First time mortgage application issues

Thrugelmir

jagger86 wrote: »

If we can't get this house, it's not a case of getting another cheaper one - it will be a case of staying in the house we already rent until we save another £20,000. Which will be another year.

Also another year for your partners credit rating to improve.

By saving another £20k your finances will be in a much better state.

Your broker may be a tool. But you would also be a fool to attempt to obtain a loan. Say focussed on the longer term. Don't do something foolish which could cost you your personal reputation.

amnblog

Have I missed something here or did your not have a mortgage decision in principle as a couple initially with a 5% deposit?

It is difficult for us to have a clear view on your options as we don't know the full case but getting a new loan to bridge a gap is an accident waiting to happen.

Sounds like a brief discussion with an alternate broker in possession of your credit files may be appropriate.

jagger86

Thanks for the responses everyone.

I have now consulted another broker someone who is a trusted contact of a family friend, he seems a lot better and not dodgy!

He is looking at it Monday but can't see why he can't get my partner on the mortgage or my brother.

I tried to do credit reports on my partner and couldn't even get one - I think there is bank / address issue which is affecting his credit not even this default from the past!

Yes we had one in principle with Natwest but they couldn't go call me back to do full application for 3 weeks then was told it was a 6 week turnaround!

I think we just panicked and rushed into this blind with the wrong broker. Hopefully something can be sorted now though.

It's so frustrating when you know you can afford the mortgage twice over - ideally we don't want to wait another year as I am having a baby in August and want to get settled.

jagger86

Also I just don't understand why this current broker (the clown one) is telling us not to put my partner on it and then he checked my brother and said no his credit is too low. He hasn't even tried.

My brother actually has the same credit score as me - no debts, no defaults just a mobile phone in his name!

Londonfirsttimer

Is your brother on the electoral roll? Does he have a credit card, paid off regularly, etc etc?

Fingers crossed for you.

I have good credit and a good AIP. I'm going to make my first offer on a property tomorrow, for the asking price. 36 other people viewed it on Saturday though so I'm not that hopeful. Point in favour, I have a high deposit. But I'm not sure I'll get a mortgage.

I have the AIP from my current bank but I'm thinking of going through a broker. Thing is, I'm on a fixed term contract with a year to run. I also don't have three months' payslips because payroll screwed up at work. January and February were so wrong it's not funny - they got my pay grade wrong, and bank account number wrong. They fixed it with an advance but it's not recorded until my March payslip. So I think those factors may be fatal to a mortgage application.

Maybe I should just wait? And not put an offer in on this place? Or should I chance it? It'll be June before I have three months' worth of "normal" payslips. And that's only if they get April's right - will be going through it with a fine-toothed comb.

Dave_Ham

OP - good decision on changing brokers


LFT- speak with a broker, this will be achievable and may just require an employer reference as back up

jagger86

my brother has no credit cards or debts - he just has a mobile phone in his name. He doesn't have anything against him or any bad credit and yes he is on the electoral roll.

We got him a report from noddle and he has the same rating as me. So fingers crossed this will work out.

I am sure there is a mortage out there for either me and my bro or me and my partner. It will just take longer, but the good news is the woman we are buying from has had her new build delayed until end of May. So as long as she doesn't panic and pull out on us it should work out in the end.

I am 5 months pregnant and way too hormonal to be dealing with all of this lol!