Preparation for mortgage chat :)

lufc7

Ok this is going to sound daft to many people but I wanted to ensure I have the main basis covered.
I have arranged to see my bank on Tuesday for a mortgage chat(don't intend on asking for AIP/DIP) with regards to a Million and one questions I have on mortgages (me and wife have never been through the process before). Though here are some I am hoping you can all help answer:
I am a serving member of the armed forces and have obviously moved/posted regulary within the last 10yrs, any idea how this will look?only been at current address since Jan. We are on electoral roll here and have been on all previous addresses.
I have a comet store card with £0 balance but as we all probably know they are now liquidated, unfortunately no-one seems to want ownership of card to allow me to change the address on the card or close the account, so address differs to my current address, how much of an issue is this?
Another quick question we think I should be able to achieve affordability on my income alone, but how awkward is it to have my wife on the mortgage but not have her wage considered(she has been at her current job just over a month so didn't want to have to wait for her to get three payslips+ for her to use it in a mortgage application)?
And finally I have just had 2 defaults fall off my CRA reports, over six years since registered, so my question is unless I am asked about them specifically ie have you ever defaulted? Do I or should I volunteer this information? All CRA appear clean now.
Thank you all for any advice on this waffle,

GDVS

Can only answer with regards to the defaults, don't volunteer (you're a military man, you KNOW that!) but if they ask (I went with Halifax and their question is "ever") don't even think about lying.

lufc7

Thanks for the reply, i did think that, lol i don't tend to volunteer often im just usually volunteered by someone else is anyone else able to shed any light on my other queries? Cheers

Building_Surveyor

why not go for an AIP first?

lufc7

Sorry i will be obviously in the near future but whilst im still trying to find my feet with regards to mortgages i don't want to waste searches on my cra for scenarios we haven't got a hope for potentially ie not having the wife's wages etc counted or having no chance because of the comet cards address. Just hoping to gauge opinions on here prior to Tuesday so i don't go in blind. Cheers in advance

Building_Surveyor

lufc7 wrote: »

Sorry i will be obviously in the near future but whilst im still trying to find my feet with regards to mortgages i don't want to waste searches on my cra for scenarios we haven't got a hope for potentially ie not having the wife's wages etc counted or having no chance because of the comet cards address. Just hoping to gauge opinions on here prior to Tuesday so i don't go in blind. Cheers in advance

oh right yeh good idea. i thought you meant that you were just going to go straight to a full application.

lea_t88

Hiya, I recently got an AIP with Halifax and they only did a soft search. The advisor said he'd do a full search on full application. So double check but it may be worth getting an AIP if your bank only does a soft search too.

lufc7

Hiya everyone and thanks again for the responses so far. Can you confirm then that a DIP/AIP that only uses a soft search will not leave a visable footprint? also is a AIP as reliable if they have only done a softsearch? thank you again for any replies and if anyone has any opinions on my others issues I would really appreciate it thank you

ACG

AIP/DIP can vary from lender to lender. Some do a "soft footprint" others do leave a footprint.

AIPs that do a soft print are not really that reliable. Especially if you have been at multiple addresses, thats not to say i wouldnt get one as you have nothing to lose but i wouldnt take it as gospel. If its a real credit check then i would possibly leave it until you have maybe found a property as they do expire after a relatively short period so if your some way off finding a property then its not worth doing just yet.

lufc7

Cheers acg sounds like good solid advice, cheers, but out of curiosity how long is a relatively short time with regards to how long they last? thanks again

ACG

Again it varies, but they can be around 30 days.

Also as your in the armed forces, have you looked at the LSAP scheme? It may allow you to get a better LTV on your mortgage - and get a lower rate. Most lenders i have spoken to accept it as a form of deposit so long as your income can afford the mortgage and the extra you have to pay back each month (which isnt a huge amount).