Joint mortgage with late payments!!!!!!!

p1212

Thank you for the answer!

What we think now is that we could look for a small 2 bed terraced house below 250K (we don't really need a huge house yet, no children yet). Then we could easily have 25% percent deposit and also the loan amount would be just 3.4 times of my salary. That would be a joint application.

And we could give a very good explanation for those late payments - in case the lender asks about them -, as her divorce caused all her financial problems and she has the divorce certificate from that time.

With these numbers above is it worth giving this a shot at a high street lender, like Halifax (they gave an AIP for us for 290K with a 15% deposit, and this would be just a 187.5K mortgage with 25% deposit) or should we straight go for an adverse credit lender?

In case of they think these late payments are a huge problem, will they contact us, and shall we have the opportunity to explain this all, or will they just refuse straight away?

Dave_Ham

I think definitely high street. Halifax will be 50-50, as late payments can mitigated by deposit and other applicant.

Poor show from Halifax, but this it typical of some of the kids in bank branches with one set of products and targets.

The value of the mortgage is going to have very little influence over the decision with many lenders.

Work out what you really want and what is affordable and then have a chat with a broker or push the button in a branch.

Good luck

p1212

Thank you for the answer!

Well, she was not a young kid, but she was not really interested in any of her late payments or in any of our concerns, she said if the computer gives an AIP and if we come back to her, she personally GUARANTEES we get the mortgage...

Do you have any idea about which high street lenders are more likely to accept these late payments? Or is it really 50-50 at any lender?

Dave_Ham

I would be speculating without entire sight of the case.

The Halifax AIP is the least reliable, as at AIP stage it only checks 0-3 years at current address. At full application and underwriting stage, they check the full picture.

Other lenders AIP's are more reliable, but you do not want to randomly apply to lots of lenders.

Try and get a recommended broker and that let them think this through for you. With your type of perceived mortgage, you will probably find one who will do it for free or maybe £250 ish..

kingstreet

Please, please, please do what was suggested and order all three versions of her credit file and take them to an experienced whole market broker.

You've gone outside the plan, have an unreliable AIP, which can turn to decline at full application and may have to firefight an association. which resulted from this.

p1212

Yes, I want to find a good broker and sort this all properly, but I can't find any in my area.

I tried to google up some local ones, but all I've found are some "big" names (alexander hall, etc...), who I don't really trust or some local businesses which do not provide any information about who they are and nobody seem to have an opinion about them.

And there are the estate agent ones, who I don't trust again, I've spoken to some and they do not seem to care about anything.

Anybody knows a good broker in the Kingston-Upon-Thames or Heathrow area?
(private mails are fine, if you can't post it here)

kingstreet

If you can't get a recommendation from friends. relatives, work colleagues etc, try https://www.unbiased.co.uk switching off the "sponsored ads only" option.

Once you get the list for your area, you're going to have to pick up the phone and actually talk to them to establish;-

how they operate
what they charge
if you like them
if you want to deal with them for the next few months.

p1212

I'have checked unbiased and the closest one there is several miles from my workplace...

Also I tried to google up some local independent brokers here, I've found some 4 or 5, contacted the first two, but when I actually went to their office, it turned out that although they are a separated company and stated they do not work for any agencies, their offices were still shared with an estate agency.

I will see how it works out with them, they seem to be reputable guys being in the business for some time, and they don't charge any fees, just getting commissions from lender, and they are whole of the market.

p1212

Ok, we have found a property for 315K, which is slightly overpriced (the last sale in the street was the house right next to it (basically exactly the same building) and the price was 265K in 2012 sep and there was never a sale for more than 290K in this street and that was a bigger house).

The property itself is exceptionally good, redecorated and has everything what we wanted, I would say this is love at first sight (we have looked some 5-6 properties and all was crap, this is perfect, just for a slightly more). The problem is that in this area there was a huge inflation since 2012, the price according to this should be around 300K.

I would be happy with 300K, but I am sure this property will attract a lot of attention (there were a huge amount of viewings on the worse ones too...), so I don't know how to start bidding. If I bid 300K, then somebody outbids me, will the agent come back to me asking for a higher bid, or will they sell it to the other guy? Should I start at 305K, or maybe 310K to make sure I get the house?

kingstreet

Ten days ago you were trying to resolve mortgage issues, now you're back asking about pricing.

Is there anything you want to tell us?

BTW that "should I, shouldn't I" stuff about offers is probably better on HBR&S, rather than on here...