Mortgage advice needed

Madwoman1

Help needed as I am very confused. We have a buyer for our house and we have found a property to buy, put in offer and was accepted. We are using sequence mortgage brokers but I am worried. My partner earns 83,000 NET and we have a 15% deposit. Have copies of our credit files, showing one late payment on mortgage in last 12 months and 2 late markers on utility bill. Other than this it's all green, there was a blip in 2011 which doesn't look good due to no work but all recovered now, I also just found today there is one default, fully paid in 2009 but only showing on 1 credit report. Our only debt is my partners bank loan which he will pay off soon and is for 6000. My broker applied to Halifax, where they asked us to increase our deposit to 15% as originally we were going with 10%, we were told we had been approved! valuer booked! then cancelled, then found out we had been declined. Broker is now looking at skipton. Any advice much appreciated.

ACG

With a late payment on the mortgage in the last 12 months it could be a tough ask.

I do find Skipton to be quite flexible but im not sure what their stance is with late payments on secured lending.

I would just let your broker do their job and see what they com back with.

Madwoman1

Obviously affordability isn't an issue as you can see, house price 300,000. Do you think there are lenders out there for us but possibly not high street lenders.

Shoppadolley

Is your default showing on experian or equifax?

Madwoman1

Only supplied one credit file to broker and that was experian and it isn't on there but have today checked on call credit and that's where I found it. Broker did not ask for all 3 and I am anxious that we are applying to building societies where we do not meet their criteria.

ACG

Tell your broker sooner rather than later. There should be a lender for it but give your broker the best chance of getting it through by letting them know all the facts.

Madwoman1

Thank you ACG. I have supplied everything asked for, wage slips, bank statements, p60 and the credit report he asked for. Problem is I don't hear for days from him, he has asked an underwriter at skipton to look at everything without putting in formal application, this was actioned last Wednesday. I now have the estate agents who I am buying through constantly ringing me about my mortgage. Not sure after researching on here if Halifax mortgage should have been applied for in the first place, am seriously worried now as an offer was put on house nearly 4 weeks ago!

ACG

4 weeks without a val being booked in is quite a long time. Its not surprising the estate agent is on your case.

Call your broker ask for timescales and then let the estate agent know... as much as i dont like estate agents, if theyre in the know they will stop pestering you - hopefully.

I wasnt aware you could send your application over to skipton before submitting it (i use skipton a fair bit, but maybe your broker meant it was going over to his account manager?), even so it should only take a day at most if that is the case.

Madwoman1

I am a bit naive, although we are selling our house this is actually my partners house, house buying is new to me, my partner works abroad and is away for up to 10 weeks at a time so have been left managing this on my own. When we were asked to see the inhouse mortgage broker we were not told about fees until Halifax mortgage applied for, I have paid 500 to broker upfront as well as valuation fee but thankfully Halifax returned this. As I say my broker just isn't ringing me back and I feel like a pest, when I did manage to speak to him today he seemed irritated by me ringing again and bluntly told me that he hasn't heard yet!

Madwoman1

Also, broker definitely said underwriter would look at it, I think I have read somewhere that skipton own sequence.

ACG

Estate agent based mortgage broker - says it all.

Go in there and tell him to pull his finger out, if he doesnt want you pestering him then he should be getting it done.... paying them £500 upfront means they have probably lost any incentive to actually do the mortgage.