Mortgage broker - ask me anything

Safe'n'Sound

Mortgage Broker - Asking for TOP 3!!
80% LVT, £400k mortgage, 25yr term ending up to age 75. All pre confirmed by broker.
We have 3 to choose so asking 1st, 2nd & 3rd best option for: -
Relaxed Underwriting ---- Speed from application to offer ---- Valuation (do they often undervalue)
Confirmed final choice of: -
a) Clydesdale
b) Nationwide
c) TSB

Carmen12

hello again :
just my broker called me and asked me my credit karma report... i  havent time to ask her so im writing here the lenders are checking that credit reports? 
 2.do they have the same information that i can see in the report?
3. if im  shooping today with a credit card when this will reflect in my credit report .? next day or when the credit card will send the information 
sorry but im new with all this kind of things /////

secla

Im considering a 5% LTV mortgage with the new government backed scheme. Obviously there not released yet but i guess the question is more general mortgage question anyway.
I have recently payed off a large amount of credit card debt all at once that had sat on cards for a long time. Looking to apply for a mortgage in the next 2-3 months and wondering how negatively banks will see this and if I (we) will get a mainstream mortgage. income wise we earn enough for what we want to borrow and never had any missed payments CCJs etc.

K_S

secla said:

Im considering a 5% LTV mortgage with the new government backed scheme. Obviously there not released yet but i guess the question is more general mortgage question anyway.
I have recently payed off a large amount of credit card debt all at once that had sat on cards for a long time. Looking to apply for a mortgage in the next 2-3 months and wondering how negatively banks will see this and if I (we) will get a mainstream mortgage. income wise we earn enough for what we want to borrow and never had any missed payments CCJs etc.

@secla The recently paid off credit card debt, if reflected accurately in your credit report by the time you apply, should on its own have no material impact on your mortgage chances.

impatient2020

Hi there. 

Got a post furlough mortgage application query. I am heading back to work on 26th April after being on furlough for a year by then. My husband is self employed and will be getting his latest tax sorted ASAP. 

Are there any issues with lenders approving mortgage offers with a history of furlough? I have been reading horror stories of this. Also husband took the very first self employed grant but didn’t take any others as his job turned out to be unaffected, would this also be a red flag to lenders? 

We really need to move ASAP and hope to re-start the property search in May. 

K_S

impatient2020 said:

Hi there. 

Got a post furlough mortgage application query. I am heading back to work on 26th April after being on furlough for a year by then. My husband is self employed and will be getting his latest tax sorted ASAP. 

Are there any issues with lenders approving mortgage offers with a history of furlough? I have been reading horror stories of this. Also husband took the very first self employed grant but didn’t take any others as his job turned out to be unaffected, would this also be a red flag to lenders? 

We really need to move ASAP and hope to re-start the property search in May. 

@impatient2020 If you have one full payslip with no mention of furlough, and your husband's business is no longer covid impacted, you should be ok with the right lender and this shouldn't (by itself) stop you from getting mainstream rates.

Fkhan95

Hello there. 

We’ve recently decided to make a quick dash to get on the property ladder. Got three niggling issues and advise on them would be greatly appreciated. 

Within the month of March I’ve cleared off a car finance (11k) and 0% credit card debt (3ish k) but that hasn’t been updated on my credit report yet. My credit score is excellent on experian and credit karma for what it’s worth but it’s still showing the out of date debt amount. Is this something which could be explained to the broker/lender by showing up to date account balance for the CC and car finance settlement letter?

Furthermore, my wife has recently changed from full time to part time and she was overpaid for December and Jan, which was deducted from her Feb and March pay. It has now been fully recovered. Is this something which could be explained away so to speak with the payslips (gross pay) and perhaps a letter from employer? 
Lastly, I’m in full time employment (civil servant) and I provide maths tuition (was a secondary school maths teacher before career change). By income split is 6:1 employment to self employed. I’ve got all my SA302’s from 2017-2018 onwards. Would lenders be especially wary of the self employed aspect, even though business is booming for what it’s worth since lockdowns and the schools shutting has greatly increase demand for tuition services.

