Mortgage broker - ask me anything

haras_n0sirrah

Raffi2020 said:

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?

Nationwide have been known to decline due to financial association. Other lenders don't 

haras_n0sirrah

greensalad said:

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?

The credit card would be fine. There are lenders who are ok with the missed payments but you would probably be looking at 15% deposit at the moment. What the landscape will look at in 2 years is anyones guess 

greensalad

haras_n0sirrah said:

The credit card would be fine. There are lenders who are ok with the missed payments but you would probably be looking at 15% deposit at the moment. What the landscape will look at in 2 years is anyones guess 

Yeah, it's a big unknown what will be available at that time, so our plan is to just carry on saving until we have 10% and if there aren't any around then we'll have to just save some more I guess...

I was just worried that my missed payments might have destroyed any hope we have but I guess in another 4 years they'll drop off. But I really hope we can buy before 2024!

Raffi2020

haras_n0sirrah said:

Raffi2020 said:

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?

Nationwide have been known to decline due to financial association. Other lenders don't 

I really hope they don’t! I’ve been considering trying to disassociate but frankly don’t want to rock the boat and raise more questions than answers (for example if we’re associated on one hard search and then not on a second - might cause suspicion at underwriting possibly?).

Hard to know what to do for the best! 

AW1980

Application submitted to NatWest on 16/10. Valuation put on hold at our request 19/10. 20/10 updated with reviewing payslips etc. Nothing since. Should we be concerned? 

Nile_E_Coyote

AW1980 said:

Application submitted to NatWest on 16/10. Valuation put on hold at our request 19/10. 20/10 updated with reviewing payslips etc. Nothing since. Should we be concerned? 

With RBS (same company as natwest afaik) it took 6 working days after submitting payslips before they ticked them off. Youre not far over that. Plus natwest will be a busier lender i imagine.

House2021

Hi, I was wondering if both applicants being on fixed term contracts would be an issue for the Help to buy equity loan. I have a chance at a promotion but it is fixed term for 2 years (we hope to buy by next August so will have a year left on the contract) and I don't know whether to stay with current permanent job or go for the promotion. Hope this makes sense and thank for any advice you can give. 
ps. the promotion is with the same organisation I ahve been with for 4 years so there will be no probationary period.

haras_n0sirrah

House2021 said:

Hi, I was wondering if both applicants being on fixed term contracts would be an issue for the Help to buy equity loan. I have a chance at a promotion but it is fixed term for 2 years (we hope to buy by next August so will have a year left on the contract) and I don't know whether to stay with current permanent job or go for the promotion. Hope this makes sense and thank for any advice you can give. 
ps. the promotion is with the same organisation I ahve been with for 4 years so there will be no probationary period.

There are lenders who will lend with fixed term contracts - if you have been in the industry for a few years that will help

NHB2020

NHB2020 said:

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). 

On back of this, I have further information. Defaults are 5 years old, and were settled 2 years ago during DMP (most settled over 2 years). No further credit history problems, and I am debt free. 

davetherave85

I am looking for a lender for my father. Details are:

-20-25% LTV.
-Property already owned (owned for years) but mortgage coming to an end.
-Age 65 with minimal self employed income .
-property is let out.
-credit rating ok but not great.

Are there any lenders out there that could help him?

Current mortgage is interest only but they want him to pay it off due to his age.

Thanks!