Mortgage broker - ask me anything

stokegal

No questions here but wanted to give you an update on what I did after asking for your advice.

I had failed the credit check with Halifax who rejected my application based on my credit file (affordability was fine)

I sought an independent broker who managed to get a AIG from Leeds Building Society for a mortgage of £125k against a property for £160k (concessionary discount of £35k as I’m buying the property from my dad) - fixed for 2 years at 1.95% with a £999 fee

The application was submitted today and hopefully will go through the underwriters by the start of next week.

I'm a natural worried so my next worry is that they won’t value the property at £160k which means that the ratio would be higher than the 80% product I’m looking at but we will cross that bridge if it comes up!

Until then I have everything crossed! 🤞🤞🤞🤞

Wd85

Wd85 said:

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

They do all have settled or satisfied just checked.

Hazeloliver

Hi guys .. 
I have the opportunity to pay off my mortgage.. I have 10 years let on it .. 1.67% term end Oct 2021 
or
Do I get a new product 1.09% 2 years fixed but the term is 15 yrs 

any advise greatly received . 

sillymonkey03

Hi All, 

I am new to the site and I am a first time buyer. 

We have applied for a NatWest Mortgage online and have been waiting two days for a reference to be created and docs to be requested. However today we have received a text saying 

Thank you for submitting your online mortgage application. We regret that we are unable to progress your submission via a non advised channel. 

Is this my application has been declined or that we are required to apply via a advised channel? 

Just to note we had a mortgage in principle from them . They have not done any hard searches or requested docs or provided a mortgage reference. 

Any help would be great, as you can imagine we are slightly stressed. 

simone82

K_S said:

simone82 said:

Evening all, hope someone can help

My partner has just started a new role where he does shifts, gets paid weekly and each day of the week is paid at a different rate depending on the day start time of shift (eg a mon morning would be a different rate to a sunday afternoon or evening)

How do I reflect this when trying to work out our total income as I cant predict his annual salary as he gets paid differently each week?

Also if I have a lifetime Isa aswell as a help to buy isa will I be charged for taking the money out of the H2B isa when it comes to buying, as we will use the LISA as part of the mortgage process and just take out the H2B and use towards as a seperate amount?

Thank you

@simone82 What kind of contract does he have - fixed hours or zero hours? And on his payslip does he get a basic hourly rate plus a shift variable rate or simply different hourly rates for different shifts?

 @K_S Thank you for your reply.  He has a fixed hours contract and simply different hourly rates for different shifts.

K_S

Wd85 said:

Wd85 said:

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

They do all have settled or satisfied just checked.

@wd85 In that case it depends on the "credit scoring" that they do, and in the basis that you have a DIP, I would expect you to be ok on the payday loan front.

K_S

sillymonkey03 said:

Hi All, 

I am new to the site and I am a first time buyer. 

We have applied for a NatWest Mortgage online and have been waiting two days for a reference to be created and docs to be requested. However today we have received a text saying 

Thank you for submitting your online mortgage application. We regret that we are unable to progress your submission via a non advised channel. 

Is this my application has been declined or that we are required to apply via a advised channel? 

Just to note we had a mortgage in principle from them . They have not done any hard searches or requested docs or provided a mortgage reference. 

Any help would be great, as you can imagine we are slightly stressed. 

@sillymonkey03 Not a decline, just that your application doesn't meet the requirements for a non-advised sale.

It could be due to a variety of reasons but not necessarily anything to worry about. Just book an advice call with NatWest or use a broker.

louj22

I feel like I’m hitting a brick wall. I have 3 defaults on my file, 2 are over five years and one is 30 months old but for just over £700. Affordability is good and stable job as a teacher with good income. 

Have 5% deposit so getting nowhere with lenders. How much more scope would I have with 10%? Not bothered about having a high street lender - does anyone know of any lenders that would accept default under 3 years and over £500? Have a house ready to buy! 

Thanks 

sillymonkey03

Hi K_S, 

Thank you for getting back to me. 

We were shocked as we had a AIP. We both have no defaults or CCJs. We have checked our credit files and nothing negative on there. They have not done any hard checks, asked for docs. The only thing we can think of is we are First Time Buyers. My partner has been with NatWest since being a kid and is always being asked if she wants credit cards and loans. I am with Halifax and are the same. 

Do you think we need to worry as we have been accepted on a house. 

Thanks again. 

K_S

sillymonkey03 said:

Hi K_S, 

Thank you for getting back to me. 

We were shocked as we had a AIP. We both have no defaults or CCJs. We have checked our credit files and nothing negative on there. They have not done any hard checks, asked for docs. The only thing we can think of is we are First Time Buyers. My partner has been with NatWest since being a kid and is always being asked if she wants credit cards and loans. I am with Halifax and are the same. 

Do you think we need to worry as we have been accepted on a house. 

Thanks again. 

@sillymonkey03 Honestly there's likely nothing to worry about It's just regulations as to what kind of application can be non-advised/execution-only and what kind requires advice. It could well be the fact that you're FTBs, or quite a few other potential reasons.

Execution only is still quite new so lenders are extra cautious.