First time buyer applying for mortgages.

DCFC79

td23 wrote: »

My broker did not inform me that he had done a credit search on me, nor did I submit him a copy of my credit check. I had previously checked my credit rating before speaking to them and all was good with it.

Your credit rating/ score ( from Experian etc) isn't seen by lenders or anyone, it's your credit history the raw data they see/care about.

td23

Can I just ask too.. If my broker has actually spoken to the yes no man (underwriter???) at Santander and he has said that a 10% deposit secures the mortgage, can anything else scupper my application while its processed? Or is that it? And formalities from there on?

td23

And will my broker, having had this experience with Santander and speaking to the underwriter, now be able to be pretty much certain with his next selection at 95% ltv? Ie, should a broker know the ins and outs of each individual lender?

Senior_Paper_Monitor

"If your broker has actually spoken to" - ask your broker

As to the rest of it - I have absolutely no idea what stage you are actually at, so really can't answer.



.... in answer to your second question he should know most of the "ins and outs of each individual lender" - yes in general, and where there is any doubt (which is by no means unlikely as 'knowing' all criteria/interpretation for all lenders is humanly impossible) he should be putting the details through a higher level at the lender before making further applications.

AND he should know you inside out (and a quick look at your posts on here suggests your case is not simple) before even contemplating a further application.



G night on what is presumably my last post on here as I'm off to my old career as a management consultant next week after 8 years in one of the most effed up industries I have ever witnessed.

td23

Well I really appreciate your input, so thanks. A lot. And I mean that. Best of luck in your career change.

amnblog

95% loan to value mortgages are never a 'shoo-in' and credit scoring is tight.

If Santander will offer you 90% you have at least one option.

Another score for 95% with an alternate lender may be best attempted with one that does not place a hard score record on your little. This gives you nothing to lose.

I don't know your case and it may be that 95% is not going to happen, so get used to the idea of putting 10% down.

td23

Thanks for replying to me. This was part of my next question..

If I were to go into my bank with all the info I have given my current broker, plus a copy of my credit report, would I be able to get a literal yes or no? Without them checking my credit officially.?

My broker should know these lenders who do not place a hard score record?

Also another question regarding the LTV. Our offer, which has been accepted is actually 90% of the top end of guide price on house. Taking my 5% deposit into account I'm actually trying to borrow 85% of the value of house. Top end market value. Even at middle of the guide price, with my deposit again, takes us to 89.5% LTV. Would this have an effect on they're decision? If they were to see this when valuation takes place?

Thanks again for your responses, you've all been great.

Rob_Robertson

Go to 89.9%.

beecher2

No, the LTV would still be 95% and it won't have any impact ont their decision

td23

Can I just ask why this is.. What about people who get absolute bargains for many possible reasons, like buying from a relative/friend, being very lucky in an auction etc..

If my parents sold me their house for 50% of its value, say on a £100k house and I was wanting to pay £2500 deposit (5% of 50k), surely they would be more inclined to approve, having the security of the extra 50% market value...