Earl Shilton Building Society

Sophyanne

Hi,

Has anyone used Earl Shilton building society? I’m a first time buyer & after being refused by Barclays I have gone to a mortgage broker who have gotten me an agreement in principle illustration with this lender.

What I’m worried about is I have 2 credit cards totalling 2600 & monthly nursery fees of £864 all with an annual income of around £29000. What is the likelihood of me passing affordability checks with a mortgage interest rate of 5.24%? I have. The lenders have also requested a 15% deposit which I have.

I have an offer accepted on a house and really don’t want to pay the £500 non refundable upfront fees to then be declined.

Thanks.

Thrugelmir

Your mortgage broker is the one to be asking these questions.

Sophyanne

My mortgage broker has one answer and that is, I have spoken to the underwriter and he has said you should be fine? With no more explanation.. to a person who has never even thought about applying for a mortgage before now is quite baffling, if you could shed some light on what that means that would be great?

ACG

I have used them before...once.
They were actually alright despite having never heard of them before.

How have you gone from Barclays to Earl Shilton? That is like going from using a pebble to crack a nut to Thors hammer. Why were you declined with Barclays? What ruled out every other lender in between?

ACG

It means he has spoken to the underwriter and until the underwriter looks over the application and documents, they have checked everything they can.

Where is the £500 going? If the broker is charging a fee, ask them to delay their fee until offer?

Sophyanne

Basically I went with Barclays myself not through a broker, Barclays declined due to credit score. Earl Shilton are apparently a non scoring lender which is my only option according to the broker? The fees are £195 on mortgage application to the broker then the rest is valuation fees, a booking fee and admin fee to the lender. All of these are required on application. All other fees are due on formal offer.

ACG

Tough one, but there are lenders who do not credit score who charge less than 3% with a 15% deposit. However, they do also have arrangement fees of £1k (which can typically be added to the mortgage).

You need to look at the overall deal but 5% is quite a high rate, although the fees seem lower.

amnblog

Your Broker is helping you to obtain a result. Allow them to do so.

Riccij225

Hey ACG what were your experiences with Earl Shilton like? What sort of deal were you on with them? If you don’t mind me asking

ACG

They were alright.
I wasnt on a deal with them, they did a mortgage for one of my customers.

Riccij225

Ah ok thankyou for your reply!