Mortgage broker - ask me anything

hippocrates1

K_S said:

@hippocrates1 Did the broker give any indication as to the reason for the decline and which lender was it? Any adverse at all on your credit report - late payments, etc?

Actually one other thing. I have a twin sister and for some reason on my credit score it has her electoral vote. It has her name her address but linked to my credit report. 

K_S

hippocrates1 said:

K_S said:

@hippocrates1 Did the broker give any indication as to the reason for the decline and which lender was it? Any adverse at all on your credit report - late payments, etc?

Actually one other thing. I have a twin sister and for some reason on my credit score it has her electoral vote. It has her name her address but linked to my credit report. 

@hippocrates1 That could be a reason. The automated "credit-scoring" that mainstream lenders use for decisioning is quite opaque and it's not always clear why a dip/app was declined on credit score. Which lender was it and was it declined at DIP or application stage?

There are a few more lenders in the 90% space now so it might be worth exploring but whether you'll get a 90% deal or not is hard to say for sure without the whole picture.

In any event, you should get the report corrected.

hippocrates1

K_S said:

hippocrates1 said:

K_S said:

@hippocrates1 Did the broker give any indication as to the reason for the decline and which lender was it? Any adverse at all on your credit report - late payments, etc?

Actually one other thing. I have a twin sister and for some reason on my credit score it has her electoral vote. It has her name her address but linked to my credit report. 

@hippocrates1 That could be a reason. The automated "credit-scoring" that mainstream lenders use for decisioning is quite opaque and it's not always clear why a dip/app was declined on credit score. Which lender was it and was it declined at DIP or application stage?

There are a few more lenders in the 90% space now so it might be worth exploring but whether you'll get a 90% deal or not is hard to say for sure without the whole picture.

In any event, you should get the report corrected.

Is it possible to fix that though? Also it’s completely ridiculous. It literally says her name. Have you ever see that before? How do you get it corrected? 

It was Halifax and NatWest. 

Only NatWest is showing on my credit scales so I assume that was application and Halifax DIP.

Cuddlybearman

K_S said:

Cuddlybearman said:

@K_S - IYO is it normal thank a bank would do a drive by survey, value a property , and then when it get more serious an offer they then want to do an in person survey.

if so what does normally mean - must be a doubt that the underwriter has thrown up?

@Cuddlybearman I don't recognise that sequence of events. Drive-by vals can lead to internal inspection valuations if the drive-by indicates any potential issues, I've just had that for a Santander BTL app for a client. But I've not seen a drive-by val being followed by a formal valuation and then again being subject to an internal inspection valuation.

Did you actually get a formal valuation after the drive-by?

Unfortunately this is all I’m being told from my buyer (same saga) - latest in a long line of strange issues. Apparently this is all they need for the offer.......

K_S

Cuddlybearman said:

K_S said:

Cuddlybearman said:

@K_S - IYO is it normal thank a bank would do a drive by survey, value a property , and then when it get more serious an offer they then want to do an in person survey.

if so what does normally mean - must be a doubt that the underwriter has thrown up?

@Cuddlybearman I don't recognise that sequence of events. Drive-by vals can lead to internal inspection valuations if the drive-by indicates any potential issues, I've just had that for a Santander BTL app for a client. But I've not seen a drive-by val being followed by a formal valuation and then again being subject to an internal inspection valuation.

Did you actually get a formal valuation after the drive-by?

Unfortunately this is all I’m being told from my buyer (same saga) - latest in a long line of strange issues. Apparently this is all they need for the offer.......

@Cuddlybearman Ah I remember now. The nationwide/TMW/down-val etc etc buyer who's been stringing you along for a while now. So he still doesn't have an offer?

lf93

hippocrates1 said:

What are the chances of a first time buyer getting a mortgage at 90 LTV? I’m a doctor earning  53k (38k basic with contractual overtime). I have student loans (70k) bank loan (5k). No defaults. Live in rented. I have 15k savings. Parents can gift up to 10k. A broker tried to get me a 90ltv mortgage in December for a £210 000 house and was declined. They came back  and said I could borrow up to £250k with 15% deposit. Is a 90ltv mortgage possible for me at present/ how much do you think I could borrow? 

