Halifax/Woolwich/Coventry

deejaybee

My broker has shortlisted following products:


Halifax: Tracker - 4.29% ( BR plus 3.79% till Dec 2015 )

17 yr term.


Halifax: Tracker - 3.89% ( BR plus 3.39% till Dec 2015 )

22 yr term.


Coventry: Fixed - 4.35% until Sept 2018. 22Yr term.


Woolwich: Fixed - 3.99 % until Sept 2018. 17 yr term.



Hes more inclined to recommend 5yr fixed rate ( Woolwich & Coventry )

Based on affordability model Woolwich will lend the money over a 17yr term, but we are right at the margin of what they consider to be affordable.
Advice is to submit application to Woolwich, using Coventry product as fallback position.

Have 15% deposit.
Reason for term length is age next birthday ( 53 ) some lend to 70 others 75.

Anyone know which CRAs Halifax/ Woolwich/Coventry search for mortgage application ?

ACG

Check the lenders websites or ask your broker as to which CRA they use.

Your broker should be making a recommendation not shortlisting you down to 4 products :-S

Is your only question which cra they use?

Thrugelmir

deejaybee wrote: »

Anyone know which CRAs Halifax/ Woolwich/Coventry search for mortgage application ?

What's your concern?

hcb42

even 17 yr term seems too long, hubby is 51 and we did 12, intend to pay it in 6-7

deejaybee

Hi all thanks for replies :T

Broker is recommending the Woolwich ( he has spoken to someone he deals with there who confirmed it came out as affordable but on the margin ) Coventry is backup.

We prefer 5yr deal, as I don't want to exit a 2yr deal and hit increasing rates.

CRA concern is that my wife ran up nearly 9K on MBNA credit card( I didn't know) I panicked and we balance transferred about half of that onto Natwest 0% card, tried to get rest onto a Halifax 0% but declined. So that's 2 recent credit applications.

We were knocked back on Santander mortgage app ( went direct as both banked with them for donkeys yrs )
Then tried London & Country brokers who applied to Nationwide, but this knocked back on credit score. So that's another 2 recent credit applications.

Anyway, we have now completely cleared & closed MBNA card, Natwest card , NEXT account ( £600 ish ) all in her name, and I closed a Nationwide card which I only had tiny balance on ( £1.70 ) to reduce available credit.

Only credit we have now is a Santander 123 card which I mainly use for my business petrol ( I am S/E ) and I clear this in full every month, and have done since I had it.

Our Experian files look ok apart from the recent applications and wife had one late payment to NEXT several months ago.

Experian did show me as only being at current address since 2011 ( actually was 2007 ) but have corrected that.

Also a spurious address on both our files ( had a joint Sainsburys Internet Saver account, when we moved to current address in 2007, someone at Sainsburys or Experian, put in wrong postcode, TQ1 rather than TQ7 , and when used with our house number, caused wrong address to be uploaded. I am working with both companies to get this sorted, though have been told it wouldn't have negative impact anyway.

London & Country said they were "perplexed" regarding Nationwide's decision on credit score ( sent L&c copies of files)

Current Broker ( local, and recommended to me by 2 different aquaintances) said that if I hadn't told him who I applied to, he could have guessed who, as Santander & Nationwide both "picky".

He also has copies of our CRA files, and isn't concerned.

I have nagging worries that maybe something moody is on Equifax & CC, and suggested to him that I should get them, but he dosnt think its necessary.

Sorry its a bit of a ramble, hopefully I have stated everything.

I am S/E - all work comes from same company, get paid same time every month.

Last 2 yrs NET profit 2011-12 - £18,556

2012-13 - £24,884

I deliver parcels for internet shopping companies, Next, Debenhams, John Lewis, Tesco, Asda, and many more, and see my profit figures being on an upward curve.

Wife is employed full time £15,500 pa.

We have one dependant, but have minimal childcare cost, and our personal travel costs also minimal, wife works 2 mins from home, and my petrol/van cost obviously come off GROSS profit.

We are looking to borrow 137K, deposit £25K.

deejaybee

Addendum:

Experian report dosnt show that we have cleared all credit...

kingstreet

deejaybee wrote: »

Addendum:

Experian report dosnt show that we have cleared all credit...

Which it does not have to.

You simply enter the "existing" credit in the application and tick the "to be repaid on or before completion" box so it is ignored for affordability purposes.

Santander assumes any existing credit will continue, even if you say you'll pay it off. It's the only lender which does so AFAIK.

deejaybee

Yep I remember reading ( after I applied to them ) that Santander were scaling back their mortgage activities, which ties in with lemding policies such as you mentioned.

So what do you reckon our chances of getting a mortgage are, based on the details I posted ?

Ta

amnblog

Did L&C see your credit file before the Nationwide application.

Has your new broker seen it?

kingstreet

Frankly, I would not speculate.

You can trust in your broker's self-interest here in;-

- not wanting to have to do extra work by you having to re-apply
- wanting completion sooner rather than later so he gets paid.

deejaybee

amnblog wrote: »

Did L&C see your credit file before the Nationwide application.

Has your new broker seen it?

L&C didn't see it before app, they asked me to email it to them after app declined, which I did, and they said they were "perplexed" ...

New broker has seen it, and seems relaxed about it, saying that some lenders such as Santander & Nationwide set the bar higher than others.