Mortgage broker - ask me anything

user58

I am a single person aged 62 wanting to buy a small property between £140k and £180k.

I have £65k  deposit and want to take a mortgage for the balance, what sort of term length do lenders stretch to at my age as It is my intention to work to 70 at least.

Would I be best to use a broker and which lenders are best for my needs.

K_S

user58 said:

I am a single person aged 62 wanting to buy a small property between £140k and £180k.

I have £65k  deposit and want to take a mortgage for the balance, what sort of term length do lenders stretch to at my age as It is my intention to work to 70 at least.

Would I be best to use a broker and which lenders are best for my needs.

@user58 Unless you have substantial pension income due to kick in after retirement, the max term you are likely to get is 7 years. Your financial circumstances (income, outgoings, debt, etc) will need to meet the lender's affordability calculation to borrow 75-115k over 7 years.

Capri84

K_S

In your experience with Halifax, does being an existing bank account customer curry any favour with them? 

Does having a DIP with Coventry (along with a hard search) go against any further applications with Halifax (or anyone else)

&

My credit history is perfect, as is my wife’s... apart from a 3 month ‘missed payment’ with EE back in 2017. It’s a farce how it came about but seems to be difficult to get it removed, would that significantly impact a 95% application? 

K_S

Capri84 said:

K_S
In your experience with Halifax, does being an existing bank account customer curry any favour with them? 

Does having a DIP with Coventry (along with a hard search) go against any further applications with Halifax (or anyone else)
&
My credit history is perfect, as is my wife’s... apart from a 3 month ‘missed payment’ with EE back in 2017. It’s a farce how it came about but seems to be difficult to get it removed, would that significantly impact a 95% application? 

@capri84

- in my experience, having an account with the lender you are applying to has no material impact on your chances of a positive result.

- on its own, one hard check is unlikely to have any lasting impact

- if you get past the DIP, I would not expect a couple of 4 year old telecom missed payments to lead to a decline at full application

Wd85

Do you think I may have a chance of getting a mortgage for 77,000 from Halifax with a 52,000 deposit? I have recent pay day loans from January but all paid off in the feb before they was suppose to of been.
I have no debt, ccjs or defaults. 

Wd85

Forgot to add I do have a dip with Halifax for £80,000 as I did this last week.

curiousalways

Has any one here being a self employed dual application mortgage got a rejection from lender.
my broker told me if we put 25 percent deposit than the chances are 99 percent, after 3 days I got a call from him saying bank needs to see the latest 3 months business statements and if we have taken business grants and if there is no transaction than they might reject the application, but at the same time they took certificate from our accountant at the start of application and now they are asking for projection report for both companies and bank statements.
Unfortunately we have took business grants and were on furlough too, but why will they not approve by looking at the latest company figures.

Has anyone come across this situation if yes was mortgage rejected or approved.

Thank you very much  

K_S

@curiousalways For applicants with self-employed income, if the lender asks for recent bank statements at underwriting the usual reason is to confirm that the business is trading normally in line with the accounts figures submitted.

Unfortunately, all the broker can do is pick a lender who doesn't ask for recent business bank statements upfront. There's no guarantee that they don't ask for them at underwriting for self employed applicants.

K_S

Wd85 said:

Do you think I may have a chance of getting a mortgage for 77,000 from Halifax with a 52,000 deposit? I have recent pay day loans from January but all paid off in the feb before they was suppose to of been.
I have no debt, ccjs or defaults. 

@wd25 Are they showing as settled on the latest credit reports? 

Wd85

K_S said:

Wd85 said:

Do you think I may have a chance of getting a mortgage for 77,000 from Halifax with a 52,000 deposit? I have recent pay day loans from January but all paid off in the feb before they was suppose to of been.
I have no debt, ccjs or defaults. 

@wd25 Are they showing as settled on the latest credit reports? 

Yes they are showing settled/satisfied I’m sure I saw on one I took one out in the December and November but none since all paid off