Mortgage broker - ask me anything

K_S

ChocolateTea said:

Hi, 
I hope someone more knowledgeable that me can assist. 

Ware currently looking to apply for a mortgage having had an offer accepted. Back in Sept we had a DIP approved using a high street main lender, however that was using a soft search on credit file. Are we likely to be rejected as my husband has missed payments on credit cards x3 last one being last year even though we did mention it. He has paid off the accounts now and closed them. Anyone shed any light? Many thanks (rather worried we have wasted everyone’s time and I would rather pull out now to save any more hassle). 

@ChocolateTea Was the DIP from Halifax? How many missed payments, any consecutive, on one account or more than one? How does it show on the credit report.

ChocolateTea

K_S said:

ChocolateTea said:

Hi, 
I hope someone more knowledgeable that me can assist. 

Ware currently looking to apply for a mortgage having had an offer accepted. Back in Sept we had a DIP approved using a high street main lender, however that was using a soft search on credit file. Are we likely to be rejected as my husband has missed payments on credit cards x3 last one being last year even though we did mention it. He has paid off the accounts now and closed them. Anyone shed any light? Many thanks (rather worried we have wasted everyone’s time and I would rather pull out now to save any more hassle). 

@ChocolateTea Was the DIP from Halifax? How many missed payments, any consecutive, on one account or more than one? How does it show on the credit report.

Many thanks for your reply,
From the information on his file it was two months worth of late payments on one account, then a further late payment for another card - (where he didn’t move correct money to cover DD into right accounts - not that it matters as a late payment is a late payment as I’ve tried to
stress to him!). The DIP was through tsb if that makes a difference. 

Once again many thanks for your help. 

 

ChocolateTea

Sorry in his report it shows as a “1” then states adverse credit in the general information. 

K_S

@ChocolateTea To me it looks like it's basically 3 occasions on which your husband missed a credit card payment and made it later in the month (without it accumulating month on month) and this is more than a year ago. Just based purely on that (and ignoring other aspects of qualifying for a mortgage), you should have mortgage options available to you.

If you've accurately filled in and passed a TSB DIP, that's a good indication that you pass their "credit scoring" which is where usually credit history issues factor in. Of course it's no guarantee that the full application will go through, but it's definitely a positive sign. In any case, I would recommend talking to a whole of market broker who can look at all the relevant information and recommend a suitable lender. Good luck!

ChocolateTea

That’s a little bit of hope thank you. I will research brokers locally - see what they can offer. Once again thanks 

Jrana

Hi. We are moving from the northwest to London and were saving up for a 15% deposit and hoping to buy in late spring. However due to having wrongly overestimated the amount of cash we would need for stamp duty, it looks like we might not have to wait until then. 

My wife is employed, salary around 60k. I'm self employed for 4 years now and earn about 80k or so a year. We're looking to borrow around 650k with a 15% deposit. Is it possible at all, have banks stopped lending to self employed people because of Covid? Any lenders that you would recommend?

IAMIAM

If you use Uswitch to compare mortgages, they seem to have a lot of rates with mainstream lenders that I cannot find anywhere else, is Uswitch using a different set of platforms? They are not showing on MSE, Moneysuperket or Compare the Market/Confused
Just wondered if their product system is out of date? I looked at 140k against a 200k value.

K_S

Jrana said:

Hi. We are moving from the northwest to London and were saving up for a 15% deposit and hoping to buy in late spring. However due to having wrongly overestimated the amount of cash we would need for stamp duty, it looks like we might not have to wait until then. 

My wife is employed, salary around 60k. I'm self employed for 4 years now and earn about 80k or so a year. We're looking to borrow around 650k with a 15% deposit. Is it possible at all, have banks stopped lending to self employed people because of Covid? Any lenders that you would recommend?

@jrana Banks certainly haven't stopped lending to SE borrowers though applications relying on SE income are scrutinised a lot more closely than they used to be.

Based on the very limited information in your post, it's impossible to say how likely you are to get a mortgage but if the income stated can be evidenced and the SE income hasn't been negatively impacted by Covid, you may be able to borrow the amount you are looking at. Of course, it also depends on the rest of your circumstances.

I would recommend getting in touch with a broker to see what your options are.

Good luck!

K_S

IAMIAM said:

If you use Uswitch to compare mortgages, they seem to have a lot of rates with mainstream lenders that I cannot find anywhere else, is Uswitch using a different set of platforms? They are not showing on MSE, Moneysuperket or Compare the Market/Confused
Just wondered if their product system is out of date? I looked at 140k against a 200k value.

@IAMIAM Well that's odd. There are only a handful of sourcing engines used in these kind of comparisons (for example MSE uses one of them called MortgageBrain) so while they may not return the exact same results, you would expect the chart toppers to be consistent.
USwitch ties up with Trussle so perhaps Trussle has their own in-house sourcing software? I'm not sure. Even then, if it was working properly, you should largely see the same results. 

greenpanda

Do first time buyer mortgages take longer to get an offer? We had ours through in about 2 weeks, but our buyers still haven't heard ( they made their offer end of November with a mortgage valuation on the 7th December). 

Im worried now we will miss the Stampy duty holiday.