New Job and Mortgage

Richard_Pia

Do you know how many lenders your broker uses? You should have been given a provider list at the start of the advice process. It could be there is another lender that could do something, but is not on your broker's panel.

Noobie2011

Richard_Pia wrote: »

Do you know how many lenders your broker uses? You should have been given a provider list at the start of the advice process. It could be there is another lender that could do something, but is not on your broker's panel.

To be honest I am not sure and the only comparison I have is we did speak with L&C and they seemed to be pushing us towards Halifax in an ideal situation and then the likes of Kensington/Precise in our credit situation.

To date I believe our broker has gone through

Halifax
Natwest
Barclay
Skipton
Ipswich
Leeds BS
Kensington

There may be a few others but on searching myself I could not find a list of HTB Lenders that I could start looking at.

I am hoping to speak to them tomorrow about what are our solutions we this Job Offer now in the mix but I think now I will also be asking what are the chances of the more mainstream lenders if we could lower our LTV. Just done a quick finance check and I think the most we could get down to was 72% but unsure if this would make any difference if not going as far as 70%.

Noobie2011

I have now done a bit more research and by no means is it valid at the moment as I am no expert but the below seems to fit the criteria in terms of the probation period and the credit situation according to their lending criteria.

The Vernon one even goes as far as saying "Loan offer can proceed but completion will not until probation is complete" which on our current plan fits as my probation would be due to finish end of June and the house finishes build in September.

I think I will mention these to the Broker and see if he has considered these or maybe they are not on his books. Also some seem not to be specialist lenders so I could go direct.

firstbuyer

Hey - I'm by no means an adviser, and we have a very complicated mortgage situation at the moment BUT...

The whole way through our applications (First Santander, then Halifax, then Nationwide) we were told we may have to go with a specialist lender like Kensington due to partners bad credit score. He recently started a job with better wages (6k more!) this week and we did tell our broker this the whole way through.

Right at the end we found out Kensington, Precise and another lender weren't to accept any offer from us as partner would be in his probation period.

He said if he knew before he wouldn't have changed jobs! We're now doing it solely in my name...

Just make sure your broker is fully aware of the situation as they can speak with the BDM from Kensington / Precise etc and see if they will accept you based on New job / credit etc..

Noobie2011

firstbuyer wrote: »

Hey - I'm by no means an adviser, and we have a very complicated mortgage situation at the moment BUT...

The whole way through our applications (First Santander, then Halifax, then Nationwide) we were told we may have to go with a specialist lender like Kensington due to partners bad credit score. He recently started a job with better wages (6k more!) this week and we did tell our broker this the whole way through.

Right at the end we found out Kensington, Precise and another lender weren't to accept any offer from us as partner would be in his probation period.

He said if he knew before he wouldn't have changed jobs! We're now doing it solely in my name...

Just make sure your broker is fully aware of the situation as they can speak with the BDM from Kensington / Precise etc and see if they will accept you based on New job / credit etc..

Thanks and you sound like you were in the exact position we were. I informed my Broker who advised after speaking to Kensington that they would want at least 1 months payslip and a perm contract (already have) before we could apply. They have also advised they cannot give a definite on the 3 month probation until we apply so unlike before where our broker said it was a no this looks a bit better. However we are worried that we will now wait until End of April for my payslip, apply and then they will decline on the probation thing so in the end will have wasted a lot of time when we knew about the probation upfront.

At the moment we now have our broker waiting to apply to Kensington but also speaking to Aldermore who seem to have a similar criteria to Kensington but may be more relaxed on the New Job thing.

Also like you we are also looking at just applying with my partner but we have been tole the specialist lenders will not accept a single application from a married couple so that would lead us back to the likes of Halifax etc but due to both our credit reports not being brilliant they were declining us but we were unsure why.

Our broker is also looking at applying to Natwest just to see what they would say.

It is kind of catch 22 at the moment as the likes of Halifax etc do not have issues with the new job thing but do have issues with our credit history but then the specialist lenders who do not have an issue with our credit history are not happy with the new job.

Plus the 3rd option of just my partner applying may not be an option as one big thing that seems to going for us is our afford ability as even though we have higher than usual debt, we are both on good wages (plus my new job is 3k more) so afford ability is really good. But if we removed me then that would change and my partners wage with the debt she has may not pass.

I will never make excuses for our past credit history as our own fault but does seem at the moment we are just hitting brick walls no matter which lender we turns to

firstbuyer

We also applied for Natwest as a joint application. We failed at the last hurdle because they request bank statements and partner had some returned direct debits in the past 3 months.

Only from my experience - if your bank statements in the past 3 months are pretty clean and you haven't lied about any debt / all defaults are settled etc etc then Natwest could be a good option for you?? Plus their 5 year fixed rate is really good at the moment.

I've gone ahead and applied with Natwest on my own. Their process is pretty quick we found out about the decision 4/5 days after application so at least it would be a quick yes or no. Plus our credit reports aren't showing any damage from the searches etc at the mo anyway...

If these lenders don't lend (kensington precise & aldermore) there are others - but we were told their interest rates are anything from 5-9% and 5 year fixed!!! So could always be a last choice if you are desperate

I completely understand your frustration though - its like you set your hopes on securing somewhere and then at the last minute the mortgage lets you down. Don't give up! I will ring my broker daily to find out what the updates are and where the case is going - they're there to help to use it

Noobie2011

firstbuyer wrote: »

We also applied for Natwest as a joint application. We failed at the last hurdle because they request bank statements and partner had some returned direct debits in the past 3 months.

Only from my experience - if your bank statements in the past 3 months are pretty clean and you haven't lied about any debt / all defaults are settled etc etc then Natwest could be a good option for you?? Plus their 5 year fixed rate is really good at the moment.

I've gone ahead and applied with Natwest on my own. Their process is pretty quick we found out about the decision 4/5 days after application so at least it would be a quick yes or no. Plus our credit reports aren't showing any damage from the searches etc at the mo anyway...

If these lenders don't lend (kensington precise & aldermore) there are others - but we were told their interest rates are anything from 5-9% and 5 year fixed!!! So could always be a last choice if you are desperate

I completely understand your frustration though - its like you set your hopes on securing somewhere and then at the last minute the mortgage lets you down. Don't give up! I will ring my broker daily to find out what the updates are and where the case is going - they're there to help to use it

Yeah our bank statements are pretty clean to be honest and our broker knows everything as we found out the hard way with Halifax last year when looking at a re-mortgage and they declined us at the last minute due to an AR my partner had with Vanquis bank when we settled her account. We did not even know this was a bad thing so now have listed everything down to missed payments in the last year etc.

Yeah our only issues we are using HTB so it may be these really high rate lenders do not do this scheme and I think our broker has now looked at all lenders and I sat there last week for hours and went through every lender I could fine on HTB looking at their criteria. This was how I found Aldermore as I never heard of them before.

Yeah this new house is perfect and so much more than we were looking for in and the location is so close to work and so much around it that it seems the perfect house.It actually mean financially we are better off in so many ways with my new job and vastly reduced petrol and feels we are so close to bing accepted by a Lender that it painful at the moment ha