Mortgage broker - ask me anything

gale35

I am newly looking into mortgages.
My partner has CCJs and bad credit score so my mum said she would be happy to come into the application to help us. Is this possible and what are the risks?

K_S

gale35 said:

I am newly looking into mortgages.
My partner has CCJs and bad credit score so my mum said she would be happy to come into the application to help us. Is this possible and what are the risks?

@gale35 What is it that you would like the mum to compensate for? Is it a lack of sufficient income to borrow what you need or is it the fact that your partner has CCJs? Does your partner need to be on the mortgage?

Agraham1826

Hello! I’m currently applying for a mortgage and I’ve made a massive error. I have 99% of my savings already just sat in my bank. However, I have around £700 in cash savings that I’ve just added to over the years from Christmas and birthdays. This will now look a bit dodgy it I deposit it in my actual savings account won’t it? 

K_S

Agraham1826 said:

Hello! I’m currently applying for a mortgage and I’ve made a massive error. I have 99% of my savings already just sat in my bank. However, I have around £700 in cash savings that I’ve just added to over the years from Christmas and birthdays. This will now look a bit dodgy it I deposit it in my actual savings account won’t it?

@Agraham1826 I can't predict what will happen, but I wouldn't expect a £700 deposit to be an issue unless your mortgage deposit is very small. If it helps your peace of mind, could you not just use it for spending money or do you absolutely need it for the deposit right now?

jimsleftfoot

Hi,
We are looking to re-mortgage/borrow more to fund a 2 storey side extension towards the end the summer and having spoken to our own lender, we need a detailed quote before we can apply, therefore we have to get planning permission sorted which could take up to 4 months. Our fix is up at the end of May and I could switch now on to a 2 year tracker, with no charges if we want to leave when re-mortgaging. This would save about £25 a month, or pay the SVR up to the point of re-mortgage, which would cost over £100 more per month whilst we are on this. What I don't want to do is harm our chances when re-mortgaging as we would like to borrow more. Would there be a problem if a switch now and then apply for a re-mortgage in 3 to 4 months?
Thanks

gale35

K_S said:

gale35 said:

I am newly looking into mortgages.
My partner has CCJs and bad credit score so my mum said she would be happy to come into the application to help us. Is this possible and what are the risks?

@gale35 What is it that you would like the mum to compensate for? Is it a lack of sufficient income to borrow what you need or is it the fact that your partner has CCJs? Does your partner need to be on the mortgage?

A mixture of both. My mother has a better income so we are hoping this would increase the amount we can borrow. My partner has been to the banks and they have advised that until the CCJs and default has been removed from his file they won't be able to lend anything. Having all three would be a good option in terms of income increase but not sure if that's possible. 

K_S

gale35 said:

K_S said:

gale35 said:

I am newly looking into mortgages.
My partner has CCJs and bad credit score so my mum said she would be happy to come into the application to help us. Is this possible and what are the risks?

@gale35 What is it that you would like the mum to compensate for? Is it a lack of sufficient income to borrow what you need or is it the fact that your partner has CCJs? Does your partner need to be on the mortgage?

A mixture of both. My mother has a better income so we are hoping this would increase the amount we can borrow. My partner has been to the banks and they have advised that until the CCJs and default has been removed from his file they won't be able to lend anything. Having all three would be a good option in terms of income increase but not sure if that's possible. 

@gale35

- You mum on the mortgage should help if you need to borrow more.

- By itself, it is unlikely to help much with the credit-history aspect if your partner needs to be on the mortgage

- When you say "the banks" have said they can't lend, do you mean a few banks or did he actually go to a broker?

K_S

jimsleftfoot said:

Hi,
We are looking to re-mortgage/borrow more to fund a 2 storey side extension towards the end the summer and having spoken to our own lender, we need a detailed quote before we can apply, therefore we have to get planning permission sorted which could take up to 4 months. Our fix is up at the end of May and I could switch now on to a 2 year tracker, with no charges if we want to leave when re-mortgaging. This would save about £25 a month, or pay the SVR up to the point of re-mortgage, which would cost over £100 more per month whilst we are on this. What I don't want to do is harm our chances when re-mortgaging as we would like to borrow more. Would there be a problem if a switch now and then apply for a re-mortgage in 3 to 4 months?
Thanks

@jimsleftfoot Nationwide? Generally speaking, a rate-switch with the same lender *should not* have an adverse impact on your chances of a remo in a few months time.

321654987

Hello, we finished a DMP 4 years ago. I have 2 x defaults on my file, both paid in Oct 2016 and with default dates of April and June 2015 respectively. We are desperate to buy a house and the new 90-95% govt. guarantee would really help us out with getting the type of house we want especially with the hold on SD, however after a quick chat with a mortgage broker he's said we'd really struggle getting even a 90% LTV. Is this really the case? We are completely debt free now and have been for years. We have a joint income of £75k and have a deposit of £25k. I just want some realistic advice as to how long we will have to wait.

K_S

321654987 said:

Hello, we finished a DMP 4 years ago. I have 2 x defaults on my file, both paid in Oct 2016 and with default dates of April and June 2015 respectively. We are desperate to buy a house and the new 90-95% govt. guarantee would really help us out with getting the type of house we want especially with the hold on SD, however after a quick chat with a mortgage broker he's said we'd really struggle getting even a 90% LTV. Is this really the case? We are completely debt free now and have been for years. We have a joint income of £75k and have a deposit of £25k. I just want some realistic advice as to how long we will have to wait.

@321654987

- 95% LTV, you'll have to wait to see which lenders come into the market. You can expect that underwriting standards will be very strict.

- is there any specific reason why you don't trust what the broker said?

- are you willing to pay higher than high-street rates for 90% LTV?

- did he suggest a way forward at all