Mortgage broker - ask me anything

K_S

scoey8 said:

I have a question re defaults and high street lenders. We got our first joint mortgage with Vida a year ago due to my partner having bad credit history (4 defaults which were 3-4.5 years old). Come remortgage time in 12 months she will only have 1 default left which is a settled mobile phone default from nearly 5 years ago. The other 3 defaults will 'expire' just a couple of months before the 2 year fixed term is up so won't show on her credit report. 
What are the chances of a high street lender accepting us? the LTV will be 60%. I've tried looking at some high street lenders criteria etc. but can't see anything for number/date of defaults. The other thing worrying me is because the other 3 defaults expire only a couple of months before we are due to remortgage, her credit file won't have time to improve? (Her score is still 'poor' while mine is 'excellent').
Really don't want to be locked in for another term at a high rate, please tell me there is hope? Thanks

@scoey8 If all you will have on your credit report is one settled comms default >5 years old, based just on that factor I would say your case should be placeable at high-street rates.

K_S

@vickielouise87 I don't know the nuts and bolts of how your broker has packaged it but generally speaking lenders will look at the post move scenario for affordability purposes.

Re childcare costs, if it's stopped and doesn't show on your bank accounts anymore that should be considered for affordability.

Purplestars89

Hi 
I've taken out payday loans in the past my last one was settled this time last year all were paid on time with no late payments. I haven't touched them since ! myself and my partner are hoping to start looking at getting a mortgage around spring/summer next year do you think any high street lenders will consider us considering my past payday loan history ? I really want to avoid the specialist lenders and the high rates if I can. 

K_S

Purplestars89 said:

Hi 
I've taken out payday loans in the past my last one was settled this time last year all were paid on time with no late payments. I haven't touched them since ! myself and my partner are hoping to start looking at getting a mortgage around spring/summer next year do you think any high street lenders will consider us considering my past payday loan history ? I really want to avoid the specialist lenders and the high rates if I can. 

@Purplestars89 If the use is historic, more than 18 months ago (by summer) and no arrears/defaults on those accounts, there should be a fair few high street lenders open to you, based only on this factor.

Alvin5

@K_S hi really appreciate it. I just check Santander website regarding BTL criteria deposit stating “ All parties contributing towards the purchase of a Buy to Let should
be named as an applicant and meet the criteria stated.

Applications where a third party is contributing towards the deposit may be considered subject to sufficient supporting information being provided.” And It also stating “ all applicants must be UK residents”.  From my understanding, Santander definitely will reject my BTL application based on gifted deposit from my Mom who live overseas. Pls correct me if my understanding is incorrect. Many Thanks!

big_saver_5

I came on here to publicly say thank you to the original thread op Sarah (haras_n0sirrah) but it seems she is no longer able to post. If you are still reading this then thank you so much and I will recommend you to anyone.
I am a lurker on here but contacted her out of desperation as I got myself into a load of trouble. I was trying to get a mortgage with Natwest via another broker for 4 months and getting nowhere as both myself and my wife are self employed and took grants, seiss etc etc. I was about to lose the house so my dad was willing to give us 450k to enable us to complete with the understanding we would need to remortgage within 12 months to give him back this money. We exchanged with a completion deadline of the 3rd dec on the basis of a reluctant cash buyer.
I messaged Sarah in a last ditch attempt and she agreed to help us. I contacted her on 3rd Nov so only 1 month to get us in the property
Mortgage application went in on the 5th Nov, approved by the 11th, valuation done on the 19th and offered same day and we got in on time. I don't know how she did it but she was incredible and I am so glad I found her through this website as she literally saved my house move and probably my relationship with my dad as I didn't fancy trying the stress of trying to remortgage to pay him back.
I know this post may get removed but just to say if ANYONE wants her contact details ask me and I will happily hand them over. 

Carl2510

big_saver_5 said:

I came on here to publicly say thank you to the original thread op Sarah (haras_n0sirrah) but it seems she is no longer able to post. If you are still reading this then thank you so much and I will recommend you to anyone.
I am a lurker on here but contacted her out of desperation as I got myself into a load of trouble. I was trying to get a mortgage with Natwest via another broker for 4 months and getting nowhere as both myself and my wife are self employed and took grants, seiss etc etc. I was about to lose the house so my dad was willing to give us 450k to enable us to complete with the understanding we would need to remortgage within 12 months to give him back this money. We exchanged with a completion deadline of the 3rd dec on the basis of a reluctant cash buyer.
I messaged Sarah in a last ditch attempt and she agreed to help us. I contacted her on 3rd Nov so only 1 month to get us in the property
Mortgage application went in on the 5th Nov, approved by the 11th, valuation done on the 19th and offered same day and we got in on time. I don't know how she did it but she was incredible and I am so glad I found her through this website as she literally saved my house move and probably my relationship with my dad as I didn't fancy trying the stress of trying to remortgage to pay him back.
I know this post may get removed but just to say if ANYONE wants her contact details pm me and I will happily hand them over. 

Why is she not able to post?

K_S

Alvin5 said:

@K_S hi really appreciate it. I just check Santander website regarding BTL criteria deposit stating “ All parties contributing towards the purchase of a Buy to Let should
be named as an applicant and meet the criteria stated.

Applications where a third party is contributing towards the deposit may be considered subject to sufficient supporting information being provided.” And It also stating “ all applicants must be UK residents”.  From my understanding, Santander definitely will reject my BTL application based on gifted deposit from my Mom who live overseas. Pls correct me if my understanding is incorrect. Many Thanks!

@alvin5 Wish I could give you a firm answer

It all depends on the specifics and what Santander requires to ok a third party contribution to a BTL deposit. It might simply be a matter of getting a gift letter from your mum confirming that she has no further interest in the property but there's no way to say for sure. 

big_saver_5

Mse don't allow brokers to advertise. Maybe they felt she was advertising with this thread? Regardless she was a godsend for me and from what I have seen quite a few others who have posted to thank her previously.
I am going to go back to lurking but I just wanted to thank her for what she did for me as I thought my case was hopeless but she pulled it out of the bag.

Bonniepurple

big_saver_5 said:

Mse don't allow brokers to advertise. Maybe they felt she was advertising with this thread? Regardless she was a godsend for me and from what I have seen quite a few others who have posted to thank her previously.
I am going to go back to lurking but I just wanted to thank her for what she did for me as I thought my case was hopeless but she pulled it out of the bag.

It’s a shame she’s been banned.  To me, she wasn’t advertising, she wasn’t giving formal advice, she was just doing some voluntary handholding and telling people what is and isn’t possible.  It’s reading posts like hers which has allowed me to realise that a mortgage is possible.  MSE - I hope that you will let her back and I hope that the other brokers who post on here don’t suffer the same fate.