Applying for FTB mortgage tomorrow: DOs & DON'Ts?

droiderm

Any news ?

Simon_gloster

No news is good news they say. Id be interested to know how Halifaxs book 10 credit scoring system copes with bankrupts.

I dont think halifax are the issue ere its the sols telling the lender into next year just before exchanging.

alan_partridge

Simon_gloster wrote: »

No news is good news they say.

indeed it is! apologies to droiderm & any other interested parties - i have held off posting in this thread, not wanting to "jinx" a good thing, but i've been assured multiple times by all parties that it is a done deal now and there is no way anything can go wrong, so i guess it's safe for me to report in

i have a tendency to ramble, so i'll try and jump straight to the summary:

1) went to halifax in december 2012.. sat down with a mortgage advisor, told her all about my BR and answered all her questions honestly.. agreement in principle given on a 95% mortgage..

2) went to house developer with AIP, bought/reserved house for £1000..

3) went back to halifax to process the mortgage "proper", as per the OP.. after all the negativity and nay-saying one hears 'pon this 'ere forum, i was convinced that it was all going to go tits-up.. was amazed when it didn't - in fact, it couldn't have been easier.. mortgage advisor asked a few questions, chucked them in the computer, and it chucked out the same mortgage offer that had been AIP.. i kept saying about how i was worried the BR would throw a spanner in the works, and asked her opinion on how "concrete" this offer was and what the chances were of the underwriter overturning it once the solicitor's report(s) came back.. she said she would be underwriting the mortgage herself, and that she was already fully aware of the BR and had put all the details into the computer, so there was no way that it would not go through.. there was not a single hiccup or anything that indicated a problem - the whole thing was done in less than 45 minutes..

4) everything else went smoothly over the following days/weeks.. all surveys done, all checks run, etc.. we exchanged contracts on friday 13th february.. again, thanks to all the nay-saying, i was convinced that this couldn't possibly be the case - everything had been so easy so far, it just seemed too easy! so i spoke at length with the developer, the solicitors, and halifax, stressing over and over my concern that someone, somewhere wasn't aware of the BR and when they found out it would all fall apart.. all parties told me to stop worrying (one even commented that i was "the most nervous first time buyer they had ever dealt with" lol) and categorically stated that there was no turning back now - contracts had been exchanged and it was a done deal..

tl; dr = BR dropped off my credit report in december 2012.. i went into halifax 1 week later and they gave me a £192k 95% mortgage.. i answered all questions 100% honestly and went to great lengths to highlight my BR to all parties and at all stages.. it was literally one of the smoothest and hassle free financial arrangements i have ever experienced (ignoring my own worries/skepticism, of course), and i am now the proud owner of a £200k patch of dirt..

so if you were BR, but you have now cleaned up your act and your credit report is in a fairly good way and are thinking about applying for a mortage - go for it! just make sure you are honest about your BR from the outset, because some lenders won't touch you with a bargepole - but you may be pleasantly surprised by others

droiderm

That's great news, I am honestly very pleased you have managed to succeed!!

Well done, and there might be some hope for the rest of us!

kingstreet

Whilst I'm happy for the OP, I am becoming very disillusioned that lenders appear to have different rules for different distribution channels.

If Halifax is telling brokers it's a straight decline for a former bankrupt/IVA it should not be accepting such cases at branch level where it is no doubt selling insurance products to make the case more profitable to prop up its expensive branch network.

Shame.

alan_partridge

droiderm wrote: »

That's great news, I am honestly very pleased you have managed to succeed!!

cheers boss.. suffice to say, me & the missus are over the moon!

droiderm wrote: »

Well done, and there might be some hope for the rest of us!

indeed there is.. forums like this are a double-edged sword: they are incredible mines of information, and proved invaluable in helping me tidy up my credit report, ask the right questions, etc. - however, they can also give a false impression of how difficult something is (or isn't, as the case may be), since the vast majority of posts are inevitably from people who are in trouble/need of help and so can cast a foreboding shadow for the rest of us!

my experience will hopefully allay the fears of some people who, like me, were BR a long time ago but are now otherwise good eggs and would like to jump on the FTB bandwagon

mrsmchapman

Brilliant news

Happy new home, I hope you both enjoy the new home experience

droiderm

kingstreet wrote: »

Whilst I'm happy for the OP, I am becoming very disillusioned that lenders appear to have different rules for different distribution channels.

If Halifax is telling brokers it's a straight decline for a former bankrupt/IVA it should not be accepting such cases at branch level where it is no doubt selling insurance products to make the case more profitable to prop up its expensive branch network.

Shame.

I don't think it's the distribution channels per say.
I have rang them previously direct, and they have told me the criteria is as you undersand it. So, I would suspect it's a branch or two issue (well it's not an issue in this case!).

I think the biggest point of this thread is an EX Br has achieved a 95% mortgage. That's fantastic news for the OP.

StrawberryTwist

Really pleased for you! I expect you're grinning like a Cheshire Cat as you go about your days at the moment!

I do agree in a sense about this forum being a double edged sword. A lot of the information given on here is a fantastic resource of help, but sometimes I see people posting what may be considered less than "ideal" situations in a quest for help in choosing their next steps and as a lurker I go away feeling depressed and thinking "no hope!" at some of the doom and gloom responses they get, goodness knows how they must feel!

It's worth remembering that usually people only post when there is a problem, many mortgages go through without a hitch daily, so this forum is not a true representation in every way of what's going on out there - in 'real life!'

My husband and I are in the middle of our mortgage application in less then usual circumstances, we do not have a BR to contend with but we still have quite a few obstacles, mainly our address history's etc.. oh and a overdraft! I keep trying to NOT log on here to read right now as I truly believe I could steal your title of the most nervous first time buyer, I'm sending everyone I know stir crazy with my nervous constant chatter haha and reading on here sends my nerves in to formula 1 speed overdrive! So logging in and seeing your fantastic news is really lovely to read!

Good luck with everything and I wish you many happy years in your new home!

alan_partridge

droiderm wrote: »

I don't think it's the distribution channels per say.
I have rang them previously direct, and they have told me the criteria is as you undersand it. So, I would suspect it's a branch or two issue (well it's not an issue in this case!).

I think the biggest point of this thread is an EX Br has achieved a 95% mortgage. That's fantastic news for the OP.

indeed..

the vast majority of posts on this forum are from people who are worried about getting a mortgage, and are looking for help.. they are consumers/customers, and they don't really care who/where this comes from as long as it gets the results they want.. my story is just to illustrate that one shouldn't always assume the worst, based on posts on here and "official" lender policy - it's always worth popping into your local branch(es) and having a candid face-to-face chat.. you never know; it might have a happy ending, as in my case!