Mortgage broker - ask me anything

finishfirst

Hi,
Is there such thing as a sole borrower, joint proprietor Mortgage and if so who? 

My other half has a significant deposit but a poor credit history. I have a perfect credit history but we keep getting declined at dip stage even with a large deposit and using adverse credit mortgages. It would be a 60ltv mortgage. 

Thanks

haras_n0sirrah

hema123456789 said:

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! 

I would expect to hear within 6 working days as long as the rest of the underwriting is complete

haras_n0sirrah

firsttimebuyerhelpmepleaae said:

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 😀

As a shared ownership specialist I use Kent a lot - they are a pretty good lender. I would hope the broker has checked the income will be acceptable upfront. I did have one recently where they accepted a new job but they went straight from one job to another with no break. If you have had mat leave as a broker I would want to check that before submitting the application

haras_n0sirrah

gede21 said:

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

Some lenders will decline if financially linked to other people who have adverse. Other lenders are fine with it (high street ones) - you need to speak to a broker who knows where to go. You can contact brokers via pm who post here if you don't have your own. We are not allowed to contact you first

haras_n0sirrah

bell2020 said:

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 

I can see it is Vida - the linked address comes up quite a lot with them. Just explain that you have never lived at that address but did live at x address in the same road.

haras_n0sirrah

finishfirst said:

Hi,
Is there such thing as a sole borrower, joint proprietor Mortgage and if so who? 

My other half has a significant deposit but a poor credit history. I have a perfect credit history but we keep getting declined at dip stage even with a large deposit and using adverse credit mortgages. It would be a 60ltv mortgage. 

Thanks

Yes there are options for joint mortgage sole proprietor. You need to speak to a broker.

finishfirst

haras_n0sirrah said:

finishfirst said:

Hi,
Is there such thing as a sole borrower, joint proprietor Mortgage and if so who? 

My other half has a significant deposit but a poor credit history. I have a perfect credit history but we keep getting declined at dip stage even with a large deposit and using adverse credit mortgages. It would be a 60ltv mortgage. 

Thanks

Yes there are options for joint mortgage sole proprietor. You need to speak to a broker.

Hi, thanks for your response. 

But I’m after it to be the other way around. Sole mortgage, joint proprietor. Is this still possible? 

haras_n0sirrah

finishfirst said:

haras_n0sirrah said:

finishfirst said:

Hi,
Is there such thing as a sole borrower, joint proprietor Mortgage and if so who? 

My other half has a significant deposit but a poor credit history. I have a perfect credit history but we keep getting declined at dip stage even with a large deposit and using adverse credit mortgages. It would be a 60ltv mortgage. 

Thanks

Yes there are options for joint mortgage sole proprietor. You need to speak to a broker.

Hi, thanks for your response. 

But I’m after it to be the other way around. Sole mortgage, joint proprietor. Is this still possible? 

I don't think so - lenders want the security of having two people to chase. If your partner was not on the mortgage but owned the house they could refuse to move out if the property was repossessed (as the mortgage is nothing to do with them)
You can have a single application but you wouldn't be able to use their income
What is the adverse?

greensalad

How much would a small amount of debt affect us getting a mortgage? FWIW we're looking for 10%, but not until early 2022 so I'm thinking "if the situation improves" rather than what's happening right now...

We have a household income of £120k and are looking to buy at £425k with a 10% deposit (as I said, if they exist).

Would a credit card with £2,500 0% affect us?

Would 6 missed payments from 2018 (no defaults, CCJs etc just missed payment) hurt us significantly too? Presuming we buy in 2022 so it would be 4 years old and otherwise clean.

And finally, can you ever add overtime or small second income to your total household income or is it really only guaranteed income? I earn £6,000 a year from overtime, and have done for the past 3 years so would be 4 by the time we apply. Would I be able to add this to our household income even though it is not technically "guaranteed" work?

Raffi2020

Figured I'd ask this here too: My partner and I applied for a joint mortgage with a lender that got declined (due to some defaults and a DMP on my credit report), but through the process of applying for a few DIPs we've been linked as financial associates on Clearscore (I think that's Equifax?). We don't share any bills or accounts or even live together - it's just the DIPs and application that linked us. 

My partner has decided to pursue a mortgage as a sole applicant, and now has an application in with Nationwide. My concern is our financial association is going to cause problems for my partner. I relayed my concern to my partner and she passed it on to the broker, who has told my partner it won't have any bearing on a sole application. But I've read otherwise on forums such as these. Should I be concerned?