How to find a good broker?

kingstreet

Non-working spouse is classed as a dependent, so adding just a small income can make a huge difference.

Yes re child benefit. That's why I suggested adding it to tax credits under the "child tax credit" heading.

Sometimes, the credit score won't change the output if a lot of income would be taken up with basic living costs.

shaniannie

kingstreet wrote: »

Non-working spouse is classed as a dependent, so adding just a small income can make a huge difference.

Yes re child benefit. That's why I suggested adding it to tax credits under the "child tax credit" heading.

Sometimes, the credit score won't change the output if a lot of income would be taken up with basic living costs.

Thanks again! Yes, I should learn to read properly

It's a bit of a no-brainer really, isn't it? I never actually realised such little income from me would make such a huge difference. Defies logic! £3k a year income = £60k + on a mortgage...

Crashandburn

shaniannie wrote: »

With the first lender, we ended up trying to get a DIP with Nationwide. This was at the broker's reccomendation, when he knew all the income/outgoings etc. As it was shared equity he said he had to make a paper application. We got in touch with him a week later, and he said "there's a problem with undisclosed commitments" (this is where I'm guessing the balance transfer was causing problems - on our CRA file Card 1 is showing as £3700, but Card 2 is showing as £0, but what we told him, and the reality right now is Card 1 is £0 and Card 2 is £3700), and he said they have come back with a lending figure of around £50k (£30k less than we needed). He said leave it with me I'll see what I can sort out - but has then disappeared off the radar. We've tried to get in touch and to go and see him to no avail. I don't *actually* know if it came back as a decline. What I do know is that the credit search went through for £76,200.

What you've described here is actually a reflection of the bigger issue in the industry at the moment. Lenders are struggling how to distinguish between credit cards that are used to fund the long-term debt against those that are used for monthly expenditure/ cardholder protection and cleared monthly. They are in effect double accounting part of your expenditure when they assess the application for affordability

Nationwide have a particularly sensitive system with regard to items they can see on your credit file as opposed to what really may be against your name. And as you described, the data they could be looking at is actually out of date and not a true reflection of the position on the date of application.

I would say the only error free way of doing it is making sure the file is completely squeakyclean with regards to items outstanding and then apply say 3-4 weeks after you know it's been updated properly.

shaniannie

Crashandburn wrote: »

I would say the only error free way of doing it is making sure the file is completely squeakyclean with regards to items outstanding and then apply say 3-4 weeks after you know it's been updated properly.

Indeed We've learnt a lot these last few weeks, and because of all these issues, have realised waiting a little while (although I don't want to, it's obviously the right thing to do) would put us in a much stronger position. Thanks again