Mortgage Application Questions

HotSpur11_2

Hey everyone,

I have read a lot of posts on here, seems to be a lot of helpful posts, but i thought i would pluck up the courage and add to the forum.

This coming Tuesday i will be meeting a broker to see what my eligibility for a mortgage is.

I have a couple of questions to ask and if i can be forearmed with answers then that would be very helpful.

I know the broker can answer these questions, but if i can get a understanding before i go that would be great.

1. Voters roll - i have enrolled at my current address, but only in the last week or so. This does not reflect on credit files of both CreditExpert or Equifax yet. I can provide proof of residence there though via bank statements and so on. Is this an issue? I do have recorded electoral information from previous address before this one.

2. Is there anywhere i can see which lenders check what credit reference agencies. From some posts on here, i understand that some lenders only check 1, some check 2 and some check all. The only reason i ask is, the 2 reports i have checked are showing different accounts. The equifax report, is the more favorable in terms of the pointless score that the website provides.

3. When a broker is appointed, do they have a better relationship with the lender, compared to applying direct. Is the turnaround quicker? Can the broker talk directly to the underwriters to explain any factors of the application.

4. In the market, are some lenders easier (flexible) on applications and are others a lot more strict with what they will accept for application.

Any help with the above would be great. I am looking to use one of the HTB schemes, either the 5% guarantee or the equity loan.

Thanks

kingstreet

You won't be visible on the electoral roll immediately. The council updates the roll, then the CRAs update their records. It will take a month, possibly two.

As long as you were visible on the electoral roll at your previous address, you'll juts be asked for proof of address where you are.

There is no definitive/up to date list of lenders and their chosen CRAs. Let your broker do their job, to match you with the right deal for the circumstances.

At the moment, we'd expect to have a mortgage offer in hand before you actually get to see someone who works for a lender. We are far more experienced in giving advice. Lenders have only been doing it since April last year.

Different lenders have different criteria and requirements. Again, your broker will determine the best lender for your needs and discuss turnaround times with you.

If you are looking at a newbuild, ensure your broker is aware of this immediately as we are required to factor-in the future cost of the equity loan and ground rent & service charges, if any.