Sorry to hijack your question. Are you using a broker via a big company or just a local one?
my application through Wesleyan has been tricky as the first lender didn’t accept the additional banding (waiting for a formal response) - which is annoying as that was the whole reason we used a broker who would theoretically understand and be able to confirm our income structure...! 

Cuddlybearman

K_S said:

Cuddlybearman said:

K_S said:

Cuddlybearman said:

@K_S - IYO is it normal thank a bank would do a drive by survey, value a property , and then when it get more serious an offer they then want to do an in person survey.

if so what does normally mean - must be a doubt that the underwriter has thrown up?

@Cuddlybearman I don't recognise that sequence of events. Drive-by vals can lead to internal inspection valuations if the drive-by indicates any potential issues, I've just had that for a Santander BTL app for a client. But I've not seen a drive-by val being followed by a formal valuation and then again being subject to an internal inspection valuation.

Did you actually get a formal valuation after the drive-by?

Unfortunately this is all I’m being told from my buyer (same saga) - latest in a long line of strange issues. Apparently this is all they need for the offer.......

@Cuddlybearman Ah I remember now. The nationwide/TMW/down-val etc etc buyer who's been stringing you along for a while now. So he still doesn't have an offer?

@K_S yeh still going on. I actually spoke to him yesterday directly and it’s a real strange one. He’s desperate to buy my place and keep throwing money at the situation but I think maybe he’s not being advised in the best way. I have a feeling that what actually happened is that he applied for a BTL mortgage and got kicked back pretty quick on what they would lend him - and I think for the last month he’s been stalling to get enough extra cash together to top up the rest. That would explain him saying that my place has been under valued etc and trying to get a lower price. The “drive by” valuation I think was to get him more time and now he is actually applying for a mortgage again. I’ve seen the DIP (dates 12 Jan) with the Mortgage Works - so a week later they probably would want to do a valuation......

Thing is I’m in a catch 22 - cos I’ve been waiting 4 months and so has my vendor - I think it would be counter productive to just go and find another seller. And unfortunately where I am in the UK this buyer would just be replaced with another which different drama. Everything is being snapped up BTL round here.

hippocrates1

lf93 said:

hippocrates1 said:

What are the chances of a first time buyer getting a mortgage at 90 LTV? I’m a doctor earning  53k (38k basic with contractual overtime). I have student loans (70k) bank loan (5k). No defaults. Live in rented. I have 15k savings. Parents can gift up to 10k. A broker tried to get me a 90ltv mortgage in December for a £210 000 house and was declined. They came back  and said I could borrow up to £250k with 15% deposit. Is a 90ltv mortgage possible for me at present/ how much do you think I could borrow? 

Sorry to hijack your question. Are you using a broker via a big company or just a local one?
my application through Wesleyan has been tricky as the first lender didn’t accept the additional banding (waiting for a formal response) - which is annoying as that was the whole reason we used a broker who would theoretically understand and be able to confirm our income structure...! 

Independent whole of market broker but maybe I need to switch.

I wouldn’t trust Wesleyan at all. Just a scam. 

Sidenote I matched one of their employees on tinder years ago and even he said he wouldn’t take out pay protection insurance.

cosh25

Are brokers processing many 90%LTV? I have a 15% deposit, but when I have my call with the broker on Monday I’m thinking of seeing if I can get a 90% LTV instead. The property I’m buying needs ripping out top to bottom, inside and out so the additional funds initially would be useful. TIA

lf93

@hippocrates1 thanks. To be fair we're not taking out any of Wesleyan's insurance policies (although they have tried very hard at selling us eye-wateringly expensive income protection & life insurance policies), and they don't take a fee for mortgage brokerage, just commission, so we've not lost out in that sense. A friend recommended them and until now I was very happy with our broker, just this stumbling block!