Mortgage broker - ask me anything

K_S

felinefancy said:

Hello,

My husband and I are in 57 and 55 respectively and we're looking for a mortgage as FTBs.  Currently we're in London paying £1200 per month rent and, with a transfer to Sheffield on 3rd October, we're looking to purchase a house in the very near future.   We'll most likely have to go up north and rent first (for 6 months, or until we find a house).   We've got £100k deposit and husband only wants a 5-8 year mortgage.  We've got AIPs from L&C and Mojo online mortgages, based on scenarios of either one salary or two (depending if I'm working or not), so either AIPs of £25k min up to £90k.  We would be looking to purchase in either case, max £140k so we're not overstretching ourselves.

Firstly,
i)  would it be advisable to check out other mortgage brokers, instead of free online brokers
ii)  What sort of mortgage would suit us - fixed term ones?
iii)  Could we start enquiring with other mortgage brokers now (we haven't even started looking at houses yet..) and getting quotes for conveyancers (I understand these are cheaper than solicitors?)
iii)  Anything else you would advise in our situation?

Many thanks in advance.. much appreciated.

@felinefancy Quick thoughts -

- If you are looking to buy in time for the transfer in October, then yes you should be speaking to a broker now.

- If you will be renting initially, then you could consider waiting till you are settled in a new home in Sheffield. Once you are ready to start viewings, then get in touch with a broker to get a realistic idea of your options.

- If you're only looking to borrow a max of 40k, I don't see any evident complications in your post

- it's far too early to get conveyancer quotes, they are typically valid only for a few weeks anyway

Athanasia

felinefancy said:

Hello,

My husband and I are in 57 and 55 respectively and we're looking for a mortgage as FTBs.  Currently we're in London paying £1200 per month rent and, with a transfer to Sheffield on 3rd October, we're looking to purchase a house in the very near future.   We'll most likely have to go up north and rent first (for 6 months, or until we find a house).   We've got £100k deposit and husband only wants a 5-8 year mortgage.  We've got AIPs from L&C and Mojo online mortgages, based on scenarios of either one salary or two (depending if I'm working or not), so either AIPs of £25k min up to £90k.  We would be looking to purchase in either case, max £140k so we're not overstretching ourselves.

Firstly,
i)  would it be advisable to check out other mortgage brokers, instead of free online brokers
ii)  What sort of mortgage would suit us - fixed term ones?
iii)  Could we start enquiring with other mortgage brokers now (we haven't even started looking at houses yet..) and getting quotes for conveyancers (I understand these are cheaper than solicitors?)
iii)  Anything else you would advise in our situation?

Many thanks in advance.. much appreciated.

I was very disappointed by both L&C and Mojo; they said that I would be declined by the lenders, but here I am now with a mortgage offer from Santander.  I actually lodged a formal complaint with both, Mojo just gave me a pat on the back saying good luck, but L&C took it seriously, albeit too late, as I had already gone directly.I would either do my own research or go with a recommended mortgage advisor. I had spoken to two mortgage advisors in my area who both gave me wrong information and discouraged me from applying, probably because they had not done their homework, or just don't get high commission from the lender of my choice. 

Yeer

Hello,

I am after some advice please. To cut a very long story short I have adverse credit. Had to enter into a DMP in Oct 2017 due to my husband and I currently separating. I panicked as I didn't know how I could afford the debt repayments on my own and entered into DMP. This then created defaults on most of the accounts.

I paid every month on time with no issues at all until last Aug. Stepchange cancelled my DMP as I hadn't updated my annual circumstances. I had not long had my baby and it just completely slipped my mind that my creditors wern't being paid. This wasn't because I didn't have the money it was just because I was stupid and didn't sort it out. I then paid off a couple creditors and now deal with one company that bought the debt off some of my creditors. 

