Mortgage broker - ask me anything

K_S

Mark_1986 said:

K_S said:

@mark_1986 Here are the LTI matrices for

Barclays 

Santander

Thank you.
If that's the case, the article is misleading or these mortgages are not yet available. Not too sure where the author is getting his info from. 

@mark_1986 My guess is that they conflated the minimum salaries for 5x and 5.5x LTI.

Zain61

Hello K_S,
Really need some help from someone.

Currently doing the CeMAP qualification and just need to pass the first exam for CeMAP 1. Passed the second exam for CeMAP 1 so happy. Yeah just wanted to ask what it's like starting out in this job. Is OTE earnings realistic for companies in London where I live? Are mortgage advisors still making sales comfortably during this tough time? I'm currently training in a local estate agent as a sales consultant to help me look more appealing for trainee mortgage advisor vacancies but ultimately need CeMAP 1 at least to be considered.

Guest234

Hi,
Myself and partner are FTB, we got a DIP and have reserved a new home. We are currently in contact with solicitors and have a mortgage adviser although I am slightly concerned as I have some gambling transactions from over Christmas. 

These transactions may look a lot to a lender but in reality, i won a substantial amount of money and then was using my winnings to continue playing. At no point was I at a loss and stopped playing when I was still up £100. I withdrawn my winnings and then deposited it back in £20 at a time to manage the size of my bets.

will this go against me on my mortgage application?

K_S

@guest234 Whether you won/lost money doesn't make any difference to the lender, it's the volume/value of betting transactions that they may look at.

As long as there isn't any indication of problem gambling, it should be fine. Just make sure you flag this to your broker so that they can place you with an appropriate lender.

kingstreet

Cvarley78 said:

Hi,
My husband and I are looking to buy a new build later this year. I earn £27k and he earns £19k a year. We should have 15 deposit saved by the time we are ready to get the ball rolling in July. The property we are looking at is likely to be around £215,000 and we will have a deposit of around £32,250. 

I had an IVA that ran from November 2013 and successfully completed in November 2018. In that IVA was a small shortfall with Leeds Building Society (around £3k) from a property that was repossessed in late 2012. My husband also had an IVA from July 2015 which successfully completed in August 2019 and is due to fall off his credit file in July 2021.

We spoke to a specialist broker who advised us that from July, we should in theory be able to get a mortgage at regular high street rates from July up to £206,000. I already have an excellent credit score with completely clean file, a couple of credit cards with low utilisation that are paid in full each month - my husband will have a clean file from July and currently has a credit card which he has had for over a year which he always makes a payment on each month so I envisage he will have an excellent score / clean file from then). The broker has a good history of getting high street rate mortgages for former IVA clients.

I guess therefore, I am looking for some reassurance from someone else that this is unlikely to be a major issue. I know the number of lenders available to us will be less.

You'll have a couple of high street options once the IVA is six years post-registration.

TheFarouk

GrahamsHill said:

TheFarouk said:

Hi there,

My wife and I are currently looking to apply for a mortgage. We have a healthy 45% LTV however we do have some defaults (currently still paying) from 4 years ago.

We currently have no credit or store cards, no overdrafts, no loans, no car finance and no missed payments for 2 years and 2 months. I was wondering if you could recommend a company that would be happy to potentially accept us with this history.

 

Thanks.

How many defaults? What sort of values and how long have you got left to pay? Are they on a DMP? Is it both yourself and your wife that have individual or joint defaults? There are plenty of brokers on here who will know more than me but maybe adding some more detail about your situation would be beneficial. 

Thanks for the reply. 2 defaults for me (17k in total) 4 for my wife (12k in total) no DMP, individual defaults. I hope this information is beneficial. 

Flyer14

Hi, first time poster and looking for a little advice
My girlfriend recently bought a flat for us to move into but 3 months down the line we have really decided flat isnt for us and have had the offer of a semi detached from family in approx 6 months.

She has great credit scores, had no issue getting mortgage from high street bank and approx 30k salary

I am in a debt arrangement scheme (scotland) since Oct 2018, have approx 12k remaining that I expect to clear in approx 24 months. Salary approx 20k

She has been considering a joint mortgage for us to give increased buying power which I would love but I am not sure if we would have any success? Is there any particular things I should look out for and do we stand any chance of joint mortgage approval given her credit is fine and we have no current financial link.

Thanks for any advice!

K_S

@flyer14 What's the house price and how much do you need to borrow to buy the semi?

Flyer14

K_S said:

@flyer14 What's the house price and how much do you need to borrow to buy the semi?

200k purchase price, would need to mortgage approx 150k of it.

K_S

Flyer14 said:

K_S said:

@flyer14 What's the house price and how much do you need to borrow to buy the semi?

200k purchase price, would need to mortgage approx 150k of it.

@flyer14 If that's the case, in your place I'd be inclined to first exhaust options of trying to borrow the required amount using your partner's sole income as that would be far cheaper and you appear to be ok with that option.

Assuming no major commitments or high debt in her background, 5x her income *may* be possible. If not, there should be multiple options at 4.75x.