Mortgage broker - ask me anything

haras_n0sirrah

dejl123 said:

Thank you for your help, it’s much appreciated. Last question, will it be a problem if I have to reapply with Santander in regards to my credit rating, with 3 hard checks being done in 3 weeks? (Santander, Platform and Santander again). 

I dont know I am afraid

Tortoiseshell20

Thanks - one more question, if that's ok. Since getting our current mortgage, both my husband and I have completely changed jobs, and he is also now self-employed. When we apply to port this will come out in the checks  - could the bank recall it or do something else (other than not approve the port) to make things difficult? We have had no problems paying our mortgage and overpay slightly every month.

haras_n0sirrah

Tortoiseshell20 said:

Thanks - one more question, if that's ok. Since getting our current mortgage, both my husband and I have completely changed jobs, and he is also now self-employed. When we apply to port this will come out in the checks  - could the bank recall it or do something else (other than not approve the port) to make things difficult? We have had no problems paying our mortgage and overpay slightly every month.

To port you will need to pass affordability and criteria. They cannot call in the loan but they can stop you moving it to another property. You will need 2 years books for self employed 

misscaraxo

haras_n0sirrah said:

misscaraxo said:

Me and my partner have just put in our mortgage application to Barclays, help 2 buy so mortgage is 75% LTV. Both our credit scores are good but my concern is that on my credit report I have 3 late payments in the last 2 years on 1 store card. (All paid and only show as 1month) Do you think we’re likely to be declined? 

If you have had an accepted aip you should be ok. If it goes wrong and you need help let me know

Thank you very much. We do have an AIP. I was concerned because I looked at their lending criteria and it says ‘ Any adverse credit identified, as detailed below, must be declined

• Arrears of 2 or more months on any one account in the last 6 months
• Arrears of 3 or more secured or unsecured in the last 2 years.’

I don’t know if that means 3 separate accounts or 1 account 3 times or 3 months arrears? 

mowgliisaG

Hi another quick question - banks wanting to see 3 months statements for business - what kind of turnover revenue are they looking for? Mine is back to about 85% pre Covid. But that is not due to Covid but a loss of a contract way before Covid. Are they just looking to see a good income now?

MFrancis1987

Hi, there seems to be no information available on whether lenders who currently accept applicants on furlough, will continue to accept these applicants if they are moved on to the new job support scheme. Would you expect lenders to provide an update on this soon?
Our mortgage application is being held up because the underwriter is waiting for Natwest to confirm if they can use my partner's income (who is currently supported by furlough and moving on to the JSS) in the affordability checks. We only need a very small percentage of my partner's salary to be included in order to pass the affordability checks, and we have provided a letter from her employer to show that her job security is not at risk. However, it has been over a week since our application was put on hold and is making us slightly nervous. Would be great to get your thoughts on this, thanks.

improving47

haras_n0sirrah said:

improving47 said:

Hi, 
We have just been declined a mortgage with platform, they will not give us the reason, other than third party reason but nothing else. 

We’re both on a decent income and our mortgage broker was so confident we would get an offer so we are in shock. 

What would you recommend my next steps are before considering another application? 

Thank you in advance 

The broker needs to call the BDM and see if they can get any more information as to what 'third party reason' means - is it something like a cifas?

Thank you, they have called them and been told they cannot discuss it at all as it's a third party reason. We tried calling ourselves and we were told the same thing. 
We checked all our credit reports and there is no cifas mentions on there. 
Could it be anything else?
After going through our credit files there are 2 issues I'm seeing: 
1. They did a hard search on both of us on early September when they did a DIP - they then did a hard search on my partner but not on me on 15th October, then we got declined the mortgage on the 22nd October - I am confused why did the search on him alone and not me?  
2. I have a incorrect default on Equifax which has already been removed from Experian but not sorted on Equifax yet, submitted NOC last week just waiting for update 
But the hard search is on Experian and nothing on Equifax so don't think 2 is a issue?

Nile_E_Coyote

Do you know if lenders take pension contributions as committed spending? 

And is there any who don't, to your knowledge?

haras_n0sirrah

Nile_E_Coyote said:

Do you know if lenders take pension contributions as committed spending? 

And is there any who don't, to your knowledge?

There are lenders who do not factor pension payments into affordability

haras_n0sirrah

improving47 said:

haras_n0sirrah said:

improving47 said:

Hi, 
We have just been declined a mortgage with platform, they will not give us the reason, other than third party reason but nothing else. 

We’re both on a decent income and our mortgage broker was so confident we would get an offer so we are in shock. 

What would you recommend my next steps are before considering another application? 

Thank you in advance 

The broker needs to call the BDM and see if they can get any more information as to what 'third party reason' means - is it something like a cifas?

Thank you, they have called them and been told they cannot discuss it at all as it's a third party reason. We tried calling ourselves and we were told the same thing. 
We checked all our credit reports and there is no cifas mentions on there. 
Could it be anything else?
After going through our credit files there are 2 issues I'm seeing: 
1. They did a hard search on both of us on early September when they did a DIP - they then did a hard search on my partner but not on me on 15th October, then we got declined the mortgage on the 22nd October - I am confused why did the search on him alone and not me?  
2. I have a incorrect default on Equifax which has already been removed from Experian but not sorted on Equifax yet, submitted NOC last week just waiting for update 
But the hard search is on Experian and nothing on Equifax so don't think 2 is a issue?

3rd party could either be something like cifas or national hunter or it could be a financial link to someone (an ex?) Who has something they really dont like. Anyone linked to them by credit report gone bankrupt?