Mortgage broker - ask me anything

misscaraxo

misscaraxo said:

show previous quotes

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? 

It means if you have 3 instances of arrears (either 1x3 or 3x1) in the last 2 years they will decline.

hi just following on from this. I have realised the criteria I was looking at was for arrears/ missed payments. As I settled the payments within a month the only show up as a ‘1’ on my credit score. I’m presuming this doesn’t constitute as arrears? From what I have read it is arrears when it shows up as 2? And therefore should be ok? 

johndoe67812

haras_n0sirrah said:

johndoe67812 said:

Hi All

I'm doing some research into getting a mortgage as a first time buyer. Just want to get some thoughts on whether I could potentially get a 210-215K mortgage ~90% LTV. Here's my background:

1. In permanent employment with income of 43K
2. have two dependents (2 and 4 year old)
3. Will have deposit of around 25-28K
4. Am debt free

It seems that there is a rule of thumb of not more than 4.5x salary, if this applies could only get around 190K. Does this mean there will be no way for this to be stretched by another 20-25K?

Thanks

at 90% you are looking at 4.49x. If you can get a 15% deposit you can get a bit more

Thanks. At what point will a deposit need to be available, at DIP, full application or when exchanging contracts?

penino

haras_n0sirrah said:

penino said:

What are Natwest like with regards to use of PDL’s? Last use was just over 2 years ago so hoping all will be fine now?

Natwest at the moment are being quite picky - do you need to use them?

It was who our broker picked for us?

Rach7379

haras_n0sirrah said:

Rach7379 said:

Not sure if this  has already been covered, but we are currently selling a property and are being told that the buyers are waiting on the underwriters and being told it is delayed to 12 - 16 weeks due to covid 19 is this true do you think or do you think we are being given the run around?

12-16 weeks is a long time. Do you know which lender?

Unfortunately I do not know who their lenders is, all I know is that they are going through their huge backlog and they should have an answer soon. Just do not feel like we are being told everything 

haras_n0sirrah

johndoe67812 said:

haras_n0sirrah said:

johndoe67812 said:

Hi All

I'm doing some research into getting a mortgage as a first time buyer. Just want to get some thoughts on whether I could potentially get a 210-215K mortgage ~90% LTV. Here's my background:

1. In permanent employment with income of 43K
2. have two dependents (2 and 4 year old)
3. Will have deposit of around 25-28K
4. Am debt free

It seems that there is a rule of thumb of not more than 4.5x salary, if this applies could only get around 190K. Does this mean there will be no way for this to be stretched by another 20-25K?

Thanks

at 90% you are looking at 4.49x. If you can get a 15% deposit you can get a bit more

Thanks. At what point will a deposit need to be available, at DIP, full application or when exchanging contracts?

Full application. At dip you would just need to know how much you will have 

haras_n0sirrah

penino said:

haras_n0sirrah said:

penino said:

What are Natwest like with regards to use of PDL’s? Last use was just over 2 years ago so hoping all will be fine now?

Natwest at the moment are being quite picky - do you need to use them?

It was who our broker picked for us?

If you have passed the aip you should be ok 

gede21

I wondered if someone could help advise with a question related to defaults. My husband and I are hoping to apply for a mortgage. We recently checked over his credit file and he had some unsettled defaults he was unaware were still outstanding, mostly for loans and credit cards - all have been paid off now the moment we realised. I know obviously we would need to get a mortgage tailored for bad credit ( I have excellent credit but know that doesn’t matter in this scenario) my question is where they have just been paid off is there still hope of applying for a mortgage now or would there still be a advised wait period where we wouldn’t be able to get approved.  For example wait 6 or 12 months to have any chance? We have a decent deposit and quite good annual salary collectively with the only debt we have being a £4K car loan in my name.

haras_n0sirrah

pinklady3333 said:

have mortgage applications calmed down a bit recently or is it still mega busy? Less houses seem to be coming on the market near me so wondered if it was having an effect. 

Thanks 

It is still busy. I am expecting it to calm down beginning of next year when the people who want to be in before stamp duty holiday fall away 

haras_n0sirrah

NHB2020 said:

Hello, hoping someone can help (possibly put my mind at ease anyway!) 
Situation - I am buying a house with my partner, he's selling his house and we're going to buy together (I am a FTB) but he's going to port his mortgage. We've had a DIP approved with Nationwide (15% deposit) and we've had an offer accepted on a house that is a lot less than our DIP. 
I previously had an adverse credit history (due to my young stupidity!), I was in a DMP which finished 2 years ago, I am now debt free and earn 35k (partner earns slightly more). My credit history does show old payday loans which are satisfied, some have been removed following affordability complaints. I do also have old defaults - some due to drop off soon. My Experian and Clearscore scores are both in the Fair/Good bracket. However, I am really stressing myself out about our appointment for the mortgage and whether my past will have a detrimental effect to us getting a mortgage together. 
Any advice? 

Is the debt on your credit report or is that now clear. Nationwide are pretty awful at the moment. 

haras_n0sirrah

gede21 said:

I wondered if someone could help advise with a question related to defaults. My husband and I are hoping to apply for a mortgage. We recently checked over his credit file and he had some unsettled defaults he was unaware were still outstanding, mostly for loans and credit cards - all have been paid off now the moment we realised. I know obviously we would need to get a mortgage tailored for bad credit ( I have excellent credit but know that doesn’t matter in this scenario) my question is where they have just been paid off is there still hope of applying for a mortgage now or would there still be a advised wait period where we wouldn’t be able to get approved.  For example wait 6 or 12 months to have any chance? We have a decent deposit and quite good annual salary collectively with the only debt we have being a £4K car loan in my name.

As long as they are over 2 years since registered and satisfied prior to application then there will be options