Mortgage broker - ask me anything

hema123456789

Also, if I’ve gone through a broker and want to know what the valuation came back at. Can I just call natwest directly and ask without causing him any issues?

Weetod

Looking for any advice. I'm currently thinking of first time buying in the next 6 months with a 15% deposit. I'm in full time employment but have 2 defaults. Both defaults are 3 years old, 1 for £46 was settled 2 years ago and the other one which is still unpaid is sitting at £2200. Have I got much chance of getting a mortgage application accepted and would paying the £2200 just now make any difference to my chances?

Thanks 

madeye25

Hi,
I have just been in touch with my broker, I am a current homeowner with a mortgage and I am looking to buy a new home with 15% deposit.

Long story short I have three defaults with the latest being March 2012. 

He advised I can get a high rate mortgage although some high street lenders may accept me even though I have the defaults.

Is it normal for lenders to still have visibility of defaults that are over 8 years old? Or is it a case that my broker is telling them? Is he obliged to advise lenders of these defaults?

haras_n0sirrah

BigBus2017 said:

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. MB not saying much and I’m having to chase him. 

Please let me know your thoughts from your experience? 

Any information much appreciated. 

It will depend if it will affect the credit score - at that ltv it should be fine I would have thought

haras_n0sirrah

hema123456789 said:

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

The waiting game is just soooo painful

Natwest are currently 10 working days

haras_n0sirrah

hema123456789 said:

Also, if I’ve gone through a broker and want to know what the valuation came back at. Can I just call natwest directly and ask without causing him any issues?

If you have gone direct they may not talk to you - you can try though

haras_n0sirrah

Weetod said:

Looking for any advice. I'm currently thinking of first time buying in the next 6 months with a 15% deposit. I'm in full time employment but have 2 defaults. Both defaults are 3 years old, 1 for £46 was settled 2 years ago and the other one which is still unpaid is sitting at £2200. Have I got much chance of getting a mortgage application accepted and would paying the £2200 just now make any difference to my chances?

Thanks 

A default being settled will make a massive difference at that ltv. I would settle the default and it will greatly improve your chances. You will definately need a 15% deposit

haras_n0sirrah

madeye25 said:

Hi,
I have just been in touch with my broker, I am a current homeowner with a mortgage and I am looking to buy a new home with 15% deposit.

Long story short I have three defaults with the latest being March 2012. 

He advised I can get a high rate mortgage although some high street lenders may accept me even though I have the defaults.

Is it normal for lenders to still have visibility of defaults that are over 8 years old? Or is it a case that my broker is telling them? Is he obliged to advise lenders of these defaults?

If the defaults are all settled and over 6 years old this will be high street. No need for a high rate lender here

BigBus2017

haras_n0sirrah said:

BigBus2017 said:

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. MB not saying much and I’m having to chase him. 

Please let me know your thoughts from your experience? 

Any information much appreciated. 

It will depend if it will affect the credit score - at that ltv it should be fine I would have thought

The funny thing is my Experian account showing their own credit score 999/999 however also shows one negative as Im not on the electoral roll as its a new address but still on the electoral roll for my previous address. 

*Update from underwriters to MB

“We are currently reviewing your customers’ application, supporting documents and valuation to make sure everything is in order. And the KYC documents are being reviewed by the KYC team.”

StuddedPunk

Hi, hope you are well.

Is there any chance you can look over this please? Me and my partner are very worried and we just cannot find any advise on the internet from anyone that has been in the same situation.

Many thanks.