Re-Dip/Mip

joe134

Hi, Guys, My grandson is now intent on buying a house, second hand as a Ftb, which he has a 10% deposit and monies for fees .£165k.asking price.hoping to negotiate down;;
The mortgage he,s thinking of applying for is 5 year fixed @ 4.59%, feefree.with First Direct, limited edition..
He,s positive he can meet the criteria, earning £36k+ bonus.
Spoke to FD, and they say they could get him a Mip withing 7 days,after filling in the forms;;; the question is, Is it better to get the Mip before making an offer, or decide on the house,agree the price, then, just apply for the mortgage direct?
Afraid of affecting his 906 credit score,( not the best but classed as good, not excelent) after over 6 years of hard work.
Any advice grateful.

amnblog

The MIP can help his offer.

One search on his credit file is not going to kill his score (make sure he is confident he has a clean record first)

Miss_Marple_2

When I put the offer in on the house I am currently buying, the offer was accepted by the vendors, but the EA wanted to see AIP and proof of deposit before marking as SSTC. EAs also wanted to know what my position was when I started looking.

Having said that, although I had an AIP with NatWest before making an offer, I actually got a broker and a different mortgage, so the AIP I sent to the EA was one that I got via the broker the day after I made the offer.

joe134

amnblog wrote: »

The MIP can help his offer.

One search on his credit file is not going to kill his score (make sure he is confident he has a clean record first)

Thanks amnblog, he,s as sure as he can be, he was in trouble, but over the last 6 years has achieved a 906 score, good;;( don,t know how it works).Seen it myself from experian, and he,s had all 3 reports, with nothing foreboding( I haven,t seen them)
No debts,other than rent/utility bills/insurance etc, no loans, no credit cards. current A/c barklays.

joe134

Miss_Marple wrote: »

When I put the offer in on the house I am currently buying, the offer was accepted by the vendors, but the EA wanted to see AIP and proof of deposit before marking as SSTC. EAs also wanted to know what my position was when I started looking.

Having said that, although I had an AIP with NatWest before making an offer, I actually got a broker and a different mortgage, so the AIP I sent to the EA was one that I got via the broker the day after I made the offer.

Hi M_M, so you had 2 credit checks within a short space of time.and has it affected your score?

GMS

joe134 wrote: »

Thanks amnblog, he,s as sure as he can be, he was in trouble, but over the last 6 years has achieved a 906 score, good;;

Ignore the score. It is a 'finger in the wind' figure.

Pay more attention to the data.

When you say was in trouble what do you mean? Any bankruptcy, CCJ's, defaults, IVA etc?

Does the credit file show any missed payments, defaults, CCJ's etc?

FD/HSBC are the pickiest of lenders so at 90% it would need to be squeaky clean.

joe134

GMS wrote: »

Ignore the score. It is a 'finger in the wind' figure.

Pay more attention to the data.

When you say was in trouble what do you mean? Any bankruptcy, CCJ's, defaults, IVA etc?

Does the credit file show any missed payments, defaults, CCJ's etc?

FD/HSBC are the pickiest of lenders so at 90% it would need to be squeaky clean.

Not within the last 6 years, prior to that, he had defaults galore, not sure about ccj, no Iva, going with him to see house now, so will see his reports, come back.
Perhaps another lender may not be so fussy. any advice, for similar ?

Miss_Marple_2

joe134 wrote: »

Hi M_M, so you had 2 credit checks within a short space of time.and has it affected your score?

Natwest didn't do a credit check - they just did affordability and gave an AIP based on that. My building society ( Skipton) did a full credit check at AIP time, but then did not credit check again at application time.

joe134

GMS wrote: »

Ignore the score. It is a 'finger in the wind' figure.

Pay more attention to the data.

When you say was in trouble what do you mean? Any bankruptcy, CCJ's, defaults, IVA etc?

Does the credit file show any missed payments, defaults, CCJ's etc?

FD/HSBC are the pickiest of lenders so at 90% it would need to be squeaky clean.

Hi GMS, Just got back from viewing the property.
Bit different situation this, as it is a Repo, and bank owns it, EA,s selling it,.
Reduced From, £185k June> £180k > then £165k, as of now, bit of a drop;;;, and are thinking of going in under asking price, but prepared to pay asking price.
£240k when bought in 2008.Top of market.
They are insisting on MIP, Solicitors details, and Proof of deposit, at time of offer, then completion, no later than 28 days,which even if we had a MIP, from FD, they say it takes up to 8 weeks to complete.
28 days , cannot see how any bank/bs would do that???
Never bought a Repo before.ALSO it will continue to be marketed throught out, NO, SSTC on board or site, ;;;;;
Any advice would be welcome, they do have whole of market advisors, and in house solicitors, and have asked for details/prices to match or beat FD,S..

amnblog

here comes the curve ball.

repo means swift offer needed and potential issues on valuation (what is the condition)

Go to a whole of market broker [but don't use the in house one]

joe134

amnblog wrote: »

here comes the curve ball.

repo means swift offer needed and potential issues on valuation (what is the condition)

Go to a whole of market broker [but don't use the in house one]

Hi Amnblog, condition is ok, needs TLC, all sevices off so couldn,t check if Boiler appliances were working

2 Big trees cut down at bottom of garden,30 feet approx;; Large stumps still there, concerned me about roots, but, next doors the same, identical house.
2 built on the same plot.
Why swift offer? that,s probably why it,s been dropped ( cash buyer)
I cannot see anything visibly that,s major wrong with it, detatched,.Intended a homebuyers report only, it,s not an old house, 15 years or so, can move in and live.
Any reason for broker as against direct, or do you think a broker could achieve the 28 day turn around?
I cannot see any Bank.B/S doing it can you?that,s enough to put off prospective buyers who NEED a mortgage,self defeating
Grandsons very keen, but, relying on my advice.( from here thanks )
can you expand vaulation issues?
would imagine they want it off thier books.
I was cashbuyer , but, took 8 weeks ,that was 15 years ago.
viewed a barrats part ex at £155k prior, and crap 1930,s semi, no comparrison.

PS;;Is there a site that advertises Whole of market MA,s ? localised.