a good news story

petermortgages

Hi everyone,
before i start i would just like to thank this board and all the people on it - without this forum i would have been lost.

my girlfriend and i were planning on buying a house Jan 19 (after she finished maternity leave for our second child) however a dream house became available on a new build site local to us that we just could let go.

personally i had a few concerns -

1 - i gamble as a past time and i was concerned about betting transactions on my bank statements (with the original plan of a house in Jan 19 i was going to cleanse my accounts three months prior) i obviously couldnt do this. I make a profit gambling but i know how gambling is frowned upon by banks/lenders. i think my saving grace if there was one was that the world cup happened during the past three months.

2- i had a default on my credit file and 4 missed payments within the last 6 years - the default expires Jan 19

3- i have 10K credit card debt - a mix of being stupid and life issues are the reason for this debt.

4 - together we earn 36K a year after tax and deductions - with my girlfriend only recently getting a job (Nov 17) and now on maternity leave.

we kind of went into everything blind - my girlfriend a lot more optimistic than i was, but we decided to go with it.

on 3rd August we had an interview with our mortgage broker - after being on this forum i literally told him everything - about all betting, all debts, etc etc etcand gave him as many documents as we could. we then had a baby on 7th August so that week was pretty much written off in regards to the application from our side. the following monday (13/8) i rang them for an update, they turned around and said the lender needs more documents. When we had the broker interview we had a letter from my GF employer stating return to work, salary and hours - but the bank wanted a letter from my GF stating the same and for her to sign it - i was sure why but we rolled with it.

that week went by, we rang the broker on Thursday for an update because we had to choose and pay for extras over the weekend - they couldnt give an update other than theyve chased for one. The weekend passed and we paid for our extras on the house.

last night we received an email from the lender stating we have been accepted and theyve made us a mortgage offer.

in the space of a week or two i have seen my second child born and had a mortgage offer. these are two of the greatest feelings ever.

anyway i hope i've helped people who were worried sick about the application and gaining a mortgage.

one thing i've learnt is different lenders use different criteria - my credit score was shocking on one credit agency but okay on another - it really is a mine field.

The mortgage broker interview lasted almost 4 hours at the time i thought is this really necessary, but we gave reasons for everything where he took notes on things.

thankfully we are through it all, and if i can get a mortgage (with my GF) then there sure is hope for everyone else.

have a good day!!

ACG

petermortgages wrote: »

The mortgage broker interview lasted almost 4 hours at the time i thought is this really necessary, but we gave reasons for everything where he took notes on things.

4 hours!!!! What did you talk about?

I do a lot of adverse and 9 times out of 10 I get through the factfind (including adverse) in an hour. Occasionally if I have a nervous first time buyer it can be 90 minutes.

Was it an actual Mortgage advisor or a someone who works for the bank? If the latter, that makes a little more sense but if an independent/whole of market broker, I am surprised.

I suppose you would have sat there all day with him/her if it resulted in a Mrotgage offer, so all is well that ends well Congratulations.

petermortgages

it was with a mortgage advisor not connected to a bank/building society. we just went through everything and because i was so nervous about circumstances etc i wanted to make sure on every aspect.

in the end we have ended up with a high street bank, fixed for 5 years at 2.19%

when i was browsing the internet prior to finding this forum the interest rates i thought i would get would have been 4.5% plus

so happy with the outcome

ACG

Rates of 4.5% are more for people with recent adverse.
I would have said worse case scenario rates of around 2.5% on a 2 year fix with an "adverse" lender, but high street would always have been the starting point as the major bits on the face of it are quite historic so no need to worry about those sorts of rates.

NYClaire

I hope you don't mind but can I ask how how much you could borrow and your LTV? We are looking to move house and have a few small issues also! Thanks!

ACG

NYClaire wrote: »

I hope you don't mind but can I ask how how much you could borrow and your LTV? We are looking to move house and have a few small issues also! Thanks!

Why not make your own thread and post the issues?

We can give you an idea of what percentage deposit will be needed and rates.