FTB - Mortgage Questions!

heytoki

sgx.saint wrote: »

To achieve this, I will require a mortgage of £62,500.

I am employed, earn £23,100 per year and have no other debts aside from a student loan.

I met with a Nationwide Mortgage Advisor in branch who ran through the online affordability checker, which I could have done myself if I had known that is all that was going to happen at my first appointment.

Anyway, the advisor stated I could borrow up to £69,000, which is more than sufficient.

However, long story short, the advisor in branch did not include items such as petrol and road tax in the regular travel costs box and as such, when I have redone the affordability calculation, it

You only can borrow 3 times your salary?

sgx.saint

heytoki wrote: »

You only can borrow 3 times your salary?

According to the Nationwide affordability calculator yes.

Other calculators via other Mortgage providers are saying I can borrow much more.

If I am honest, aside from the conflicting advice, the Nationwide calculator does not make it clear what should and should not be included.

For example, I pay child maintenance and see my daughter every week, however she does not live with me and should not generally be included under dependent children question, however the Nationwide calculator doesn't give you any guidance for this question.

I am starting to get a bit fed up of Nationwide, so may use a broker to see if they can match the deal, which will take some pressure off me and they will know exactly what I can afford and how each lender works - or at least that's the theory?

kingstreet

You do not treat as a dependent a child who does not live with you, for whom you pay maintenance.

That would be a double charge for the same commitment.

I would use a broker if I were you.

sgx.saint

kingstreet wrote: »

You do not treat as a dependent a child who does not live with you, for whom you pay maintenance.

That would be a double charge for the same commitment.

I would use a broker if I were you.

Yep, makes sense and I agree.

Shame the Nationwide calculator does not make that clear.

Coupled with the inconsistent advice I have received so far has soured me a little towards using Nationwide, even though they do offer a good deal, but are quoting far less than other lenders.

I would have thought I was a pretty straight forward application, fairly big deposit in terms of LTV, no debt, aside from student loan and employed full time for over six years with a reasonable salary.

Would you recommend a particular broker kingstreet?

Plus, in your experience, do you think a broker would be able to beat or match the Nationwide deal?

worid

I have just got a mortgage offer arranged by L&C. I would recommend them as I thought I was a hopeless case, being quite old and with a relatively small income. I know you mentioned them in your first post so they would be worth a try.

sgx.saint

worid wrote: »

I have just got a mortgage offer arranged by L&C. I would recommend them as I thought I was a hopeless case, being quite old and with a relatively small income. I know you mentioned them in your first post so they would be worth a try.

Are they totally fee free?

I was thinking of calling them later, explaining the situation and asking if they could match or beat the offer?

sgx.saint

Thought I'd update the thread to say I called L&C and the Mortgage Advisor was very helpful.

I've been provided with a Decision in Principal based on my advised circumstances after going through income and expenditure, though L&C do this without performing a credit check, which I thought was a little strange at first but apparently as long as I have given a full and accurate indication of my financial circumstances then this is sufficient to receive a DIP from them.

The maximum I've been indicated to receive is £105K so much more than I need, but far more than the £57K offered by Nationwide.

Instructing my solicitor to put in an offer on a property tomorrow, so now just need to wait and see whether it is accepted prior to going back to L&C to get the ball rolling on the full application.

sgx.saint

Hello!

Unfortunately what was due to be a fairly straight forward mortgage application has now taken a twist, so looking for some additional advice.

I've just checked my credit file with Equifax as I have been using Experian for a few months and I thought I'd make use of their free trial and double check everything looks fine.

Everything looks okay, much the same as Experian, though I have just discovered there is one very old default which I thought had expired a long time ago which is still showing on my Equifax credit file. This default does not show on my Experian Credit file.

The default is over five years old, was for a trivial amount £130 and was settled in full and this is shown on my file. The default actually expires in February/March this year!

If I remember correctly this was related to an address change and an old balance I knew nothing about until I received a forwarded default notice to my new address. I thought I had resolved this and I settled the balance in full upon receipt of the default - I was under the impression this stopped the default from being applied - apparently this is not the case!

Also up until December last year I had been making a very small regular payment of £25 to four creditors for a very very old series of debts that no longer appear on my credit and has since been satisfied/paid in full.

I mentioned this to the mortgage advisor at Nationwide who said that as I had confirmed they were satisfied and as they do not show on my credit file that there wouldn't be a problem. However Nationwide only require one previous bank statement for their application and as the debts were settled in full the regular payment stopped and does not show on my most recent statement - again Nationwide were quite happy with this situation.

Obviously now we are looking at other lenders who may require more bank statements it has made me think about whether they may query the small number of previous standing orders and again whether this might cause an issue.

I'd really appreciate your advice on how to proceed.

Should I wait two to three months for the default to clear and for the standing orders to be outwith the timescale looked at by lenders?

Or will I still achieve a reasonable mortgage in my current situation?

kingstreet

Discuss with the broker you have appointed to act for you.

We could do no more than speculate and suggest that you'll be okay with some lenders and not with others.

sgx.saint

kingstreet wrote: »

Discuss with the broker you have appointed to act for you.

We could do no more than speculate and suggest that you'll be okay with some lenders and not with others.

I have briefly spoken with the broker, their advice has been there is no way to say which lender will or will not accept as they do not publish their eligibility criteria, so I could apply and I could be absolutely fine, or I could have an issue.

So I was curious as to whether any additional advice could be provided by experienced members on here and if a specific broker felt they were able to help realise a quality mortgage and rate then I would be more than happy to change brokers.