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Mortgage Application headaches - nobody helps!
Rob_Mogs
Posts: 156 Forumite
Hi guys,
My partner and I are having a rather large headache and a lot of stress just trying to get answers from people with regards to a mortgage application.
Nobody seems to be able to give any difinitive help, its all guessing, as an example, Ive just spent an hour on the phone giving details to a bank, thinking they will help, when all the info I've managed to get is what I have got from spending 5minutes online.
We've got a mortgage advisor that won't tell us how much we can lend, or how much deposit we need etc and been told we cant put an offer in on a house until we have a MIP/AIP but we cant get one of those until we've had an offer accepted, we feel like we're going around in circles.
We have found a house we like, which is on the market for £147k, which obviously we'll put in a lower offer (but we're basing our affordability on this price so as to not under budget ourselves)
We cant seem to be able to get an answer as to what fees will need to be added or included and what their for, and we also don't seem to be eligible for a help to buy scheme as we live in Wales, which only supports new builds - of which there aren't any.
The reason we need all these questions answered is that I myself have 11months of a default (fully settled) on my credit file, our mortgage 'advisor' has come back to us with some sort of paperwork that looks like an AIP/MIP but as we are first time buyers we have no clue, he's also stated that the lender on the paperwork (Halifax) will consider our situation and have offered the figures and amounts included within it.
However, we've contacted halifax and they cannot find anything on their system with that particular reference number, and I honestly dont think he's done a full credit check, so may well not get a mortgage anyway.
Sorry for all the waffling, but we're so annoyed and confused it's unreal.
Any help or guidance would be appreciated.
My partner and I are having a rather large headache and a lot of stress just trying to get answers from people with regards to a mortgage application.
Nobody seems to be able to give any difinitive help, its all guessing, as an example, Ive just spent an hour on the phone giving details to a bank, thinking they will help, when all the info I've managed to get is what I have got from spending 5minutes online.
We've got a mortgage advisor that won't tell us how much we can lend, or how much deposit we need etc and been told we cant put an offer in on a house until we have a MIP/AIP but we cant get one of those until we've had an offer accepted, we feel like we're going around in circles.
We have found a house we like, which is on the market for £147k, which obviously we'll put in a lower offer (but we're basing our affordability on this price so as to not under budget ourselves)
We cant seem to be able to get an answer as to what fees will need to be added or included and what their for, and we also don't seem to be eligible for a help to buy scheme as we live in Wales, which only supports new builds - of which there aren't any.
The reason we need all these questions answered is that I myself have 11months of a default (fully settled) on my credit file, our mortgage 'advisor' has come back to us with some sort of paperwork that looks like an AIP/MIP but as we are first time buyers we have no clue, he's also stated that the lender on the paperwork (Halifax) will consider our situation and have offered the figures and amounts included within it.
However, we've contacted halifax and they cannot find anything on their system with that particular reference number, and I honestly dont think he's done a full credit check, so may well not get a mortgage anyway.
Sorry for all the waffling, but we're so annoyed and confused it's unreal.
Any help or guidance would be appreciated.
0
Comments
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Are you using L&C by any chance?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You can access a lot of lenders affordability criteria through their websites. As a start take a look at Nationwides: http://www.nationwide.co.uk/products/mortgages/our-mortgages/tools-and-calculators/how-much-could-you-borrow0
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You can access a lot of lenders affordability criteria through their websites. As a start take a look at Nationwides: http://www.nationwide.co.uk/products/mortgages/our-mortgages/tools-and-calculators/how-much-could-you-borrow
Hi, affordability isn't the issue, we can visit all of those and get similar results, we need to know what we can borrow, taking into account a default on my credit file.
BUT.... as an example, my partner applied for a mortgage on her own last year with Barclays, the online tool said she couls lend £70k, apart from when we went to the bank it was only £35K they were willing to lend, so those are just a ploy to get you to go into the branch, knowing full well that if you commit to a 'hard' credit check and get accepted you're unlikely to go anywhere else as you don't want multiple searches to show.
That figure was what was offered with her having a perfect credit score/file.0 -
The key factor on the case appears to be the default.
What is key is when it was registered, who registered it, and how much it was registered at.
Your lack of answers and service I cannot explain.
[BTW don't go to HSBC with this one]I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Have a look at "enter mortgage company name and intermediaries" and it should take you to the IFA section of the providers site, like Halifax intermediates. You can then check eligibility criteria and what they will and will not accept0
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this wont answer the OP's question ref the default.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The reason we need all these questions answered is that I myself have 11months of a default (fully settled) on my credit file,
Until you make a full application there's no certainty. As it's your record (past 72 months) at the time that matters. Behind the default there's other history. All of which will be taken into account by whoever makes the decision.0 -
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G_M/ Bowlhead99 RIP0
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