Mortgage broker - ask me anything

ukblogger

haras_n0sirrah said:

ukblogger said:

Hi,
Which banks don't require statements for a remortgage do you know please? There's quite a few gambling transactions on mine from matched betting, but obviously this is going to be offputting to lenders. Are there any that don't require statements any more?

There are lenders who are less likely to need it for the underwriters however you will need to provide them regardless for the file

Thank you for the reply. Do you know which lenders wont need it for the underwriters please?

LadyEE123

Hello- I am hoping for some advice. 

I have seperated from my husband and we have sold our family home and both purchased new houses. My Morgage has been accepted and offered with Halifax. I am hoping to complete in December and move. I have lost my job in November and I’m petrified I’m going to loose my Morgage and house. My parents have gifted me £20k so I will be fine to pay the Morgage etc once I move and live for a few months however I am so scared Halifax will do a final check and ask for 3 more months bank statements. 

Does anyone know if Halifax will ask for these before they release the funds? I have a Morgage broker but I haven’t told him of my change of circumstances. I am applying like mad for jobs but I’m petrified Halifax ask for more info before they send the funds? Can anyone offer me any advice? X

penino

What’s the shortest period of time that it can physically take between receiving mortgage offer and being ready to exchange contracts?

Renonewbie

Hello, 
Me and my partner are just about to exchange contracts on our first house. However, my partner has two jobs and he has just been made redundant from one of them (the one which pays the most and the one used to secure our mortgage offer). I have no concerns on my wage and the fact he also still has money coming in from his second job that we will struggle financially and can still afford the mortgage. My question is do we need to tell our mortgage lender about his redundancy? My worry is that if we tell them they will retract the offer?
Thanks for any advice and help! 

simone82

haras_n0sirrah said:

simone82 said:

@haras_nosirrah
Hi, can someone give me some advice on whether you think I have any chance of getting a mortgage with a number of defaulted closed accounts?  Please note that all defaults are now fully paid off.  I have managed to save up a good deposit and would like to buy my first home within the next 6 months.
I am really scared and embarrassed to approach the banks/lenders/brokers etc and don't know where to start as I am ashamed of my credit report which is pages long!!!! 
Any advice is greatly appreciated

Simone - think of us like doctors. There isn't much we haven't seen to be honest and nothing to be embarrassed about. Things happen and the important thing to know is what can be done to fix it. As a broker I would want to see your credit report so that we can see how it can be fixed and if time is needed then when it would be doable.

Thank you, and would I need to get copies from all 3 credit reference agencies or is it mainly Experian and Equifax used for mortgage applications?

Saga

Background:  Three years ago I gave up my rented flat and moved in with my oldest friend, as a second tenant on the tenancy agreement, to help us both to separately save up money as well as for me to move much closer to work.  As they were already renting the property before I moved in, all the bills remained in their name (energy, council tax*, TV licence, broadband/TV/phone) and are paid via DD from their a/c.  We so decided at the beginning against a joint bills account and instead each month I pay my friend 50% of that month's household bill via bank transfer (FPS), using my initials and month/year as the reference.  The rent is slightly different (although included in my monthly transfer) in that each monthly receipt from the letting agency is actually in both our names although the DD itself comes from my friend's account.

There is nothing formal in writing regarding the arrangement for paying the bills (indeed for a good number of months I had to** cover 100% of the bills when my friend was going through some very serious health problems).

*I have been on the electoral register at the current address since I moved in.

**i.e. made the choice to.

Question: if and when I ever apply for a FTB mortgage on my own: (i)will the current tenancy count as a financial connection between me and my friend, and therefore will my friend's credit history have to be checked? (ii)Will potential lenders question my lack of evidence of paying bills directly to the letting agency, service and utilities providers?  If asked, I have copies of all the bills and could show correlation between the bills and bank transfers made to friend.(iii)Is the money I transfer to my friend each month actually seen by HMRC as a gift (re inheritance tax)? If so, what should I do to make sure it's not?***

***I appreciate this is probably for the tax forum.

starrybee

I'm in a position where I could apply for a mortgage soon, currently in a permanent position. I've just seen a job ad for what is basically my dream job but it's a 12 month FTC. It would be a great way into the field I want to be in, but would I be completely mad to go for it? Would any mortgage lender accept me, or would I have to wait another year to see if the contract got renewed/made permanent to stand a chance?

haras_n0sirrah

Penguin_ said:

haras_n0sirrah said:

Penguin_ said:

When my fixed rate comes to an end next year with Natwest I know I will revert to a SVR but I don't want my payments to change every month, do I have to re-mortgage to get a fixed rate deal?

Penguin_ said:

When my fixed rate comes to an end next year with Natwest I know I will revert to a SVR but I don't want my payments to change every month, do I have to re-mortgage to get a fixed rate deal?

You could refix and set up a standing order for the difference

Thanks, will a refix carry a full credit check?

If you are doing a product transfer there will be no credit checks

haras_n0sirrah

ukblogger said:

haras_n0sirrah said:

ukblogger said:

Hi,
Which banks don't require statements for a remortgage do you know please? There's quite a few gambling transactions on mine from matched betting, but obviously this is going to be offputting to lenders. Are there any that don't require statements any more?

There are lenders who are less likely to need it for the underwriters however you will need to provide them regardless for the file

Thank you for the reply. Do you know which lenders wont need it for the underwriters please?

All lenders request the right to ask for it but some lenders are more likely than others. A broker will know the best option based on your circumstances. We cannot name lenders on the forums as it can be deemed advice without knowing your full circumstances.

haras_n0sirrah

LadyEE123 said:

Hello- I am hoping for some advice. 

I have seperated from my husband and we have sold our family home and both purchased new houses. My Morgage has been accepted and offered with Halifax. I am hoping to complete in December and move. I have lost my job in November and I’m petrified I’m going to loose my Morgage and house. My parents have gifted me £20k so I will be fine to pay the Morgage etc once I move and live for a few months however I am so scared Halifax will do a final check and ask for 3 more months bank statements. 

Does anyone know if Halifax will ask for these before they release the funds? I have a Morgage broker but I haven’t told him of my change of circumstances. I am applying like mad for jobs but I’m petrified Halifax ask for more info before they send the funds? Can anyone offer me any advice? X

You should tell the lender of a change in circumstances. Whether you do or not is up to you however it is in your offer that you will tell them of a change of circumstances. As a broker if we were made aware we would be duty bound to report it to the lender. I would not exchange until you have another job just in case they do a final check