Woolich Mortgage Anxiety

Jennie2827

I am hoping that people could share their experiences, whether good or bad about obtaining a Woolich mortgage!

I am just about to submit my application this week and my nerves are already kicking in. My stats are as follows.....£50,000 per year income, £200 loan payment per month, no credit card debt, 2 kids, and asking for 75% LTV with the help to buy scheme. So mortgage is for £126k. My financial advisor got a DIP with the Woolich with no problems......however, I have one late payment on my credit file and I am not on electoral role (as I am a US citizen). I do have indefinite leave to remain. I was flatly turned down by Santander for a DIP. With all this my experian credit score is 970, which my IFA has told me is not important as they have their own points system!

I am worried as I have to out a non refundable deposit on the house as it's a new build and I am. It sure what my chances of actually securing a mortgage offer is?? Any thoughts are much appreciated.....

ACG

Your advisor is right, the score you can see is worthless.

Dont pay the deposit and put your application in, you stand to lose the house but at least you save your fee so you can transfer the mortgage to a new house if you find one?

If you have passed the credit check then you have passed the credit check. 1 late payment wont be an issue.

All they are going to do now is check what you have said tallies up with your paperwork.

Woolwich have something like an 8 day turn around at the minute so no point in worrying for a week or so as nothing will get looked at between now and then, just put it to the back of your mind.

Jennie2827

Thank you so very much for this!

I am just so worried that it will not pass underwriting.....you read so many nightmares in here daily.

My last main concern is that the house is in Norfolk and I currently live in Hampshire. I have been offered new employment, but have yet to sign any contracts. The new employment would be permanent with a very small wage decrease. I was hoping to push this application through prior to accepting new employment, but my IFA has said that the difference in locations may cause an issue. All my family are in Norfolk and the childrens' grandparents. I have told my IFA that I plan on commuting until I get a job, but now that I have a job offer should I come clean? Or will this be more negative than positive?

ACG

You should speak to your broker. he sounds like he knows what hes doing.

amnblog

I think your broker has a point ref commuting. Lenders can pick this up and decline as they fear you are buying to let not to live.

An offer of new employment may settle them if asked but a start date will probably be requested.

Thrugelmir

Lack of electoral roll history is a major negative.

Jennie2827

Thank you for your posts. I was under the impression that lenders will not consider an applicant with new employment? I am a teacher and have been for 15 years now. I have ten years at my current school and have been offered a new post in Norfolk. Will having a new job exclude me from getting a mortgage for the next six months?

Being a US national, I am unable to be on the electoral role as I cannot vote. But it has not stopped me from getting a mortgage in the past nor other credit opportunities. It just takes more verification. .

amnblog

No it won't. When you intend to start and when you need the mortgage funds will dictate the lender you can use.

Tykva

ACG wrote: »

Your advisor is right, the score you can see is worthless.

If you have passed the credit check then you have passed the credit check. 1 late payment wont be an issue.

All they are going to do now is check what you have said tallies up with your paperwork.

Hello ACG,


I have read a few times, that credit score from Experian and others is worthless but I also read that many checks of a credit score will be left on their file which is not good. If Experian and others' credit score is worthless and they use their own systems then why do lenders check it? I assume own systems work the best if a consumer also gets other financial services with the lender, like a current account, credit card. Or am I misunderstanding something? Thank you!

Dave_Ham

The data on Experian is crucial to lending applications, although their score and interpretation is pointless.


Therefore lenders take the data and put through their own modelling algorithms to determine if they are happy to proceed or not.

Experian_company_representative

We work with many lenders to build their scoring algorithms so our interpretation is certainly not meaningless. However, you have to understand that the score we can give to you just rates your personal credit report information (lenders' scores look at more information than this) and just provides an indication how a lender might interpret your credit report (lenders' scores will factor in their own policies). It is designed to help you improve your credit history to help you do what you can to maximise any score a lender calculates.

James J