Mortgage broker - ask me anything

Wes121708

We've just been declined for a mortgage with Aldermore due to our credit card debts. We had a 10% deposit and wanted to borrow 256000.  Our credit card debts are around 28k and our income is 85k. 
Our broker is having another look and mentioned Kensington. 
I'm not confident and feel we should try and clear down some debt. We have 29k for a deposit and my thinking is we use half to reduce our credit cards and then try and go for a 95%. We have squeaky clean credit apart from credit card debt. What would be our options if any?? 

K_S

@wes121708 Depends on what the reasons were for going to Aldermore in the first place. Any adverse, were you falling credit scores for other lenders, did your broker try any other DIPs before settling on Aldermore?

jenn229911

Hey please could I have a reply on my comment? Thanks 

Wes121708

K_S said:

@wes121708 Depends on what the reasons were for going to Aldermore in the first place. Any adverse, were you falling credit scores for other lenders, did your broker try any other DIPs before settling on Aldermore?

He tried Leeds but declined dip. We we're using overdraft each month and high utilisation but we have since cleared our overdraft and are comfortably living with surplus in our bank.
Our credit scores are fair with TransUnion. We have no ccjs no missed payments. 
Our broker said to go with Aldermore as based on everything we had given him we would get it and that he was quietly confident!

K_S

Wes121708 said:

K_S said:

@wes121708 Depends on what the reasons were for going to Aldermore in the first place. Any adverse, were you falling credit scores for other lenders, did your broker try any other DIPs before settling on Aldermore?

He tried Leeds but declined dip. We we're using overdraft each month and high utilisation but we have since cleared our overdraft and are comfortably living with surplus in our bank.
Our credit scores are fair with TransUnion. We have no ccjs no missed payments. 
Our broker said to go with Aldermore as based on everything we had given him wef e would get it and that he was quietly confident!

@wes121708 I can't second guess your broker as he has all the pertinent information and anything I say is mostly based on very limited information. I don't see enough in your post to guess why he only dipped Leeds before heading to Aldermore.

If you trust his work then follow his lead. If you think he's out of his depth then consider finding another broker.

K_S

jenn229911 said:

Hi, I am hoping to get a mortgage around September this year just me and my son. I am looking at houses around £140/150k and will have 10% deposit. I have a good income of £35k and no outgoings apart from mobile phone and car insurance however I have 3 defaults on my credit file. Two with satsuma loans both for less than £500 from August 2017 - these only show on Experian and one with Eon for £1k from Feb 2019 - this only shows on equifax, do you think I would get a mortgage anywhere? My credit with equifax is fair but I cannot get out of the poor section with Experian. I would also like the take advantage of the 95% mortgages but I am guessing this would not be possible due to the defaults. Any advice would be great please.  

@jenn229911 There's not enough information to say, but generally speaking, you should have specialist options at 90%. I wouldn't think 95% is possible.

Wes121708

K_S said:

Wes121708 said:

K_S said:

@wes121708 Depends on what the reasons were for going to Aldermore in the first place. Any adverse, were you falling credit scores for other lenders, did your broker try any other DIPs before settling on Aldermore?

He tried Leeds but declined dip. We we're using overdraft each month and high utilisation but we have since cleared our overdraft and are comfortably living with surplus in our bank.
Our credit scores are fair with TransUnion. We have no ccjs no missed payments. 
Our broker said to go with Aldermore as based on everything we had given him wef e would get it and that he was quietly confident!

@wes121708 I can't second guess your broker as he has all the pertinent information and anything I say is mostly based on very limited information. I don't see enough in your post to guess why he only dipped Leeds before heading to Aldermore.

If you trust his work then follow his lead. If you think he's out of his depth then consider finding another broker.

Thanks for your help @k_s. 
We're speaking with him again on Tuesday to see what our options are. We've already had a discussion with him and asked him if he is out of his depth and he's assured us he's not. He's done a really good job in getting all of our docs ready and preped. 
Do you know what lenders would look at us with a high debt to income or would we stand a chance reducing our debt to 10k and trying for a 95%??

katykins05

Hi, have any of your clients previously furloughed been asked to provide a payslip for Santander showing they are back at work after initially being told that a letter from an employer confirming return and hours etc would be enough? Asking on behalf of a friend who is concerned this could happen and delay her application by another 4 weeks. Thanks!

Sam3007

Sam3007 said:

hi there,
I am a FTB and I received a mortgage offer from Halifax for a new build house. The house will be ready in August. I am renting privately but there is a big chance I might need to change address between now and completion in August. My question is:
Will changing the address (bank, driving license, council tax, electoral register) affect any more soft or hard checks done by Halifax before completion?
I am worried that changing the address will decrease my credit score or/and flag up if Halifax do any more hard checks as I was told that they do hard checks every three months before completion and changing address might take some time to update on credit score agencies ..etc. 
Thanks 

@K_S Kind reminder of my question page 363, thanks   

K_S

Sam3007 said:

Sam3007 said:

hi there,
I am a FTB and I received a mortgage offer from Halifax for a new build house. The house will be ready in August. I am renting privately but there is a big chance I might need to change address between now and completion in August. My question is:
Will changing the address (bank, driving license, council tax, electoral register) affect any more soft or hard checks done by Halifax before completion?
I am worried that changing the address will decrease my credit score or/and flag up if Halifax do any more hard checks as I was told that they do hard checks every three months before completion and changing address might take some time to update on credit score agencies ..etc. 
Thanks 

@K_S Kind reminder of my question page 363, thanks   

@sam3007 Sorry I can't really hazard a guess as to what impact there may or may not be. Unfortunately, it's not an exact science and there aren't any hard and fast rules which tell you what may happen in these scenarios.