My Q is what are my chances are securing a mortgage. We are attempting to buy a £349k with HTB house (offer accepted). Our deposit is gifted as an early inheritance. 
We currently have an annual joint income of £62,369 and I have literally just increased my hours (contract started yesterday so I have no payslips to prove this) so we will bringing home £72,369 (exc any child benefit.)

My husband is the main earner and has a good credit rating. 

We have been declined by Precise mortgages due to the DMP.

Please help as we are now homeless due to being evicted from our rental house as our landlord is selling. We have been on a waiting lists for rental properties for over 6months and are getting no where. Hence the reason why we are trying our luck with buying.

We do have mortgage broker and he is working on our case. But I'm going out my mind with worry so looking for any advice possible.

Thank you for taking the time to read my post. Any help or advice would be greatly appreciated. 

K_S

Yeer said:

Hello,

I am after some advice please. To cut a very long story short I have adverse credit. Had to enter into a DMP in Oct 2017 due to my husband and I currently separating. I panicked as I didn't know how I could afford the debt repayments on my own and entered into DMP. This then created defaults on most of the accounts.

I paid every month on time with no issues at all until last Aug. Stepchange cancelled my DMP as I hadn't updated my annual circumstances. I had not long had my baby and it just completely slipped my mind that my creditors wern't being paid. This wasn't because I didn't have the money it was just because I was stupid and didn't sort it out. I then paid off a couple creditors and now deal with one company that bought the debt off some of my creditors. 

My Q is what are my chances are securing a mortgage. We are attempting to buy a £349k with HTB house (offer accepted). Our deposit is gifted as an early inheritance. 
We currently have an annual joint income of £62,369 and I have literally just increased my hours (contract started yesterday so I have no payslips to prove this) so we will bringing home £72,369 (exc any child benefit.)

My husband is the main earner and has a good credit rating. 

We have been declined by Precise mortgages due to the DMP.

Please help as we are now homeless due to being evicted from our rental house as our landlord is selling. We have been on a waiting lists for rental properties for over 6months and are getting no where. Hence the reason why we are trying our luck with buying.

We do have mortgage broker and he is working on our case. But I'm going out my mind with worry so looking for any advice possible.

Thank you for taking the time to read my post. Any help or advice would be greatly appreciated. 

@yeer Quick thoughts -  

- It's hard to say what your chances are based on the limited info in your post. It's not clear what exactly the situation is with your defaults and the DMP, and that is likely what the issues revolve around.

- Hopefully you are with a broker who has experience of placing adverse clients.

doglover34

hi, im looking to remortgage in 2022 ... trying to sort my credit file out now.  currently with bluestone and clearing my debt off. when i come to remortgage the only debt ill have will be the mortgage, loan for my car and my credit card with £2k balance.  I have 1 utility default from eon of £90 back in March 2019 and 5 missed CC payments from march 2020 which is back up to date and there will be no missed payments when i come to apply for 2 years.  whats the liklihood of getting a highstreet lender? or a lender with a decent rate than bluestone? 

K_S

doglover34 said:

hi, im looking to remortgage in 2022 ... trying to sort my credit file out now.  currently with bluestone and clearing my debt off. when i come to remortgage the only debt ill have will be the mortgage, loan for my car and my credit card with £2k balance.  I have 1 utility default from eon of £90 back in March 2019 and 5 missed CC payments from march 2020 which is back up to date and there will be no missed payments when i come to apply for 2 years. whats the liklihood of getting a highstreet lender? or a lender with a decent rate than bluestone? 

@doglover34 If in 2022 the only adverse on your credit-files is a 3+ year old £90 default and 5 missed payments that are 2+ years old, I would expect you to definitely have access to much better rates than Bluestone. Access to mainstream rates may depend on what LTV you're looking at at remo time.

doglover34

K_S said:

doglover34 said:

hi, im looking to remortgage in 2022 ... trying to sort my credit file out now.  currently with bluestone and clearing my debt off. when i come to remortgage the only debt ill have will be the mortgage, loan for my car and my credit card with £2k balance.  I have 1 utility default from eon of £90 back in March 2019 and 5 missed CC payments from march 2020 which is back up to date and there will be no missed payments when i come to apply for 2 years. whats the liklihood of getting a highstreet lender? or a lender with a decent rate than bluestone? 

