Mortgage broker - ask me anything

RueMav

K_S said:

RueMav said:

Hi All, 
I am doing some research on purchasing a property. 
We earn over £75k household income
I have 3 defaults from 2015/2016 which I'm paying 
I have 3  credits cards that I pay each month. I am working on closing these by the end of year.
Will I be able to get a mortgage with any high Street lenders or nor. Please help me. 
Thank you

@ruemav Depends on the details of your credit history and your borrowing requirements. With multiple unsatisfied defaults, the case is unlikely to be placeable with high-street lenders but you may still have access to mainstream-ish rates depending on the details.

Thank you very much. Is there a tool that can help show how much I can borrow and the likelihood of getting a mortgage please.

jam83

We are applying for a mortgage advance to do some work to the house we have lived in for several years. Everything appeared to be progressing well, but now they are querying my employment history. 

I’m in a full time permanent job, which I started in September and prior to this was not classed as employed as I was a trainee teacher in receipt of a bursary.
Do you know if this will affect my application? I would ring them to ask, but they (the Newcastle) are closed. It is a joint application and we have a v. good credit rating. My husband has a good job, but it wouldn’t be enough to get the mortgage on just his salary.

K_S

RueMav said:

K_S said:

RueMav said:

Hi All, 
I am doing some research on purchasing a property. 
We earn over £75k household income
I have 3 defaults from 2015/2016 which I'm paying 
I have 3  credits cards that I pay each month. I am working on closing these by the end of year.
Will I be able to get a mortgage with any high Street lenders or nor. Please help me. 
Thank you

@ruemav Depends on the details of your credit history and your borrowing requirements. With multiple unsatisfied defaults, the case is unlikely to be placeable with high-street lenders but you may still have access to mainstream-ish rates depending on the details.

Thank you very much. Is there a tool that can help show how much I can borrow and the likelihood of getting a mortgage please.

@ruemav Not that I'm aware of I'm afraid. The MSE mortgage finder will give you all the products in the market https://www.moneysavingexpert.com/mortgages/best-buys/ but not the likelihood of getting one with the adverse details you have mentioned.

K_S

jam83 said:

We are applying for a mortgage advance to do some work to the house we have lived in for several years. Everything appeared to be progressing well, but now they are querying my employment history. 

I’m in a full time permanent job, which I started in September and prior to this was not classed as employed as I was a trainee teacher in receipt of a bursary.
Do you know if this will affect my application? I would ring them to ask, but they (the Newcastle) are closed. It is a joint application and we have a v. good credit rating. My husband has a good job, but it wouldn’t be enough to get the mortgage on just his salary.

@jam83 Don't quote me on this and hopefully I'm not mis-remembering but off of the top of my head, Newcastle require 12 months continous employment history so that's what might they might be verifying. If that is the case hopefully they'll have some leeway to consider your previous trainee teacher role favourably.

chris198

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hi have just asked a question on another thread Halifax mortgage submitted, i would be extremely grateful if you could take a look and give me some advice  

jam83

@K_S thank you.
I don’t suppose you know of any mortgage companies that will accept less than 12 months employment history? If not we will have to wait until September and reapply I suppose.

K_S

jam83 said:f

@K_S thank you.
I don’t suppose you know of any mortgage companies that will accept less than 12 months employment history? If not we will have to wait until September and reapply I suppose.

@jam83 There are many who will consider, but if your current mortgage is with Newcastle, then you can't get a further advance from a different lender.

DTlovescakes

I have a mortgage offer (new build, first home, using help to buy) received last month that I believe could be bettered using a different broker and lender. 

We were ‘encouraged’ to use the developers recommended service & whilst the process started okay it got very tedious towards the end & I don’t believe we got the best mortgage.

We are approaching exchange, but have some final paperwork to sign off.

Can we seek out a different MA and lender, or are we too late. Completion date isn’t likely to be until August/September.

Thanks in advance!

K_S

DTlovescakes said:

I have a mortgage offer (new build, first home, using help to buy) received last month that I believe could be bettered using a different broker and lender. 

We were ‘encouraged’ to use the developers recommended service & whilst the process started okay it got very tedious towards the end & I don’t believe we got the best mortgage.

We are approaching exchange, but have some final paperwork to sign off.
Can we seek out a different MA and lender, or are we too late. Completion date isn’t likely to be until August/September.
Thanks in advance!

@dtlovescakes Yes you can, in principle there's no problem with that.

kingstreet

DTlovescakes said:

I have a mortgage offer (new build, first home, using help to buy) received last month that I believe could be bettered using a different broker and lender. 

We were ‘encouraged’ to use the developers recommended service & whilst the process started okay it got very tedious towards the end & I don’t believe we got the best mortgage.

We are approaching exchange, but have some final paperwork to sign off.

Can we seek out a different MA and lender, or are we too late. Completion date isn’t likely to be until August/September.

Thanks in advance!

Take care here. You can't use a standard product for a HTB purchase. You need to pick from each lender's HTB range. Ensure you are comparing like with like. A protracted process may mean there is something in your make-up, or the property's which sent the broker to a particular lender.