Mortgage broker - ask me anything

K_S

Bobthebuildercanyoufixit said:

@K_S the most recent payday was settled in november 2020, so 6months would take us to beginning of May 2021- so a month away. 

Well we initially tried 5% with skipton i believe- i think we have had like 5 credit applications in the last 12months now!  
i heard on the other post someone has payday loans used in 2019 last which makes it 12 months ago but they have missed payments and ther broker has gone through with Aldermore... i know every situation is different but would you say aldermore is a good shout?? I mean i dont know what there criteria is with payday loans though.

many thanks

@Bobthebuildercanyoufixit I'm afraid you have been given some very poor advice and really need to stop applying willy-nilly. Off of the top of my head, Aldermore requires at least 6 mnths clear and (how old your most recent payday loan is) is just one part of the equation

.

user58

K_S said:

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.

Sorry I did not make myself clear.

If I work on beyond 70 , say to 72/73 would I be able to get a mortgage till then and if so would it only be available from selected lenders?

Wd85

From my previous post about Halifax and payday loans my score stayed at 805 on Experian. Do you think Halifax will accept me as it’s around a 60 Ltv?

K_S

Wd85 said:

From my previous post about Halifax and payday loans my score stayed at 805 on Experian. Do you think Halifax will accept me as it’s around a 60 Ltv?

@wd85 Kindly scroll back a bit, I have answered your question as best as I can.

K_S

LK78 said:

Hi Brokers. I know the answer but can you finally confirm for me (really struggling)
I own a house outright in my name. Sibling lives there, vulnerable person, does not pay rent but pays everything for said house. I rent elsewhere.
I was told I could use this house to raise a deposit for my own home but now this appears not to be true, turned down left right and centre (not full applications, broker said they all said no) So this house actually just costs me money (2nd home stamp duty)
I don't have affordability on the place I wish to purchase without raising some deposit this way.

Is there anything I can do or just carry on saving? (please note I DO NOT begrudge my sibling in any way!)
Thank you

@LK78 Impossible to say what options you may or may not have without the whole scenario but if you have run your case past more than one experienced broker and they haven't been able to help then I would imagine it's unlikely.

K_S

user58 said:

K_S said:

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.

Sorry I did not make myself clear.

If I work on beyond 70 , say to 72/73 would I be able to get a mortgage till then and if so would it only be available from selected lenders?

@user58 Once you are past your late 50s (or within ~10 years of retirement), lender criteria often doesn't permit lending past 70. In any case your options (due to age and proximity to 70) will be limited. I would recommend getting in touch with an experienced broker. If you don't want to use one, then you could use MSE mortgage finder to bring a up a list of options and go down them one by one.

laurent22

Hello,

I work in the beauty industry and am in my first month back in work following furlough.  My partner works full time and has never been furloughed.  We have saved a 10% deposit, how many full months pay slips would you guess I would need without furlough before applying for a mortgage please?  Its so frustrating as we have had the money ready since last April. Thanks.

K_S

laurent22 said:

Hello,

I work in the beauty industry and am in my first month back in work following furlough.  My partner works full time and has never been furloughed.  We have saved a 10% deposit, how many full months pay slips would you guess I would need without furlough before applying for a mortgage please?  Its so frustrating as we have had the money ready since last April. Thanks.

@laurent22 You should have options with one full month's payslip with no mention of furlough on it. Do keep in mind that at 90% LTVthere is likely to be a decent amount of scrutiny so make sure you run it past the lender before applying or use a broker who will do that 

Wd85

I can only see were you’ve put depends on the credit scoring. That’s how come I thought I’d ask as my credit score on equifax is 805 and I have a 60% ltv. If you’ve commented on that post my apologies I can’t see it.

K_S

Wd85 said:

I can only see were you’ve put depends on the credit scoring. That’s how come I thought I’d ask as my credit score on equifax is 805 and I have a 60% ltv. If you’ve commented on that post my apologies I can’t see it.

@wd85 The Experian/Clearscore'CareditKarma credit scores are not taken into consideration by lenders. Every mainstream lender has an internal "credit scoring" that they do based on what is in your credit history, you financial circusmatcnesm etc.
I wish I could give you a black and white answer but it isn't that straightforward unfortunately.