Mortgage Offer pulled at last minute

herbiesjp

Moving from one non-conforming lender to another may cause problems for some lenders.

Early morning blur stopped my brain cells a little this morning - the actual £700k loan amount will also be over the lending limit for a lot of lenders.

I think you definitely need to discuss this in detail with a whole of market adviser, especially the adverse history, as that will affect greatly which deals, which lenders and consequently what mortgage amounts you will be able to look at

sarkin

Are there any missed payments on the mortgage, with the credit crunch at the momment a lot of lenders will not go over 75%. Is this self cert or can you prove income?

Joe66

sarkin wrote: »

Are there any missed payments on the mortgage, with the credit crunch at the momment a lot of lenders will not go over 75%. Is this self cert or can you prove income?

Only missed as payed following month along with the current month etc maybe a couple of times. But completely up to date.

Own my own business but have PAYE slips and dividends etc. All above board and paperwork to prove. So not really sure whether that's self cert of not?

herbiesjp

No need to self cert then if you have proof of income

homer_j_3

no not self cert, you will have to probably provide details of the last 3 years accounts and evidence of earnings etc.

You will need to be more specific with your credit history and missed payments. When you say you have missed mortgage payments, which months payments have you been late with in the last 12 months?

You would be better getting your experian report from https://www.experian.co.uk and taking that to a fee free whole of market mortgage adviser or with the loan size you require, it may be better to go down the independent route and take the commission rebate as the mortgage commission on your loan would be somewhere around the 3.5k mark if it can be done - if you find someone that will do it for say £500-1k then you can take the 2.5k or whatever it may be and put that back in your pocket or back towards reducing the mortgage.

It may also be the fact that you are above 500k mortgage that the loan to value % will reduce.

Joe66

I have got the report and provided the broker with a copy which subsequently was passed to the potential lender, so there are no hidden agendas or anything about me or my past taht is not known. I am more than happy to go through a broker as it suit's me due to time it would take for me to search all the deals etc. If I have to pay and I get the service and results then I am happy to do that. I do not mind paying for a service if it provide's what's required and impartial. I simply do not know how to go about finding a broker who is whole of market and will offer the right advise even for a fee, or being paid by the lender.

homer_j_3

you will not get any brokers contacting or suggesting contact on here because its against forum rules.

If you are approached from any broker via private message, I would avoid like the plague as all the decent brokers who are genuinely on here to help will not do this.

How to find a decent broker - well firstly, I would ask friends/family if they can make any recommendations. You can used unbiased.co.uk to look for one or you if you feel one of the brokers on here (and no thats not me touting - just explaining that we cannot contact them but nothing wrong with them contacting any of the brokers on here) is able to help, you can choose to contact them BUT whichever route you take, do your homework on them and ensure that you feel comfortable with them as your broker.

You also have to realise that at the moment, it may be difficult to place your case with the size of loan, ltv and credit issues you have had. I understand your eagerness to sort your finances out but just want to ensure that you fully understand the issues that may arise.

herbiesjp

Joe66 wrote: »

I have got the report and provided the broker with a copy which subsequently was passed to the potential lender, so there are no hidden agendas or anything about me or my past taht is not known.

What reason did they give for not wanting to proced with your application?

Joe66

The reasons, (according to the broker), were that as there were payments that had not been made in the contractual month they were supposed to be made, this meant that I had only achieved 97-98% payments during a contractual period. He had never heard of it before and I certainly was not expecting this as complete payment history had be disclosed at the very early stages and presented to the underwriter before proceeding. Also he said that he thought the lender would be too nervous with such a large sum with one person! All sound's like I've been led up the garden path a bit.

Part of the same and final conversation with the broker was that he told me he had been informed that the lender would not lend the full amount. So slightly different story than when he had first said it would not proceed. I asked what LTV they would be prepared to lend at and after a hesitant pause he told me 65%.

I actuall do not know who to believe.

Was thinking of contacting the lender direct on Monday to see if the reasons I have been given stack up. What you think?

I could live with LTV 75% at worst, but anything up to 85% is ideal

herbiesjp

The problem is, some lenders will not disclose that information directly to the applicant. - Definitely worth a phone call though.

If you have that kind of leeway in the LTV, then that might open up a few more options for you.

It does not sound like your broker is giving you a good service at the moment - he should be giving you confidence in what he is saying and coming back with definite options for the Derbyshire, this is not happening.

He should at least be coming back with other options, however it does not sound like you have too much confidence in what he is telling you any more.

You should get a second opinion, as you should be getting a rate lower than 10%

What actual deal did Derby offer you? What rate was it?