Mortgage broker - ask me anything

K_S

@ElmTree0512 I hope I'm not discouraging you but lenders are going to take what is in the credit report at face-value. So the onus is on you to get the record corrected where you can. At present you are unlikely to get any kind of high-LTV mortgage let alone a 95% LTV one.

Once the credit report reflects an accurate picture or as close as it is going to be, then consider reassessing your options. Realistically, based on the limited in your post, you should aim for a 15% deposit or at the very least 10% to stand a decent chance.

ElmTree0512

Thanks @K_S. Not discouraging, no, I appreciate you are just giving us a realistic opinion and one which I think we already knew. We know it’s on us to get the corrections made and we are chasing pretty much every day regarding those. We just want them gone and off his file given they are nothing to do with him but we know it’s not an overnight fix. It’s really getting us down to think someone may have used his information and while it doesn’t scare us to save because we can do it, the errors coupled with the timing have really thwarted us. 

Our landlords have said the timing they have quoted us is the earliest they would look to do anything in relation to selling, so we just hope there may be some more flexibility if they know we’re doing everything possible to strengthen our position to buy. They’ve continually told us not to panic, especially if we did have to go elsewhere (I spent several days in tears just worrying about our dog!). Obviously we want to get everything present and correct so we can consider things properly as you say. It just feels like a very big grey cloud over us at the moment.

Thanks for all the guidance you give!

MidCentury

Hi,

We applied directly with NatWest for a 95% mortgage, we had the mortgage interview on Zoom last Thursday, passed the affordability calculations and hard credit check, and the application was passed to the underwriters. I have recently paid down about £20k of my credit card balances which isn’t reflected by the credit agencies yet, I explained this in the interview and was asked today for copies of credit card statements, is it a good sign that they are asking for this information? I am trying to convince myself that they wouldn’t even bother asking for these if they were not happy with all the other details….

Thanks in advance!

MC

cosh25

Hi, just wondering for some hope really. In my job I am contracted to work 37.5 hours per week. I currently work 35 hours and then am furloughed 2.5 hours per week (everyone in the company is). These arrangements are in place until September at which point I will go back to working the full 37.5. Are there any mortgage providers that would work with that or is the part furlough just ruling me out all together? TIA

RBF92

I've reserved a house but found out the next day I face possible redundancy, how would me getting a new job affect my chances of getting a mortgage?

K_S

MidCentury said:

Hi,

We applied directly with NatWest for a 95% mortgage, we had the mortgage interview on Zoom last Thursday, passed the affordability calculations and hard credit check, and the application was passed to the underwriters. I have recently paid down about £20k of my credit card balances which isn’t reflected by the credit agencies yet, I explained this in the interview and was asked today for copies of credit card statements, is it a good sign that they are asking for this information? I am trying to convince myself that they wouldn’t even bother asking for these if they were not happy with all the other details….

Thanks in advance!

MC

@midcentury Can't really comment usefully but as long as they're asking questions, it's all good

K_S

cosh25 said:

Hi, just wondering for some hope really. In my job I am contracted to work 37.5 hours per week. I currently work 35 hours and then am furloughed 2.5 hours per week (everyone in the company is). These arrangements are in place until September at which point I will go back to working the full 37.5. Are there any mortgage providers that would work with that or is the part furlough just ruling me out all together? TIA

@cosh25 There are a couple of lenders who will consider based on actual received income. So as long as you don't require 100% of your normal income or any variable income to be considered, you may have options.

K_S

RBF92 said:

I've reserved a house but found out the next day I face possible redundancy, how would me getting a new job affect my chances of getting a mortgage?

@rbf92 Assuming there isn't too long a break between the 2 jobs, you should have options.

RBF92

K_S said:

RBF92 said:

I've reserved a house but found out the next day I face possible redundancy, how would me getting a new job affect my chances of getting a mortgage?

@rbf92 Assuming there isn't too long a break between the 2 jobs, you should have options.

Great, hopefully I can go straight into a job from this one if that's the case. 

MidCentury

K_S said:

MidCentury said:

Hi,

We applied directly with NatWest for a 95% mortgage, we had the mortgage interview on Zoom last Thursday, passed the affordability calculations and hard credit check, and the application was passed to the underwriters. I have recently paid down about £20k of my credit card balances which isn’t reflected by the credit agencies yet, I explained this in the interview and was asked today for copies of credit card statements, is it a good sign that they are asking for this information? I am trying to convince myself that they wouldn’t even bother asking for these if they were not happy with all the other details….

Thanks in advance!

MC

@midcentury Can't really comment usefully but as long as they're asking questions, it's all good

Thank you @K_S , that is reassuring to hear!