Mortgage broker - ask me anything

K_S

Wd85 said:

K_S said:

Wd85 said:

I have applied with Santander.. my loan for 78,000 has been provisionally accepted as I have a 40% deposit is this good? Or does this still mean under writers etc?

@wd85 Sorry, what do you mean by "provisionally accepted". And what is it that you're worried about?

I applied for 78k mortgage and after I did my full application it said provisionally approved. I’m just wondering if this means it will by pass the underwriters and I may get my offer soon after they’ve approved my payslip I had to send them.

@wd85 Apologies, I don't know how it works direct so am not entirely sure what that means. Good luck!

K_S

Wenders1984 said:

Hi my fiancé and I are wanting to get on the ladder. We've noticed the 5% deposits coming back in but he's unsure about them and thinks we should wait to save more deposit. I'm concerned if we don't hop on the ladder now we'll never get the chance. We rent and rent in our area keeps increasing. Would you suggest we hold tight?

@wenders1984 Not really a mortgage question unfortunately As I'm sure you are aware, there are pros and cons for both options.

Is there anything in particular about 95% LTV mortgages that you are worried about?

owen2014

Hey

i know there is a couple of brokers that comment on this page but does anyone have an information on how I find a decent bad credit broker? Happy to PM any on here if any recommendation thanks 

hev3049

K_S and ACG

Cookies111

Hi. I am buying a shared ownership apartment and using an IFA, who did my initial assessment, up to mortgage application. Unfortunately he told me after the application that the lender (Leeds) will not accept my gifted deposit because it is from a friend and they only accept gifted deposits from family members.

The problem is that once my friend gave me the deposit (£4000) I transferred it into my Skipton LISA (thinking I will pay it directly from there to the solicitors when the time comes). But if I now withdraw the money and say give to a family member to give back to me I believe I will be charged 25% by Skipton. My IFA just said we need an alternative but I told him I don't have one. So I said it there is no solution I would like to complain as it did not say on the gifted deposit form that it must come from a family member. So he then said he has raised my complaint for me and now cannot have any communication with me whilst it's raised. My exchange of contracts deadline is in just over a week and I don't know what to do now. Any advice welcome. I plan to call the IFA's firm in the morning but would like to know what to expect as I've lost confidence in them now. 

K_S

Cookies111 said:

Hi. I am buying a shared ownership apartment and using an IFA, who did my initial assessment, up to mortgage application. Unfortunately he told me after the application that the lender (Leeds) will not accept my gifted deposit because it is from a friend and they only accept gifted deposits from family members.

The problem is that once my friend gave me the deposit (£4000) I transferred it into my Skipton LISA (thinking I will pay it directly from there to the solicitors when the time comes). But if I now withdraw the money and say give to a family member to give back to me I believe I will be charged 25% by Skipton. My IFA just said we need an alternative but I told him I don't have one. So I said it there is no solution I would like to complain as it did not say on the gifted deposit form that it must come from a family member. So he then said he has raised my complaint for me and now cannot have any communication with me whilst it's raised. My exchange of contracts deadline is in just over a week and I don't know what to do now. Any advice welcome. I plan to call the IFA's firm in the morning but would like to know what to expect as I've lost confidence in them now. 

@cookies111 Sorry to hear about the trouble you have had. At first glance it looks like the broker's mistake as he should have clearly asked you about the source of deposit well before the DIP, let alone a full application. However, that doesn't translate into them being responsible for your LISA penalty. If they did make a mistake, the remedy would be restricted to any non-refundable fees that you have lost (eg: Leeds valuation fee, etc) as a result of their mistake.

You need a lender who offers shared ownership mortgages meeting your requirements and is happy with a deposit gifted by a friend. Your plan of withdrawing the funds, transferring it to a family member and them gifting it back to you may not work as the conveyancer will look at the source of funds and can ask for x months of bank statements.

Jennifer34

Hi. We are FTB going to apply for a AIP next week. I thought my credit score was squeaky clean as it is on all agencies. We were advised to use check my file before applying and I was surprised to see my score was low and it had a default.

It was a missed payment in 2014 on a very account but apparently not reported until the account was closed in 2017. So it stays for 6 years from then!

I asked check my file and they said it was reported when the account was settled in 2017 which is false. It was closed in 2017 due to lack of activity, there was actually no balance since 2014.

Strangely on CMF it only shows on experian and clear score yet on both of these agencies own reports my score is near perfect?

Is this going to affect our application? Will we get rejected or offered a higher rate mortgage.

Seems a bit unfair for a now 7 year old missed payment!

Thanks

Wightknight

Evening forum,

I am a 42 year old chap with another 25 years of work, however, my partner is 55 and so only has 11 years left to work.

This is the first time I’ve been in a position to buy a property, but wonder whether my partners age will make it difficult for us to get a 25 year mortgage?

Look forward to hearing your thoughts,

K_S

Jennifer34 said:

Hi. We are FTB going to apply for a AIP next week. I thought my credit score was squeaky clean as it is on all agencies. We were advised to use check my file before applying and I was surprised to see my score was low and it had a default.

It was a missed payment in 2014 on a very account but apparently not reported until the account was closed in 2017. So it stays for 6 years from then!

I asked check my file and they said it was reported when the account was settled in 2017 which is false. It was closed in 2017 due to lack of activity, there was actually no balance since 2014.

Strangely on CMF it only shows on experian and clear score yet on both of these agencies own reports my score is near perfect?

Is this going to affect our application? Will we get rejected or offered a higher rate mortgage.

Seems a bit unfair for a now 7 year old missed payment!

Thanks

@jennifer34 What's the amount, what's the default date shown on the Experian report, does it show as "Current Balance: SATISFIED", what's the last status code shown on the report?

K_S

Wightknight said:

Evening forum,

I am a 42 year old chap with another 25 years of work, however, my partner is 55 and so only has 11 years left to work.

This is the first time I’ve been in a position to buy a property, but wonder whether my partners age will make it difficult for us to get a 25 year mortgage?

Look forward to hearing your thoughts,

@wightknight If your partner intends to retire at 66 and cannot evidence a post-retiremet income sufficient to meet affordability, your term on a standard joint mortgage will be limited to 10-11 years. If they work in a role that is plausible to continue beyond that, and they intend to, lenders may be amenable to a longer term.