Mortgage broker - ask me anything

Pepod

@K_S, Thank you. I just want to avoid a massive time waste for all parties if it's a no go. Rough details are current incomes of 16k (wife) and 80k (me), looking to borrow around 400k.

K_S

Pepod said:

@K_S, Thank you. I just want to avoid a massive time waste for all parties if it's a no go. Rough details are current incomes of 16k (wife) and 80k (me), looking to borrow around 400k.

@pepod Makes sense. Unfortunately with the information provided it isn't possible to take a guess at whether you may have options or not. To state the obvious, if you aren't in any particular hurry and can wait till you at least have a return date, your options would open up.

Pepod

@K_S Thanks for the input!

Finchy2018

I just went through my first remortgage. New mortgage based on what I owed when I applied 4 months ago. There is a difference of c. 2k  from what was outstanding on my remortgage date. will this be refunded to me? 

K_S

Finchy2018 said:

I just went through my first remortgage. New mortgage based on what I owed when I applied 4 months ago. There is a difference of c. 2k  from what was outstanding on my remortgage date. will this be refunded to me? 

@finchy2018 If there is a surplus, the conveyancer will return it to you normally.

[Deleted User]

K_S said:

Sarah_New said:

K_S said:

Sarah_New said:

I've had a mortgage declined because the purchase is a flat above a takeaway. Is it really a big issue issue with lenders?  

@sarah_new Yes, not all lenders lend on such properties. It also depends on the value of the flat, which area of the country, etc.

Thanks, i had no idea.   guess i just need to keep trying with new lenders!  

@sarah_new Out of interest, is there any reason you aren't using a broker? They can shortlist lenders who are willing to consider such properties in general and then check the specifics with the lenders and let you know the chances of success before putting in an application.

If it's not wanting to pay a fee to the broker (a perfectly valid reason), there are plenty of firms in the MSE recommendations who don't charge a fee.

Hi, I am using a broker... 

beckstas-money

Hi, can you advise best time to apply based on the below:
Joint income - £60k
Local authority deposit scheme - £70k
Property - £350k (is this possible?)
3 defaults - 2 drop on 24th April, 1 June
1x cat 6 cifas marker drops off 6th April.
The local authority scheme is first come first serve from 1st April so we are scared we are going to miss out.

Is it even possible to get a mortgage based on the above? We have previously had a DIP from Natwest on a previous property when we were going to do right to buy but we pulled out.

Thank you

Shay10

Hi there just want an opinion without judgement . I earn 20800 per year however because we have 5 children and 3 with disabilities we get more in tax credits than earned income. Anyway my wife has a 5 year old ccj and a broker has placed us with pepper.  We ourselves got an aip with Halifax and he is saying that means nothing and they wont accept you because of my wife's adverse and plus because we get alot of tax credits.  However I just went on pepper calculator myself and that says if income is primarily made up of benefits then this is unacceptable.  Our credit scores I thought was ok mine excellent and my wife's on fair on experian and good on Equifax.  We have a 15% deposit and he said the rate would be 4.38% . Is that the kind of rates we would be expecting? Dont even think he has even done a dip with pepper yet and when I mention about things he says I need to stop looking online etc. Just got a bad feeling about it all. I dont have any adverse no missed payments etc wife doesnt have missed payments just the 1 ccj settled from 5 years ago . We also have no debt. Please can you give me an opinion before we proceed? I dont want to pay application fees etc when pepper is saying the same what he said about Halifax wont accept because we get more in tax credits and because of the adverse . Or should we just forget it and apply ourselves with halifax? Thanks

K_S

Sarah_New said:

K_S said:

Sarah_New said:

K_S said:

Sarah_New said:

I've had a mortgage declined because the purchase is a flat above a takeaway. Is it really a big issue issue with lenders?  

@sarah_new Yes, not all lenders lend on such properties. It also depends on the value of the flat, which area of the country, etc.

Thanks, i had no idea.   guess i just need to keep trying with new lenders!  

@sarah_new Out of interest, is there any reason you aren't using a broker? They can shortlist lenders who are willing to consider such properties in general and then check the specifics with the lenders and let you know the chances of success before putting in an application.

If it's not wanting to pay a fee to the broker (a perfectly valid reason), there are plenty of firms in the MSE recommendations who don't charge a fee.

Hi, I am using a broker... 

@sarah_new Sorry, I just assumed you weren't, given that the case was placed with a lender who doesn't consider flats above takeaways.

K_S

Shay10 said:

Hi there just want an opinion without judgement . I earn 20800 per year however because we have 5 children and 3 with disabilities we get more in tax credits than earned income. Anyway my wife has a 5 year old ccj and a broker has placed us with pepper.  We ourselves got an aip with Halifax and he is saying that means nothing and they wont accept you because of my wife's adverse and plus because we get alot of tax credits.  However I just went on pepper calculator myself and that says if income is primarily made up of benefits then this is unacceptable.  Our credit scores I thought was ok mine excellent and my wife's on fair on experian and good on Equifax.  We have a 15% deposit and he said the rate would be 4.38% . Is that the kind of rates we would be expecting? Dont even think he has even done a dip with pepper yet and when I mention about things he says I need to stop looking online etc. Just got a bad feeling about it all. I dont have any adverse no missed payments etc wife doesnt have missed payments just the 1 ccj settled from 5 years ago . We also have no debt. Please can you give me an opinion before we proceed? I dont want to pay application fees etc when pepper is saying the same what he said about Halifax wont accept because we get more in tax credits and because of the adverse . Or should we just forget it and apply ourselves with halifax? Thanks

@shay10 It would be rash of me to give you an opinion on your question with the limited info in front of me and/or second guess your broker. If you trust and have confidence in the current broker, then you should consider what he has said. If you don't, then you could either go ahead and get a second opinion from another broker or just apply to Halifax directly yourself.

What I can say about published criteria is that it isn't always black and white. Just today I had an offer through for an applicant who had a late payment about 18 months ago and the published lender criteria said that they don't consider applicants with late payments in the last 24 months.