Mortgage broker - ask me anything

xcvx

Hi all 

My partner and I have recently got a DIP with precise through a broker. I have 5 defaults latest one being 25 months ago so we do now fit there criteria I have a few missed payments back in 2016 and history of payday loans in 2017. We have a joint income of £49k with the house being £255k and using the HTB equity loan.  I have worked hard over the last 2 years to get my finances in order and I now only have a loan which will finish in August (before completion date) and my partner has a £200 per month child maintenance payment and a car finance which has 2 years left. I know we have the DIP, but i am so worried about being declined after we reserve the new build house in a few days. 
Do precise only use experian? if so that only shows 3 of my defaults. do they credit score on DIP? i'm loosing sleep and application not even started yet!! any reassurance would be appreciated although i know no one can guarantee anything. 

fizzgog

Suseka97 said:

fizzgog said:

Hi, After being declined by Halifax on a £100k mortgage, I've gone to a Broker who's put an application with Clydesdale Bank for a £95K mortgage (80% LTV)
Clydesdale done a Hard Search on the 11th December with Experian, CreditKarma on the 17th Dec and one today on the 6th Jan.
Received an email from the brokers tonight saying:
'I just wanted to let you know that I have heard from the lender and they have said that they should produce the mortgage offer within 5 working days.'

Does this sound promising do you think? 

I think that's pretty much confirming it.  Your broker wouldn't have said this if they were not confident of the outcome and you'l find that good brokers do their homework before submitting applications, so have a good idea of the outcome (assuming what they've been told by their client is accurate).

Thanks for the reply .... Clydesdale Bank have confirmed the offer today, it was just me being negative I suppose. 

mowgliisaG

Does platform accept Search Delay indemnity Insurance??

LittleNinja

Will Mortgage lenders accept a passport that expired during Covid (November 2020) as valid ID? I know driving licenses got extended so wondered if it is the same for passports. 

K_S

mowgliisaG said:

Does platform accept Search Delay indemnity Insurance??

@mowgliisag I'm not sure there's a blanket answer to that as it probably depends on the property type too. Might be best to direct this question to your solicitor.

Mcarl14

Hi, I am employed and earn double what my husband does, he is self employed. We have just been declined by NatWest as he took the self employment grant. He Is back working now, how long would you leave it until I apply again? Thanks 

K_S

Mcarl14 said:

Hi, I am employed and earn double what my husband does, he is self employed. We have just been declined by NatWest as he took the self employment grant. He Is back working now, how long would you leave it until I apply again? Thanks 

@mcarl14 Hard to say without knowing the whole context. NatWest don't like it if you've taken a SEISS grant anytime from summer.

Did you just pick NatWest or did a broker recommend it? If the former then you may still have options.

jrrrrj

Peppermint90 said:

Hi all,
How long does it take to receive mortgage offer through post? 
I was informed of my offer a week ago...but still havn't received it through post....should i chase it up with Halifax? 

Mine took about 8 days and it took 14 to get to my solicitor. My broker emailed me a copy of it the day that they had it and when it arrived in the post, other than the signature sheet on the back page which was missing from the email version, it was identical.

Emac30

We put our application in with Santander on 13/11/20. We have been back and forth with them providing them with all sort of paperwork that they have requested.  They then  went on to say that because my partners credit file still showed a balance on his credit cards they couldn’t offer us the full amount we need. The cards are actually closed but hadn’t updated when they did a check. They apparently said to our broker that if we can provide the closing statements and letters from the card companies to prove it they would offer the full amount. So we did this and waited 14 days more for them to even look at our application again. They have now said that because one of my partners payslips from September has a furlough payment they won’t give us the full amount. They’ve had this payslip since the beginning so have gone back on what they said. We’ve now submitted my partners December payslip (he’s had no furlough since the September payslip) but have been put back in a queue. Can this be escalated for someone higher to look at so that we don’t keep getting put back in the queue every time?  Our broker seems happy to just keep on going but our buyers and sellers are getting nervous.

arsenalbarnie

Hi just contacted a mortgage broker. All a bit complicated. We need to pay back FIL money my oh borrowed off him. So thought we would borrow against our house. Obviously broker wants all our bank statements, credit card statements etc. My oh doesn’t know about one credit card I have. We are submitting details to him electronically to him. Is the broker likely to say anything to my oh? My credit rating in 999 with exp’rian. Am also worried we won’t be eligible. Both rent out houses so all our income is income from property. Oh is 64 will age be an issue? Sorry to bombard you with all this but it’s stressing me out big time.