Help!! Chelsea BS changed lending amount

kiddakidda

Hi,

I have been careful not to run credit score with these lenders, I have only discussed affordability with Virgin and PO. I met with a very nice broker lady who is going to come back to me on Monday hopefully with some possibilities. She seemed pretty confident and used to work as an underwriter for a main lender in the past.

Fingers crossed.

sheilds wrote: »

Hi K,

If you try random lenders you are leaving a footprint on your credit file everytime which will lower your score.
Using a good broker should prevent this as they should not try lenders who will never agree to your circumstances.
I have no vested interest in recommending this-I only speak from experience.
For instance I believe while the Post Office do offer some good deals,their products are not available via a broker-only applying to them direct-and therefore you are stabbing a bit in the dark hoping you will match their criteria.
Good Luck.
S.

kiddakidda

The other thing I considered today was extending the term to improve affordability? Only problem is that I am 43 and would need about 23 years, will this be an issue? I suppose retirement age will be 67 by then anyway. Also I do intend to start overpaying when the little un goes to school in a few years.

kingstreet

sheilds wrote: »

I believe while the Post Office do offer some good deals,their products are not available via a broker

That's no longer the case.

BoI has been accepting broker business again since May, under the PO marketing brand.

kiddakidda

I did have a meeting with the PO on Monday but I think I might just wait and see what the broker unearths. I could do without the stress and worry. Yes I'll have to pay for her services but if she comes up trumps me and the Mrs will be chuffed

K0SS

kiddakidda wrote: »

I did have a meeting with the PO on Monday but I think I might just wait and see what the broker unearths. I could do without the stress and worry. Yes I'll have to pay for her services but if she comes up trumps me and the Mrs will be chuffed

Do you speak Punjabi? just going by your name.

kiddakidda

Only language I am fluent in is Brummie

K0SS wrote: »

Do you speak Punjabi? just going by your name.

kiddakidda

Not that it matters as my Mortgage offer with NW should be in the post as we speak.

But.............. Chelsea BS called me today in regard to my previous application and advised with a few changes (paid off M/cycle Finance now & extend mortgage to 21.5 years) that they could get near to the desired amount for my new house.

It's annoying because I tried my hardest to reason / negotiate with them at the time and until my Broker & NW stepped in the purchase almost fell through. Not to mention the stress and strain it put me & the Mrs through.

Anyhoo, although the rate is not as attractive with NW they came through with a relatively smooth process and there have been no hitches so far.

So I'm sticking with NW

amnblog

kiddakidda wrote: »

Santander - £170k without clearing credit, £198,000 with no credit balances

Santander will not give you the higher figure. it does not work that way.

amnblog

kiddakidda wrote: »

I did have a meeting with the PO on Monday but I think I might just wait and see what the broker unearths. I could do without the stress and worry. Yes I'll have to pay for her services but if she comes up trumps me and the Mrs will be chuffed

Don't waste your time. Stick with the advice and option you have.

tasty_snacks

We had a similar problem in April, although that was a result of the MMR, after which Chelsea capped the max lend. We lost a place as a result, but exchanged last week on what is in hindsight, a much better option. Got lucky in the end, I guess.

EDIT - I don't suppose anyone knows how long the cashback rebate takes to come through from Chelsea? We went for the 90% LTV 4.14% 2 yr fix - the 1% rebate on the mortgage amount made it cheaper than the headline 3.49%, bizarrely. I'm trying to factor the rebate into my cashflow - it's all a bit dicey post-completion!