Mortgage broker - ask me anything

Chika21

I use my credit card every month for shopping and regular spending. This means my monthly payment each month is reasonably high. I pay off in full each month. Will this impact any mortgage application? Will my mortgage provider want to see my credit card statement or will they be happy it is clear on my credit file? 

K_S

Chika21 said:

I use my credit card every month for shopping and regular spending. This means my monthly payment each month is reasonably high. I pay off in full each month. Will this impact any mortgage application? Will my mortgage provider want to see my credit card statement or will they be happy it is clear on my credit file? 

@chika21 Generally speaking, assuming we're talking about normal household spendjng, it shouldn't have any significant impact on your chances. 

Jennifer34

Hi
We have a 10% deposit saved our joint income is 65k and we have no debts. However my husband has a ccj that drops of his file mid April. We have saved for 3 years and are desperate to move so keen to go ASAP. My question is,  we know his score won't be amazing straight away but is it possible to apply for a mortgage in principle as soon as it has dropped off all his credit files? how long is best to wait? Don't want to have waited all this time to apply a little early and it put us right back.
Thank you for your help.

K_S

@jennifer34 The credit files usually take a few weeks to update. Soon as all 3 credit files are clear, and you can see that it's clear, you should be good to start the process. Whether you'll get a successful 90% LTV DIP or not depends on the whole scenario of course.

SusieD70

I  am 50 years old and jointly own a buy to let house with my mum (aged 72) valued at £170k with an outstanding mortgage of £50k over 11 years. I want to consolidate my debt of £40k and remortgage the property for £90k over 13 years max. I’m becoming pretty disheartened at product recommendations from a broker never getting anywhere. Can  anyone recommend somebody who can help me?

K_S

@susied70 What's the minimum term you can live with? And what's the reason your broker has given you for not being able to place the case? I don't see anything evident in your post that may stop you from getting a debt con capital raise remo at less than 60% LTV.

hollisandchar

I applied for Halifax mortgage last week. What determines if the survey will be physical or desktop? How long are Halifax mortgage offers taking at the moment?
We are looking to buy a house that was built in 2019. We are both employed and my partner earns £45k and I earn £12k and we will be borrowing £249k (90% ltv). We have no loans/debts/credit cards at all and very clean credit history. 

hollisandchar

*by survey I mean valuation survey. Thanks!

K_S

hollisandchar said:

I applied for Halifax mortgage last week. What determines if the survey will be physical or desktop? How long are Halifax mortgage offers taking at the moment?
We are looking to buy a house that was built in 2019. We are both employed and my partner earns £45k and I earn £12k and we will be borrowing £249k (90% ltv). We have no loans/debts/credit cards at all and very clean credit history. 

@hollisandchar

- There's no hard and fast rule unfortunately. I've had 85% LTV that went to desktop vals and 60% LTV cases that had physical valuations. I guess it's down to how much information there is on comparable sales in the area.

- My last few Halifax mortgage offers with PAYE basic income applicants came though in 1-2 days where desktop vals were done. For physical vals they came through the same day of the val or day after. If it is picked up for manual underwriting (variable pay, high debt, any other significant deviations from standard apps, etc) then it will take a bit longer.

- 90% LTV cases are more likely to go to manual underwriting than lower LTVs so that may happen in your case. Nothing to worry about on its own though. Good luck!

SusieD70

K_S said:

@susied70 What's the minimum term you can live with? And what's the reason your broker has given you for not being able to place the case? I don't see anything evident in your post that may stop you from getting a debt con capital raise remo at less than 60% LTV.

I could do 12 years so it’s paid by the time I retire. Broker had said either my mum’s age is preventing it or the amount of debt I have which is ridiculous because it would all be paid off in the mortgage!