Mortgage broker - ask me anything

oakbay

Hi, I could really do with some urgent advice please, I have divorced & am needing to take the mortgage on in just my name but I am chronically ill & therefore classed as disabled & also sadly so are our 2 children who I care for best I can whilst managing my own health, (they are 16 & 19 now.) I need to find a mortgage company who will approve me on a benefits only mortgage & also take in to account the child support from their father that we have agreed. I have tried speaking to NatWest, our current lender, Virgin Money & London & County Brokers but so far no luck, I have not had an credit searches done, just preliminary chats. My Experian score is 999 & I can afford to pay, I just need to find someone willing to lend! Please help! 

Many thanks Kathy. 🌈

K_S

oakbay said:

Hi, I could really do with some urgent advice please, I have divorced & am needing to take the mortgage on in just my name but I am chronically ill & therefore classed as disabled & also sadly so are our 2 children who I care for best I can whilst managing my own health, (they are 16 & 19 now.) I need to find a mortgage company who will approve me on a benefits only mortgage & also take in to account the child support from their father that we have agreed. I have tried speaking to NatWest, our current lender, Virgin Money & London & County Brokers but so far no luck, I have not had an credit searches done, just preliminary chats. My Experian score is 999 & I can afford to pay, I just need to find someone willing to lend! Please help! 

Many thanks Kathy. 🌈

@oakbay As long as it isn't too high an LTV, you may have a few options subject to the different income streams meeting the lender's criteria on sustainability and affordability. It is not going to be Santander-NatWest rates though. L&C are good enough for straightforward cases, I would recommend getting in touch with an experienced broker who actually has the time to look at all the details and speak to a few lenders.

jazzyja

Does anyone know if TSB do their valuation and homebuyers survey at the same time?? Valuation was meant to be today but seller says no one has even arranged for today. Perhaps a drive by valuation? Survey separate??

SuzieP2475

Hi, can you tell me if it possible for us to go as guarantor on a mortgage application for my son who as a ccj? The affordability is fine for him it’s just he as a 2.5 year ccj that will not drop off his file for 6 years so wondered if lenders would lend him the money if we went as guarantor. 

K_S

SuzieP2475 said:

Hi, can you tell me if it possible for us to go as guarantor on a mortgage application for my son who as a ccj? The affordability is fine for him it’s just he as a 2.5 year ccj that will not drop off his file for 6 years so wondered if lenders would lend him the money if we went as guarantor. 

@suziep2475 He might have specialist options with a 2.5 year old CCJ anyway. You being on the mortgage as a joint borrower or a guarantor is unlikely to make those options any more palatable as most lenders will take the "worst" applicant's credit profile into consideration.

bluey1406

Hello, would be grateful for any advise on acceptance for mortgage please. We'd like to move but worried we won't be accepted for a new mortgage. Situation is that we have a couple of missed payments on mortgage over 5 years ago. We also have around 60k debt on loans and credit cards; cards are maxed at the moment but all up to date with no missed payments. All debt  will be repaid from proceeds of sale so new mortgage will be free from any other debt.  We would then have a big deposit also from sale as have a lot of equity so LTV on new property will be less than 75%. Looking to buy at £400k max but likely less. We have a joint income of £88k both been in current jobs 5+ years.  Thanks for any help/advice 🙂

K_S

bluey1406 said:

Hello, would be grateful for any advise on acceptance for mortgage please. We'd like to move but worried we won't be accepted for a new mortgage. Situation is that we have a couple of missed payments on mortgage over 5 years ago. We also have around 60k debt on loans and credit cards; cards are maxed at the moment but all up to date with no missed payments. All debt  will be repaid from proceeds of sale so new mortgage will be free from any other debt.  We would then have a big deposit also from sale as have a lot of equity so LTV on new property will be less than 75%. Looking to buy at £400k max but likely less. We have a joint income of £88k both been in current jobs 5+ years.  Thanks for any help/advice 🙂

@bluey1406 A few lenders may blanket decline for any mortgage arrears on credit report but on the whole, at 75% you should be fine, based on the limited info in your post.

bluey1406

Thanks so much for the quick reply. Not sure if you can answer this or not but who ought we avoid or target lender wise given your reply about blanket decline from some? We currently bank with Nat West FYI 

K_S

bluey1406 said:

Thanks so much for the quick reply. Not sure if you can answer this or not but who ought we avoid or target lender wise given your reply about blanket decline from some? We currently bank with Nat West FYI 

@bluey1406 Apologies, I can't really name any lenders as that could be construed as advice based on little to no information. The individual lenders will be happy to tell you what their policy is if you ask them though not often than not it'll be "subject to credit score".

NewToThis2021

Hi all, anyone know whether it is possible and what the process would be for changing a product after offer but before its been accepted? Would the application start from scratch including credit checks, providing documents etc?