how long does it normally take?

Dave_Ham

It would be beneficial for them to specialise, although ideally if not specialist then just experienced.

Ask them about their experience and how often they achieve mortgages for clients with defaults.

Good luck

kerri_dfw

Thank you both, I shall make some calls

amnblog

Phone Dave

kerri_dfw

Oh she has just got back to me asking if she should try Kensington for an AIP. I've never heard of them before

koneko

We are going with Kensington due to a couple of defaults from 2009. Your broker should provide you with a document called a KFI (key fact s information I think it stands for), it tells you the rate, the fees and what your monthly mortgage payments would likely be along with other information for that lender so you can decide whether to go with them.

Your broker doesn't seem to be explaining things very well so I'd probably suggest going elsewhere. We had a similar experience with the first one we tried (recommended by a friend) but the one we found in the end has experience with adverse and is very helpful.

kerri_dfw

Do they issue the kfi before or after the mortgage in principle?
Maybe I came across to her as knowing more about these things than I do.

kingstreet

You should not, as part of any compliant sale process, undertake a decision in principle until you have provided the borrower with a key facts illustration which details the costs of the transaction.

If you do a DIP but the client then finds the deal unacceptable for some reason, that's a wasted credit search for someone whose case may already be borderline to start with...

kerri_dfw

Oh great. Well she didn't tell me any of the rates she was putting us forward for. Not even the Halifax one she first did

Paulaviki

kerri_dfw wrote: »

Oh great. Well she didn't tell me any of the rates she was putting us forward for. Not even the Halifax one she first did

The Halifax 'mortgage promise' we had didn't involve any credit checks as far as I can remember, it was very basic.

Hopelessly_Hopeful

Just to add I am currently applying for Kensington mortgage.


I was considering moving but have decided to do home improvements and stay where I am with remortage. Each time they came back with DIPs within a day.


So application going forward.....


My IFA was impressed with my audit trails and documentation. Kensington have been back and back though. Information is always returned to them in the same day. That said its now 4 weeks since application and they haven't arranged the valuation yet!!!


Fingers crossed.


HHx