mortgage application in one name.

knocker01

Hi,

We had a similar situation - applied for mortgage in both our names with one lender and were rejected (wife on mat leave, some late payments on file, £1000 on a credit card).

We spoke to a broker who was the one who suggested to just apply in my name and everyone has gone through swimmingly so far (touch wood) and hopefully going to exchange next week.

deano3

knocker01 wrote: »

Hi,

We had a similar situation - applied for mortgage in both our names with one lender and were rejected (wife on mat leave, some late payments on file, £1000 on a credit card).

We spoke to a broker who was the one who suggested to just apply in my name and everyone has gone through swimmingly so far (touch wood) and hopefully going to exchange next week.

Thankyou, that is reassuring, perhaps im worrying about this a little too much. Be still nice to hear a brokers view if at all possible?

Dave_Ham

I think you are right to worry, although your broker should be giving you confidence?

At 95%, the only lenders tend to be Building Societies and therefore they manually underwrite.

Are you sure you cannot include Wife with £0 income?

The deposit source is going to be another consideration, where held, who raised etc.

Who is the lender - Leeds?

I am nervous for this application and sorry this is not what you will want to hear.

Keep cost incursion to the minimum and push your broker for his/her confidence on this being accepted.

deano3

Dave_Ham wrote: »

I think you are right to worry, although your broker should be giving you confidence?

At 95%, the only lenders tend to be Building Societies and therefore they manually underwrite.

Are you sure you cannot include Wife with £0 income?

The deposit source is going to be another consideration, where held, who raised etc.

Who is the lender - Leeds?

I am nervous for this application and sorry this is not what you will want to hear.

Keep cost incursion to the minimum and push your broker for his/her confidence on this being accepted.

Wife's credit is fine and you assume correctly the lender is Leeds. Leeds will not consider her for affordability and credit card dept will be in her name, thus it seems to make sense to me to have a single application. My credit is also good.

Deposit is saved up and can be seen on statements but so can credit card direct debit which i dont want to be considerd for affordabilty.

Im seeing broker next week but want to go into that with all the facts.

Thoughts?

Dave_Ham

It may well cost you £200 to find out.

Leeds painfully underwrite at the best of times, on their 95% with a Wife I do not know how this will end I am afraid.

They also treat the house in the background aggressively, so this needs to all be robust.

deano3

Dave_Ham wrote: »

It may well cost you £200 to find out.

Leeds painfully underwrite at the best of times, on their 95% with a Wife I do not know how this will end I am afraid.

They also treat the house in the background aggressively, so this needs to all be robust.

Thankyou, do you have an idea what Leeds view will be on the credit card dept in wife's name?

Dave_Ham

I was not being vague deliberately, I genuinely do not know what they will think on the credit card debt.

They traditionally underwrite and therefore will see it and I fancy they will not like it, but Leeds can be unpredictable.

If this case was presented to me, I would be setting realistic expectations in advance (which would not be too optimistic) and locking down the detail in advance, discussing the entire situation with Leeds and then agreeing to move forward.

For your benefit, do not pay any broker fees on anything other than offer/completion..

amnblog

dont spend any money on this Deano.

I see now why you are focused on LBS.

This is not the kind of case this 95% product is targetting.

This is aimed as first time buyers not applicants with properties in the background.

In my view will be very fortunate to make progress.

Good luck, but don't put your hand in your pocket until you know it is a go-er.

deano3

Mmm, food for thought, thanks everyone.

amnblog

Dave_Ham wrote: »

I think you are right to worry, although your broker should be giving you confidence?

At 95%, the only lenders tend to be Building Societies and therefore they manually underwrite.

Are you sure you cannot include Wife with £0 income?

The deposit source is going to be another consideration, where held, who raised etc.

Who is the lender - Leeds?

I am nervous for this application and sorry this is not what you will want to hear.

Keep cost incursion to the minimum and push your broker for his/her confidence on this being accepted.

Hi Dave

I have already told Deano on a previous thread that Leeds want applicants out of any probationary period before they will consider income. (Mrs Deano has just started a new job)