mortgage worries-moving house

worriedmrst

I'm looking for some advice.

My husband and I are hoping to part exchange our current house for a larger new build. We made an offer which was accepted on 26th October and Saw an IFA on the same day. I have an excellent credit report with several settled accounts and all payments on my existing loan (1.5k remaining) are up to date, however my husband has two late payments on hus credit card from April and June this year (very annoying as he only had £150 on it and could have/should have settled it well before his late payments anyway!!)

our IFA has found a lender, Monmouthshire B S, after many of the major lenders wouldn't touch us with a bargepole due to OH's late payments. The AIP was referred to underwriters and has been with them for about a week. We've had to supply additional payslips, our p60's and they also want an employers reference for both of us. These details were supplied on Friday. Two credit searches have been conducted by Mon BS,one on 15th Nov and one on 18th Nov.

So, my very long winded qu is what are our chances of getting a 90%LTV mortgage on a property worth £169k? affordabilty is fine as we earn approx £60k between us.

Thanks for reading.

Let_Us_See

Just be patient for a couple of days and you will find out.

kingstreet

Monmouth does 90% on a newbuild?

If it does, it doesn't come up on Mortgage Brain.

There are only two or three lenders I can think of, for 90% on a newbuild.

Are you in one of its target counties;-

The Society offers mortgages on properties in Wales and England, but limits the loan to value to 80% outside of our normal geographical area. Our normal geographical area is defined as postcode areas NP, CF, SA, LD, WR, GL, HR and BS.

I've just emailed them to ask.

kingstreet

Just had a reply.

They will do 90% on a newbuild house, but only in the above postal areas.

worriedmrst

Thanks for your replies.

Kingstreet, I live in a CF postcode so Thankfully (for me anyway) we qualify for 90% LTV

Wallhart

They should take into account how much you earn. If payments are a really low percentage of you salary then that should help.

I guess you can only wait. No point second guessing.

worriedmrst

No, i guess not Wallhart. Thanks for taking the time to read and reply.

witchy1066

you should be ok with the Monmouthshire, they are not bothered about minor issues on your CRA reports , so long as everything else pans out ,

both myself and my partner had no credit report to speak of , we have never had credit and according to CRA neither of us were on the electoral register (we were and had been for 16yrs but not listed on the CRA) the Monmouthshire were not concerned

our broker told them everything from the offset

one thing I don't understand though, why do you need to supply wage slips and p60 and a letter from employers for an AIP

we got our AIP sent us via email after giving a few basic details and only on full application did we have to send any pay slips and p60 and employers references

another word of caution the Monmouthshire are very slow , if time matters , I hope your broker is on the ball

wishing you all the best ,

worriedmrst

Mmm I'm a bit confused by it too witchy1066. I queried it again today with my IFA, but He says it's so they won't be held up waiting for docs when we go ahead with the full app. Seems a bit like swings and roundabouts though, as we're just experiencing the delays now!

Thanks for sharing your experience with them, I'll be encouraging my IFA to chase them up regularly!

witchy1066

sounds like he is doing his job,

if you are on a tight timescale it makes sense ,

the Monmouthshire are really good with looking at the not so mainstream applicants ,