Mortgage broker - ask me anything

Nile_E_Coyote

Been waiting 3 day with rbs to get mortgage offer reissued after negotiating a lower price.

How long does it usually take?

Penguin_

HI there, thinking ahead in the future, I have defaults on my credit file but they are 3 years old, is it nigh on impossible to re-mortgage with any defaults on or is it a bit easier as they get older?

K_S

Penguin_ said:

HI there, thinking ahead in the future, I have defaults on my credit file but they are 3 years old, is it nigh on impossible to re-mortgage with any defaults on or is it a bit easier as they get older?

@penguin_ It's not impossible but as always with adverse, it depends on the details. It does get better as the defaults are further in the past and the credit history since has been clean.

Penguin_

K_S said:

Penguin_ said:

HI there, thinking ahead in the future, I have defaults on my credit file but they are 3 years old, is it nigh on impossible to re-mortgage with any defaults on or is it a bit easier as they get older?

@penguin_ It's not impossible but as always with adverse, it depends on the details. It does get better as the defaults are further in the past and the credit history since has been clean.

Thanks @K_S I'm not looking for re-mortgage anytime soon, though my initial fix is coming to an end with Natwest in the next couple of months so I should save a couple of pounds which I can chuck at the DMP. I'm hoping in 2 or 3 years my partner will want to buy a house with me & it will be 2 people on the mortgage rather than just me as it is now. The defaults will then be in years 5-6 so fingers crossed.

Ny_85

Applied for HTB mortgage with my partner but he was declined due to affordability. MB advised I apply on my own & it’s all gone through and mortgage has been offered. OH and I had agreed that he’d save while i paid the rent & bills so all the deposit is in his account so technically he’s now gifting me the deposit & will obviously live in the property. If he can sort his affordability issues out in the next few months can I add him to the mortgage even though he would have signed the giftor letter? 

lonibra

Is it possible to get BTL mortgage for high street flat above Indian takeaway?

K_S

lonibra said:

Is it possible to get BTL mortgage for high street flat above Indian takeaway?

@lonibra Yes. As always it is subject to valuer's assessment of that individual property.

decs2021

Hi, I was wondering if anyone can help please. I came on here a few weeks back regarding my mortgage application with Ipswich Building Society. Initially, I was told by them that I will get an update after 10 working days. It's now been 13 days and they had informed my broker that the update is only likely to be received after 15 working days. My broker also informed me that they have not assessed my case. Yet they have already taken valuation fees from us and not instructed one yet.
Their website timescales have recently changed and are much lower i.e. 3 working days for underwriting and 3 for document processing and then 10 days for offer turnaround. I really don't know what to believe anymore and I am getting concerned that something has gone wrong? Has anyone dealt with them and is this normal for them to change their timescales etc?

Knitty_to_the_gritty

Hi,
I want to get a mortgage this year if possible. 
I had a DMP paid off in full in December 2018. Credit rating is poor as a result, but I have no adverse events on my file since the DMP, it is slowly going up with time.
Will have around 53% deposit after fees. Will the fact that the deposit is larger help my application? I was rejected for a mortgage a year ago when circumstances were different and my deposit was a lot lower. I guess it was not far enough away from the DMP at that point.
Thank you

K_S

@knitty_to_the_gritty You should have options with a <50% LTV mortgage, though it will depend on the details in your credit history. I would recommend getting in touch with a broker when it's time to start viewings to get a realistic idea of whether you could borrow what you need and at what rates.