Mortgage broker - ask me anything

NHB2020

haras_n0sirrah said:

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. 

The debts on my credit report are all settled and satisfied - I'm expecting that the defaults will be dropping off soon as they are old. I'm currently debt free, and don't owe anything. My partners current mortgage is with Nationwide already. 
I did advise them at the DIP stage about the DMP and old defaults but they weren't bothered and were accepted (after being referred as I am a FTB). 

mowgliisaG

Hi Brokers,

I hear metro are now asking for 6 month business bank statements from self employed...is this the start of a new trend that will catch on with all lenders??? I lenders change there criteria after an application is already submitted can they ask for this??

thanks

 

robrymond

Who is still doing 5x lending at the moment apart from Virgin Money?

haras_n0sirrah

robrymond said:

Who is still doing 5x lending at the moment apart from Virgin Money?

You have to be earning a lot to get 5x now as a lot of lenders have dropped.
I have access to a universal calculator which gives the max accross all lenders which can be handy for seeing who will lend the most.

haras_n0sirrah

mowgliisaG said:

Hi Brokers,

I hear metro are now asking for 6 month business bank statements from self employed...is this the start of a new trend that will catch on with all lenders??? I lenders change there criteria after an application is already submitted can they ask for this??

thanks

 

I haven't had any self employed with metro so I dont know if this is standard or an extra request on your case but all the self employed ones I have done have been 3 months latest 

mowgliisaG

haras_n0sirrah said:

mowgliisaG said:

Hi Brokers,

I hear metro are now asking for 6 month business bank statements from self employed...is this the start of a new trend that will catch on with all lenders??? I lenders change there criteria after an application is already submitted can they ask for this??

thanks

 

I haven't had any self employed with metro so I dont know if this is standard or an extra request on your case but all the self employed ones I have done have been 3 months latest 

Extra request as of yesterday. I’m going with santander but just wondered when one bank starts they all do.

hema123456789

How long do natwest usually come back after an valuation with an offer if the valuation matches the purchase price?

Really hoping for a early December completion but that seems more unlikely by the day! 

firsttimebuyerhelpmepleaae

Hello I am a first time buyer and looking for some mortgage advice please.

I have reserved a shared ownership new build (Sole) and have used a Mortgage broker to find me a mortgage, fee paid. The broker has found me a Kent reliance mortgage and got me a DIP last week. It has now been sent for submission to the lender, I have also paid their fee and I am waiting to hear. I got a notification Via equifax saying they had carried out a hard search yesterday and this came up 3 times- should I be worried?
 I have cc debt around 8k but I have been paying this off via a pay down plan, all declared. This makes my credit score lower- with each agency it is different- equifax is showing as stable at 375 and Experian excellent as 971. I have been working on increasing this as much as poss before the application but I moved at the start of the year which decreased it. I am on the electoral roll at my current address now. No missed payments in last 28 months but some in past but no other adverse credit as far as I am aware. I was in my overdraft in August but now cleared and not been in it since. I am employed by the nhs and have recently come off mat leave so have started a new job last month within the nhs so don’t yet have a payslip but provided my confirmation letter of employment, which the MA advises would be okay for now. I do now have a payslip as got paid yesterday so can provide one should they need. 

Could anyone advise on experience with Kent reliance, wait times and whether or not they think I have a good success rate?
thank you 😀

gede21

haras_n0sirrah said:

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 

Unfortunately the latest registration date for one is October 2019 so it looks like it will be a 12ish month wait after all.

I am  planning to look and see if I can get a mortgage entirely on my own just to explore our options. I do have a semi decent salary and can provide a deposit that is not provided by the husband in any way. Do I understand correctly that only certain lenders would allow me as I am linked to someone with bad credit so would still need to use the specialised route? Thanks

bell2020

Hi Sarah -

Our lender has requested reasons for association with a linked address on our credit file. I've checked our reports and there is an address on my husbands that we have never lived at. It says "linked to *a previous address*" which is correct but the associated address is not one of ours. Its the same road and postcode as our last address but different house name. I have no idea how to resolve it or explain it. Is this likely to cause a problem do you think?? The only thing I can think of is that someone selected the wrong house name at some point when selecting our address 🤷‍♀️ 

Thank you