Mortgage broker - ask me anything

DaisyT1990

Thank you so much for your quick response, the financial connection was someone i lived with around 5 years ago and i aksed for this to be removed as we had no connection for over three years, i've been reading online that a notice of dispute causes red flags and i'm just worried! 

endangered_newt

DaisyT1990 said:

Thank you so much for your quick response, the financial connection was someone i lived with around 5 years ago and i aksed for this to be removed as we had no connection for over three years, i've been reading online that a notice of dispute causes red flags and i'm just worried! 

From a common-sense perspective, I'd say that as you have passed credit checks and therefore they may ask about it but I can't see it impacting the application. The only area of concern might be your partner considering the current climate e.g. NatWest are very risk-averse to contractors and self employed. NatWest declined us a mortgage because my partner was Self Employed and in an industry in the scope of lockdown. 

The good news is we have applied with Halifax who I now know is more sympathetic and open-minded. We now have a mortgage subject to valuation. I am by no means an expert and I can't be sure about your particular circumstances but hopefully, this assures you somewhat.

DaisyT1990

We have not applied with Natwest, just Halifax following a successful AIP.
Thank you! 

40FTB2020

Any knowledge of AlliedIrish Bank? We are FTB and it is coming up cheaper per month by about £80 but don’t really know about them/how strict they are with lending etc?

haras_n0sirrah

40FTB2020 said:

Any knowledge of AlliedIrish Bank? We are FTB and it is coming up cheaper per month by about £80 but don’t really know about them/how strict they are with lending etc?

I have never used them I am afraid

haras_n0sirrah

Bazillion4 said:

Good Morning,
Apologies I haven't had much of an opportunity to look through all the comments so hope its not a repeat question.
I have 2 settled defaults on my credit file, £190 for Vodafone mobile (Registered April 2017) and Littlewoods for £519 (June 2017), and a previous Debt payment plan starting December 2014.
I do not wish to apply for a mortgage until this DPP clears from the credit file (I believe this is looked at in a similar vain to an IVA)
My question is, with 2 defaults on my credit file, is it more than likely ill be heading down the sub-prime mortgage route or not?
To add more context. My partner has a fair credit score, she hasn't had much credit in the past 
Combined earnings are just over £60,000, and we have a deposit of around £40,000 (£25k savings, 12k help to buy and 3k help to buy), both of us are first time buyers.
I believe the houses we will be looking at will be between £200,000 - £240,000
Any help, guidance would be great.
Thanks

I would expect to be able to get this onto the high street lenders due to the age of the defaults being over 3 years and settled.

hema123456789

Thought we’d got there but have an added issue!

my application with my partner has been accepted and has gone to offer thank god but i currently own my property with my father, he owns his house mortgage free and is looking to raise money against that, have a buy to let mortgage and buy me out of mine with a view to live here going forward. His lender BM solutions have now turned around and said as he has a stake in my property they aren’t ok with the proceeds of his mortgage being raised to be paid to me. Broker has escalated to head of underwriting apparently and suggested we do another application in just my mums name as she doesn’t have a stake in my house. Would you also be going down this route or are we missing a trick?

currently have a broker but a bit gutted he didn’t pick this up or flag it as a current issue, would you say it’s a grey area that I’m being especially picky with or I should really look to cut ties with him and get someone else (like yourself!) on board?

xcvx

Hey, this is a little lengthy but hoping for some advice. 
Myself and partner are looking to buy our first home using the 20% equity loan. I have 5 defaults dating from April 2018 - Dec 18 ranging from £28 to £500. All now fully satisfied. I also have a history of multiple payday loan use in 2017 and which one of these defaulted which I wasn't aware of until march when we first looked into my credit files. 
We were going to do this this year but due to the defaults we decided not too and the house we now have an early bird on will be released in March 21. We had a DIP with precise at 4.0% but hoping now the defaults will be over 24 months,  prehaps we could go somewhere else. 

I have recently paid off my car finance with just my loan which will finish before completion date and my partner is selling his financed car before march to pay off, meaning he will just have a £200 child maintainance payment to make. We both obviously have phone contacts, fuel etc. Our salaries are £27k and £21k and house price is £235k ish.

Thanks in advance 

Hope444

Would really appreciate any advice you can give for my situation.

We have a 15% deposit for a £195k property joint income of £58k. Mortgage advisor has now said after 2 weeks of back and forth that no lenders are not accepting 15% deposits. 

Habito were unable to help as I have defaults on my credit file. They were for credit cards and for under £2k. The latest one was in Jan 2016 and another in Aug 2015 both were settled Jul 2016. No other missed payment since and Experian credit report says good. I assumed because they were over 3 years it wouldn’t be a huge problem. 

A specialist mortgage advisor for bad credit has said there’s only one lender available but the interest rate is 5%.

Are my only options to go for the high rate mortgage or put off buying until defaults have cleared my credit file? 

TIA

haras_n0sirrah

Hope444 said:

Would really appreciate any advice you can give for my situation.

We have a 15% deposit for a £195k property joint income of £58k. Mortgage advisor has now said after 2 weeks of back and forth that no lenders are not accepting 15% deposits. 

Habito were unable to help as I have defaults on my credit file. They were for credit cards and for under £2k. The latest one was in Jan 2016 and another in Aug 2015 both were settled Jul 2016. No other missed payment since and Experian credit report says good. I assumed because they were over 3 years it wouldn’t be a huge problem. 

A specialist mortgage advisor for bad credit has said there’s only one lender available but the interest rate is 5%.

Are my only options to go for the high rate mortgage or put off buying until defaults have cleared my credit file? 

TIA

If the defaults are over 3 years old and settled then there should be options available to you. That doesn't sound right at all