Mortgage broker - ask me anything

haras_n0sirrah

penino said:

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

The solicitor needs to recieve the offer, check it and request funds so I would say at least 8 working days

haras_n0sirrah

Renonewbie said:

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! 

You should tell them as it is a condition of your offer. If you exchange and then they ask for updated payslips you are running a risk. What you choose to do it up to you but there is a risk in not telling them

haras_n0sirrah

simone82 said:

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?

I use check my file as it shows all three agencies and is very easy to read

rachlikeswinter

Hi, quick question - at what point does the lender usually do a credit check? I applied with Kent Reliance on 8th Oct, all documents are showing as satisfied, valuation is done, and I’m now in the queue for the underwriter. So I’m hoping that I’m not far away from an offer, but I looked on my credit file today and they’ve not done a hard search yet. When should I expect that? And is there still a chance they could reject me at this late stage or would they realistically have done that by now if they had a problem with me? (For ref, my credit file is clean and I have no outstanding CC balances or loans or anything, never missed a payment.) 
Thanks so much! X

haras_n0sirrah

Saga said:

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.

The joint tenancy will have no impact on a mortgage application or credit check

haras_n0sirrah

starrybee said:

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?

There are lenders who will accept a 12 month ftc. You need to aim for a 15% deposit.

haras_n0sirrah

rachlikeswinter said:

Hi, quick question - at what point does the lender usually do a credit check? I applied with Kent Reliance on 8th Oct, all documents are showing as satisfied, valuation is done, and I’m now in the queue for the underwriter. So I’m hoping that I’m not far away from an offer, but I looked on my credit file today and they’ve not done a hard search yet. When should I expect that? And is there still a chance they could reject me at this late stage or would they realistically have done that by now if they had a problem with me? (For ref, my credit file is clean and I have no outstanding CC balances or loans or anything, never missed a payment.) 
Thanks so much! X

A credit check is done at aip so I would have thought you would be in the clear

rachlikeswinter

haras_n0sirrah said:

rachlikeswinter said:

Hi, quick question - at what point does the lender usually do a credit check? I applied with Kent Reliance on 8th Oct, all documents are showing as satisfied, valuation is done, and I’m now in the queue for the underwriter. So I’m hoping that I’m not far away from an offer, but I looked on my credit file today and they’ve not done a hard search yet. When should I expect that? And is there still a chance they could reject me at this late stage or would they realistically have done that by now if they had a problem with me? (For ref, my credit file is clean and I have no outstanding CC balances or loans or anything, never missed a payment.) 
Thanks so much! X

A credit check is done at aip so I would have thought you would be in the clear

Thanks - this is what I thought but nothing is showing on my credit report at all? Haven’t had a hard search on there in over a year. Just would have expected them to have done that part by now =/ 

BigBus2017

Good evening all,
I sold my property 2 weeks ago and moved my family to my parents house. Both myself and my partner have managed to notify all the companies that we have moved and to update our address. 

However last week we managed to get an offer accepted on a property and used a MB to find us a good deal. We told the MB our circumstances regarding that we just moved out and was told shouldn’t be an issue.  He found us a deal with Barclays 5 yr fix @1.43, that same day we submitted all our documents and a hard search was performed on both experian and karma. We both passed credit checks. He sent the documents they requested and few days later we had to sign Barclays mortgage declaration. Barclays have been satisfied with the documents even though some of the documents has previous address. Credit agency still showing previous address. Barclays now have come back requesting more proof of new address as in bank statements for my partner. We luckily received new bank statements yesterday with the new address and passed it on to our MB.  

Im trying to find out how of a negative impact will it have for applying for a mortgage after 1 week of moving out? My partner moved in with me 6 years ago and I have been at my previous address for the past 20 years. 

Our LTV is 39% on a property worth £450,000. We have also provided a completion sale statement from our solicitor to our MB.

Im getting worried now, thinking the worst now. 

Please let me know your thoughts from your experience? 

Any information much appreciated. 

hema123456789

Do you know how long natwest take to come back on a offer after receiving a valuation? 

The waiting game is just soooo painful