve the right to decline for any reason.

What you have here is a "family gifted deposit". This is usually OK with most lenders as long as the "deposit" (which is equity already in the property) is a non-returnable "gift". They may require a letter from the relative stating as such.

Good luck.

Thrugelmir

I believe that Halifax stopped accepting gifted deposits from private sellers earlier this year.

Leon_W

That's Vendor gifted Thrug. This seems to be family.

GMS

Thrugelmir wrote: »

I believe that Halifax stopped accepting gifted deposits from private sellers earlier this year.

Sale at undervalue from a family member is treated differently.

sjameson6969

Leon_W wrote: »

You should be OK provided you have passed Halifax credit score although they do reserve the right to decline for any reason.

What you have here is a "family gifted deposit". This is usually OK with most lenders as long as the "deposit" (which is equity already in the property) is a non-returnable "gift". They may require a letter from the relative stating as such.

Good luck.

Thanks Leon! Really bloody nervous now, the girl from the mortgage brokers said on Friday that all checks had passed, then on Monday (maybe after a long weekend on the beer) wasn't so enthusiastic!

Leon_W

Just be aware that they seem to charge a fee £1295 ? Which seems really steep to me, and they work from a "panel" of lenders so are not even "whole of market".

sjameson6969

Leon_W wrote: »

Just be aware that they seem to charge a fee £1295 ? Which seems really steep to me, and they work from a "panel" of lenders so are not even "whole of market".

Would you recommend using another broker??

Leon_W

If they are going to charge £1295 then yes I probably would !

It's your choice though, if you're happy with them and their service then that's fine. It is only my opinion.

I'm a bit loath to advise switching brokers half way through as more credit searches and presenting your case in a slightly different way could scupper the whole thing entirely. Maybe moreso if you think your credit rating is not the best.

You should have probably shopped around for a broker before committing perhaps ? There are plenty that wouldn't charge a fee.

sjameson6969

Leon_W wrote: »

If they are going to charge £1295 then yes I probably would !

It's your choice though, if you're happy with them and their service then that's fine. It is only my opinion.

I'm a bit loath to advise switching brokers half way through as more credit searches and presenting your case in a slightly different way could scupper the whole thing entirely. Maybe moreso if you think your credit rating is not the best.

You should have probably shopped around for a broker before committing perhaps ? There are plenty that wouldn't charge a fee.

Yeah fair one mate, should have,
But as you say pulling out now just before it goes to full application stage might be a bad move!