Thanks for any input and much appreciated. 

K_S

Fkhan95 said:

Hello there. 

We’ve recently decided to make a quick dash to get on the property ladder. Got three niggling issues and advise on them would be greatly appreciated. 

Within the month of March I’ve cleared off a car finance (11k) and 0% credit card debt (3ish k) but that hasn’t been updated on my credit report yet. My credit score is excellent on experian and credit karma for what it’s worth but it’s still showing the out of date debt amount. Is this something which could be explained to the broker/lender by showing up to date account balance for the CC and car finance settlement letter?

Furthermore, my wife has recently changed from full time to part time and she was overpaid for December and Jan, which was deducted from her Feb and March pay. It has now been fully recovered. Is this something which could be explained away so to speak with the payslips (gross pay) and perhaps a letter from employer? 
Lastly, I’m in full time employment (civil servant) and I provide maths tuition (was a secondary school maths teacher before career change). By income split is 6:1 employment to self employed. I’ve got all my SA302’s from 2017-2018 onwards. Would lenders be especially wary of the self employed aspect, even though business is booming for what it’s worth since lockdowns and the schools shutting has greatly increase demand for tuition services.
Thanks for any input and much appreciated. 

@fkhan95 Quick thoughts

- Debt not updated: This shouldn't be a biggie, just needs to be keyed in properly by the broker so the system doesn't flag any undisclosed commitments. Not exactly sure how it would be direct.

- Wife being overpaid: Again, this should not be a showstopper as long as it is packaged properly. If by the time you apply she has a clean payslip, that would be even better.

- Not exactly sure what you mean by 'wary'? If you want the tuition income to be considered, with the history outlined it should not be a problem, especially as it is not affected by covid.

Good luck!

Fkhan95

K_S said:

Fkhan95 said:

Hello there. 

We’ve recently decided to make a quick dash to get on the property ladder. Got three niggling issues and advise on them would be greatly appreciated. 

Within the month of March I’ve cleared off a car finance (11k) and 0% credit card debt (3ish k) but that hasn’t been updated on my credit report yet. My credit score is excellent on experian and credit karma for what it’s worth but it’s still showing the out of date debt amount. Is this something which could be explained to the broker/lender by showing up to date account balance for the CC and car finance settlement letter?

Furthermore, my wife has recently changed from full time to part time and she was overpaid for December and Jan, which was deducted from her Feb and March pay. It has now been fully recovered. Is this something which could be explained away so to speak with the payslips (gross pay) and perhaps a letter from employer? 
Lastly, I’m in full time employment (civil servant) and I provide maths tuition (was a secondary school maths teacher before career change). By income split is 6:1 employment to self employed. I’ve got all my SA302’s from 2017-2018 onwards. Would lenders be especially wary of the self employed aspect, even though business is booming for what it’s worth since lockdowns and the schools shutting has greatly increase demand for tuition services.
Thanks for any input and much appreciated. 

@fkhan95 Quick thoughts

- Debt not updated: This shouldn't be a biggie, just needs to be keyed in properly by the broker so the system doesn't flag any undisclosed commitments. Not exactly sure how it would be direct.

- Wife being overpaid: Again, this should not be a showstopper as long as it is packaged properly. If by the time you apply she has a clean payslip, that would be even better.

- Not exactly sure what you mean by 'wary'? If you want the tuition income to be considered, with the history outlined it should not be a problem, especially as it is not affected by covid.

Good luck!

Thanks for your quick response. By wary I meant would they be hesitant to take tuition income into consideration since I’ve been hearing horror stories with regards to self employment. But this clears it up, thanks a lot! 

Capri84

A house has literally popped up this morning that we are very interested in. 

My wife is flexi-furloughed and I’m shielding. Both return to work over the next few weeks - would it be possible to get a DIP to allow us to make an offer, but then the ‘real’ payslips won’t be available until the back end of may? Is that doable?