New build brokers

cherry_three

Hi all. We are looking at a new home using HTB.
It will be only on my husbands salary as I am giving up my job so we can re-locate.

So...my husband fed all the info to the man and because I had no work or provable income he said we can just put it in husbands name. However we are married, we have a joint account...is this possible?

He also said becuse my husband had a history of PDLs(20 in total..but last one nearly 4 years ago) that he wasn't sure if he would get the mortgage.
He said next step is to run AIP. We would then reserve a property as they are still being built. He would then run full mortgage application through.

Hubby sent his Crefit file. Are my right in thinking that a broker should be able to tell if someone is going to be successful or rejected? Seems like we are now abit worried because what he said about PDLs but cant give us a answer.

For the value of property we want my husband can afford this alone. I suggested to broker that we could still afford this even as me on as a dependant, which he agreed with. I then said to him(because my CR is perfect) that we make it a joint app to help my husbands dodgy CR out.
In other words my clean CR would balance out my husbands and make us(together) look more trustworty even with me with zero income. He relplied with 'i think your husband should go alone'.
Even though he has concerns over his PDLs.
Very very frustrating

ACG

Most lenders would want the application to be joint... There are exceptions however.

It does not work that you are good, he is bad so it balances it out. The application is scored based on a lot of different factors including credit history and income.

Follow the lead of the broker, they do this daily. If you have doubts about them find another?

cherry_three

Okay. AGC I see you are a broker.
Upon reciept of someone's Credit file, would you be saying to a client
1. "I am concernerned over the amount of PDLs, therefore you may get a lender but pay higher interest rate, but I will find you one"?

2. "I am concerned over PDLs, we will run AIP, then if successful put a deposit down then we will run full Application on a wing and a prayer"

All I ever read on here is 'get your CR infront of a broker'. He has done and the feed back is negative.
The broker has never considered me in the application, it seems as if sole applications are normal when we have talked to this guy.

I suppose what it is is the fact we are relocating. The timing has to be right for everything, removals, leaving jobs etc. And on the basis that it might be rejected is very assuring. I apoke to a broker last week that deals in bad credit. She told me that she would find us a lender before taking payment.
Maybe thats why Im getting frustrated as this way seems other way round.

ACG

It would depend on the credit file.
There are reports that I think are borderline high street rates so I might be give it a try somewhere if it would not affect any other options with adverse lenders.

I dont think PDLs are necessarily enough to put you with none high street lenders though.

Thrugelmir

cherry_three wrote: »

For the value of property we want my husband can afford this alone.

Along with supporting you?

cherry_three

Well isnt a depentant knocking 10k of affordability. When I get back I hope to find work as I am a teacher. I kust cant understand some if this. Reading there that you can still get mortgage with defsults as long as its over a few years back n settled but PDLs effectively (according to this broker) is a 'concern'. Its unreal

kingstreet

I don't see any issues with PDL activity more than three years old, subject to LTV and the rest of the case data.

As you haven't mentioned the loan to value, we don't know if there is a large or small pool of potential lenders so if your broker is fishing in a small pool, a cautious approach is a good one - not getting your hopes up

If you are a joint applicant with a £0 income, you will pull down affordability a lot more than simply being treated as a dependent. Try a lender's affordability calculator online and see the impact.

If you are unhappy with the broker's approach, find another.

cherry_three

Brilliant kingstreet. Thankyou!

David_White

By looking at your credit report the broker should have a good idea of which lender they are going to use.

Lenders don't like PDL's for obvious reasons, however if the latest one was 4 years ago that alone shouldn't close too many doors.

The best way to ensure you have a smooth application process is to give your broker all information up front whether it feels relevant or not and whether it's good or bad.

Good luck