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Mortgages/decision in principle
Comments
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Yeah we have managed to just scrape together the deposit and extra for everything else. I also work but as said before due to my credit history they'd be no point in joining him on application. I pay for bills like council tax/water/electric/gas but it's whether they'd take this into consideration. 🙄0
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Yeah we have managed to just scrape together the deposit and extra for everything else. I also work but as said before due to my credit history they'd be no point in joining him on application. I pay for bills like council tax/water/electric/gas but it's whether they'd take this into consideration. 🙄
Have you had a chat with a broker about your credit? I have a number of defaults and some other issues on my file but we are just finalising an application with a lender with quite reasonable rates. We do have a high LTV which helps but it might be worth having a chat with someone who can advise if it really is a no go. I thought the same until I spoke with mine and we've actually had 2 DIPs from different lenders. Good luck!0 -
Just HSBC bank which is who he banks with
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Thank you. We previously went with a mortgage advisor who accessed our credit reports. She did say that it would be worth taking a look to see, but I can imagine it would go through then obviously underwriters would have something to say and it'd just be declined. She looked at him doing some application with Halifax, as that came up willing to lend up to 96,000 but he thought to just go with his bank as he's been with them that long. Thing is, just wondering if the Halifax would want a higher deposit, as I know that some requested more than the 5%... He's off to more banks tomorrow to see what we can do, don't want to look too much into it online just incase it leaves a footprint:
We have council rented for 17 years, and rent is about 440 a month and only goes higher every year!! It's bloody crap!!0 -
Just HSBC bank which is who he banks with
HSBC changed their income formula at the start of the month so that will probably be why the loan amount dropped. They didn't publicise it very well at all.
HSBC are one the harshest around for previous credit issues so if you are going to them to try put you on the mortgage it probably isnt going to work
There are lots of lenders who do 5% deposits with previous credit problems. And deposit your thoughts, very few of them get rejected by underwriters if they have been submitted properly.
Not sounding harsh but you are really wasting his time by blindly walking around banks asking them for money. Most of the lenders who do good 5% stuff dont even have branches, or at very least probably wont be on your high street.
Instead of going to 10 banks tomorrow, make an appointment with 1 broker and get them to look at 50+ lenders for you0 -
Absolutely. Walking from bank to bank is madness. You are unlikely to get an appointment with them on a Saturday on the spot and also each one will take a few hours if you did manage to see someone.
Contact a whole of market broker who can check all banks (not credit scoring with all but looking at your credit report and matching you to a suitable mortgage) and get it done in a dayI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Aww thank you for this!! The advisor I seen a few months back has not contacted me today. However we have been given the details of a Broker by a friend who is supposed to be very good. I don't think there's no point in looking at any more banks, will do as you have advised and see what this broker has to say. Yep very poor show by HSBC😬😬never mind, I will update on how we get on! Didn't think it would be this much effort just trying to get one for around 85,000!! Silly me and my credit stupidity years ago, but who knows I will see what will happen. Don't know whether to laugh or cry when you see people getting a mortgage for like 200,00 and there's him scraping to get what we want hahahaha , gotta laugh or go mad 😂😂0
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Aww thank you for this!! The advisor I seen a few months back has not contacted me today. However we have been given the details of a Broker by a friend who is supposed to be very good. I don't think there's no point in looking at any more banks, will do as you have advised and see what this broker has to say. Yep very poor show by HSBC😬😬never mind, I will update on how we get on! Didn't think it would be this much effort just trying to get one for around 85,000!! Silly me and my credit stupidity years ago, but who knows I will see what will happen. Don't know whether to laugh or cry when you see people getting a mortgage for like 200,00 and there's him scraping to get what we want hahahaha , gotta laugh or go mad 😂😂
Good luck with the broker. I will just add that your embarrassment and regrets with your credit history may not translate over to a rejection from a lender so dont discount it as an option. They have a house secured against the debt so can be a bit more flexible with past indiscretions. Just make sure your bank statements are well managed and keep things like gambling to a minimum0 -
How much is your wife earning?0
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Hi thanks for reply, my partner is the one going in for the application .He earns 22,000 a year. I work full time at an FE setting and I do a few other hours part time in another role. Total I earned last year is 13,000 with both of my jobs combined 😂 in my full time job my contact is half casual and half permanent if that makes sense. I recall the mortgage advisor saying that could be an issue as they like to see permanent full time contracts,however 25 hours I am getting permanent from next month with the remaining 5 being casual. The other role I do is totals to about 12 hours per month but that's permanent. I hope I'm not confusing you all here. I probably have debts on credit file at around 2000. Not huge I know, but plenty of late payments on these. I'm considering going into a debt plan somewhow, but then again, that could be even more negative? Thanks for all the replies by the way, everyone has been very good etc x0
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