Mortgage broker - ask me anything

PurpleBlue

Morning,
Can you recommend a lender or broker for bad credit history?
I was discharged from bankruptcy March 2016 and my OH had an IVA finished 2 years ago. 
I own a house now in mine and my brothers name (brother doesn't live here) so I am looking for a new mortgage with my OH.  We have the current house on the market and will have about 40k deposit (looking at around 180-200k). 
I have been through a mortgage advisor at work and she was looking at Nationwide but they cannot fully underwrite until we do the full application on finding a property but due to covid we cannot look at any properties until ours is sold or under offer but then we risk not getting a mortgage.
We now have good credit ratings.
Any advise would be appreciated.

haras_n0sirrah

asher_ezekiel said:

Hi, I've been spending on a credit card and paying off in full every month to build my credit score. Will this count as 'other borrowing' by the mortgage lender? I don't need to borrow on the credit card so can stop this if necessary. Thanks

Lenders will go from the credit report so if there is a balance showing on the credit report (which we always get at decision in principle stage) we would declare the balance is there but going otherwise the lender will assume it is undeclared commitment or will include it as an outgoing

haras_n0sirrah

PurpleBlue said:

Morning,
Can you recommend a lender or broker for bad credit history?
I was discharged from bankruptcy March 2016 and my OH had an IVA finished 2 years ago. 
I own a house now in mine and my brothers name (brother doesn't live here) so I am looking for a new mortgage with my OH.  We have the current house on the market and will have about 40k deposit (looking at around 180-200k). 
I have been through a mortgage advisor at work and she was looking at Nationwide but they cannot fully underwrite until we do the full application on finding a property but due to covid we cannot look at any properties until ours is sold or under offer but then we risk not getting a mortgage.
We now have good credit ratings.
Any advise would be appreciated.

You are able to contact the brokers who post here - we are not allowed to approach mse posters but can be approached by people who want our help.
We are recognisable by our signatures and are independent brokers.
On the IVA most lenders require this to be satisfied for 3 years not 2 - when is that date?

PurpleBlue

haras_n0sirrah said:

PurpleBlue said:

Morning,
Can you recommend a lender or broker for bad credit history?
I was discharged from bankruptcy March 2016 and my OH had an IVA finished 2 years ago. 
I own a house now in mine and my brothers name (brother doesn't live here) so I am looking for a new mortgage with my OH.  We have the current house on the market and will have about 40k deposit (looking at around 180-200k). 
I have been through a mortgage advisor at work and she was looking at Nationwide but they cannot fully underwrite until we do the full application on finding a property but due to covid we cannot look at any properties until ours is sold or under offer but then we risk not getting a mortgage.
We now have good credit ratings.
Any advise would be appreciated.

You are able to contact the brokers who post here - we are not allowed to approach mse posters but can be approached by people who want our help.
We are recognisable by our signatures and are independent brokers.
On the IVA most lenders require this to be satisfied for 3 years not 2 - when is that date?

Thank you - the IVA will be satisfied for 3 years in 11 months time.  We have had an AIP from Barclays now but that was just a soft search, looking at their rules re history my bankruptcy should be okay but I cannot see anything on IVAs

katymayo

Hi needing a bit of hope here but I'll make it brief......I currently pay £596 a month for the mortgage, husband left me & wants £50,000 out the house (I'm thinking more £40,000) anyway.
No way will the bank let me put the extra on the mortgage with my single salary but my hope is that with how low the interest rate is & if I extend the mortgage to 30 years maybe more....the monthly payments are pretty much exactly the same as what I'm paying now anyway! 
Am I living in cuckoo land? Would the bank even consider this? 

PaveyK

On week 9 since application with Santander, have had questions after questions, asking for evidence, letters to back things up etc. Both full time employed, 85% LTV. It seems like the last question has now hopefully been asked (final evidence submitted last Monday) then got a response with a further question about this this week- although didn’t require any further evidence how much longer will it take for the UW to go through our application again and give us an offer? We had originally planned on completion being next week. 

haras_n0sirrah

PurpleBlue said:

haras_n0sirrah said:

PurpleBlue said:

Morning,
Can you recommend a lender or broker for bad credit history?
I was discharged from bankruptcy March 2016 and my OH had an IVA finished 2 years ago. 
I own a house now in mine and my brothers name (brother doesn't live here) so I am looking for a new mortgage with my OH.  We have the current house on the market and will have about 40k deposit (looking at around 180-200k). 
I have been through a mortgage advisor at work and she was looking at Nationwide but they cannot fully underwrite until we do the full application on finding a property but due to covid we cannot look at any properties until ours is sold or under offer but then we risk not getting a mortgage.
We now have good credit ratings.
Any advise would be appreciated.

You are able to contact the brokers who post here - we are not allowed to approach mse posters but can be approached by people who want our help.
We are recognisable by our signatures and are independent brokers.
On the IVA most lenders require this to be satisfied for 3 years not 2 - when is that date?

Thank you - the IVA will be satisfied for 3 years in 11 months time.  We have had an AIP from Barclays now but that was just a soft search, looking at their rules re history my bankruptcy should be okay but I cannot see anything on IVAs

For Barclays both the iva and bankruptcy would need to have been over 6 years old (since registered) and out of both arrangements

haras_n0sirrah

katymayo said:

Hi needing a bit of hope here but I'll make it brief......I currently pay £596 a month for the mortgage, husband left me & wants £50,000 out the house (I'm thinking more £40,000) anyway.
No way will the bank let me put the extra on the mortgage with my single salary but my hope is that with how low the interest rate is & if I extend the mortgage to 30 years maybe more....the monthly payments are pretty much exactly the same as what I'm paying now anyway! 
Am I living in cuckoo land? Would the bank even consider this? 

you can ask the question - if you are under 40 then they may well allow you to do it

haras_n0sirrah

PaveyK said:

On week 9 since application with Santander, have had questions after questions, asking for evidence, letters to back things up etc. Both full time employed, 85% LTV. It seems like the last question has now hopefully been asked (final evidence submitted last Monday) then got a response with a further question about this this week- although didn’t require any further evidence how much longer will it take for the UW to go through our application again and give us an offer? We had originally planned on completion being next week. 

only they can answer that I am afraid - if you have gone via a broker ask them to speak to their bdm to get a clear view of the application - why were there so many questions if you are employed?

Verix

PaveyK said:

On week 9 since application with Santander, have had questions after questions, asking for evidence, letters to back things up etc. Both full time employed, 85% LTV. It seems like the last question has now hopefully been asked (final evidence submitted last Monday) then got a response with a further question about this this week- although didn’t require any further evidence how much longer will it take for the UW to go through our application again and give us an offer? We had originally planned on completion being next week. 

Ask your broker to get this escalated for you ASAP. They'll need something from your solicitor confirming it's urgent and that you are wanting to complete next week.

Even with things as they are, 9 weeks is a very long time to be waiting.