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Mortgage Advice Needed!

edited 15 January 2020 at 12:40AM in Mortgages & Endowments
6 replies 570 views
warden90warden90 Forumite
21 posts
Tenth Anniversary 10 Posts
edited 15 January 2020 at 12:40AM in Mortgages & Endowments
Hello,


My girlfriend and I are looking to buy our first house together, both first time buyers. We have an agreement in principle We have an offer in and are just waiting to hear back. The agreement in principle is with Halifax.


My brother and his girlfriend are also looking to buy as well. Have an agreement in principle but my brother messaged me today saying that they've had an issue with the application as the credit check has picked up some negative stuff on his credit report. The only reason they are on there is due to an idiotic family member who took out multiple catalogue accounts and mobile phone contracts in his name. He thought they had all been removed after speaking to the companies.


This family member has done the same to me but I thought they had all been removed after several emails and phone calls with the debt agencies but after using Check My File it turns out they haven't.


I use Credit Karma for my credit report and there is no sign of them on there, which is why I thought I would be ok to go ahead with a mortgage application.


I need a bit of advice of what to do. Do we go ahead with the full application and see what the result is? Does my girlfriend go for the mortgage just in her name and possibly add me to it at a later date? Do I ask my parents to be a guarantor for me and hopefully improve my chances of having the application accepted?


Any advice is very much appreciated.

Replies

  • yksiyksi Forumite
    712 posts
    500 Posts First Anniversary Name Dropper
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    Credit Karma only looks at your TransUnion report - you should start by getting hold of your Experian report (free here if you use the MSE Credit Club) and also your Equifax report. Not every lender reports to every CRA even when it's in their interests to do so.
  • haras_nosirrahharas_nosirrah Forumite
    2.2K posts
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    Halifax only look at the initial 3 years on aip and then widen to 6 on application so it can turn an accept to a decline or a higher deposit requirement. You may be fine or it may come up at application?

    Have you gone direct to bank? Why not contact a broker with your credit file and they can match you to the most appropriate lender? A lot of brokers charge between 250-500 but can hand hold, give you time and guide you through the process.

    If you don't have a broker in mind then why not read the boards and pm a broker from here who you feel gives good advice. Many excellent brokers post here.
    I 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.
  • ACGACG Forumite
    21.1K posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    You need to get your equifax and experian credit reports, or you can sign up for CheckMyFile which gives all 3 reports.
    I 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.
  • warden90warden90 Forumite
    21 posts
    Tenth Anniversary 10 Posts
    Halifax only look at the initial 3 years on aip and then widen to 6 on application so it can turn an accept to a decline or a higher deposit requirement. You may be fine or it may come up at application?

    Have you gone direct to bank? Why not contact a broker with your credit file and they can match you to the most appropriate lender? A lot of brokers charge between 250-500 but can hand hold, give you time and guide you through the process.

    If you don't have a broker in mind then why not read the boards and pm a broker from here who you feel gives good advice. Many excellent brokers post here.


    Could you point me in the direction of the brokers that post on here?
  • haras_nosirrahharas_nosirrah Forumite
    2.2K posts
    ✭✭✭✭
    If you search the board you will see that brokers have a disclaimer underneath which says 'I am a mortgage advisor'

    Read the mortgage board and if there is one who you feel you would like to talk to send them a private message asking them if they can assist.

    We brokers are not allowed to approach people on the site but most of us have no issues assisting if people pm us asking us for help.
    I 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.
  • MovingForwardsMovingForwards Forumite
    8.9K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
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    warden90 wrote: »
    Could you point me in the direction of the brokers that post on here?

    Two of them have posted in this thread.

    Many members find their mortgage broker by reading how the broker interacted in numerous threads, over a few years, get a feel for whether their style is what we are after, then drop them a message to see how they come across on a one2one basis, if that initial contact puts us at ease, we speak with them on the phone, or complete a fact find then speak with them on the phone.

    Alternatively, ask friends and family who have used a broker within the last year or so if they recommend who they used.
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