@doglover34 If in 2022 the only adverse on your credit-files is a 3+ year old £90 default and 5 missed payments that are 2+ years old, I would expect you to definitely have access to much better rates than Bluestone. Access to mainstream rates may depend on what LTV you're looking at at remo time.

thank you that is awesome to hear! Im getting there ... we would be looking at 65% LTV

Edi81

Athanasia said:

felinefancy said:

Hello,

My husband and I are in 57 and 55 respectively and we're looking for a mortgage as FTBs.  Currently we're in London paying £1200 per month rent and, with a transfer to Sheffield on 3rd October, we're looking to purchase a house in the very near future.   We'll most likely have to go up north and rent first (for 6 months, or until we find a house).   We've got £100k deposit and husband only wants a 5-8 year mortgage.  We've got AIPs from L&C and Mojo online mortgages, based on scenarios of either one salary or two (depending if I'm working or not), so either AIPs of £25k min up to £90k.  We would be looking to purchase in either case, max £140k so we're not overstretching ourselves.

Firstly,
i)  would it be advisable to check out other mortgage brokers, instead of free online brokers
ii)  What sort of mortgage would suit us - fixed term ones?
iii)  Could we start enquiring with other mortgage brokers now (we haven't even started looking at houses yet..) and getting quotes for conveyancers (I understand these are cheaper than solicitors?)
iii)  Anything else you would advise in our situation?

Many thanks in advance.. much appreciated.

I was very disappointed by both L&C and Mojo; they said that I would be declined by the lenders, but here I am now with a mortgage offer from Santander.  I actually lodged a formal complaint with both, Mojo just gave me a pat on the back saying good luck, but L&C took it seriously, albeit too late, as I had already gone directly.I would either do my own research or go with a recommended mortgage advisor. I had spoken to two mortgage advisors in my area who both gave me wrong information and discouraged me from applying, probably because they had not done their homework, or just don't get high commission from the lender of my choice. 

You aren’t borrowing enough for them to make enough commission from you. It was their way of saying they didn’t want your business. 

Nell_R

Hi,

Wondering if you can help. We were offered a mortgage of £216k back in March, combined income of £70k plus £6k annual bonus.
Between us we have credit card debt of £10k and a loan of £5k, all paid on time each month. 

Initially we were offered quite a high rate of 3.6% for a 90%LTV with Nationwide (lenders were being strict with the pandemic) but on the 26th June we requested a new rate and this was agreed the same day at 3.1%, we received a message to say that it had been switched.

Today, bearing in mind we are due to complete on Friday, they have requested 3 months payslips and proof of the deposit to go to the underwriters.
She also confirmed that it went to the underwriters this afternoon so timeframe wise we should be fine.

Is this standard practice? Should we be worried?

K_S

Nell_R said:

Hi,

Wondering if you can help. We were offered a mortgage of £216k back in March, combined income of £70k plus £6k annual bonus.
Between us we have credit card debt of £10k and a loan of £5k, all paid on time each month. 

Initially we were offered quite a high rate of 3.6% for a 90%LTV with Nationwide (lenders were being strict with the pandemic) but on the 26th June we requested a new rate and this was agreed the same day at 3.1%, we received a message to say that it had been switched.

Today, bearing in mind we are due to complete on Friday, they have requested 3 months payslips and proof of the deposit to go to the underwriters.
She also confirmed that it went to the underwriters this afternoon so timeframe wise we should be fine.

Is this standard practice? Should we be worried?

@nell_r Off of the top of my head, inside 90 days of the original decision, Nationwide will switch products without additional underwriting. If it's outside 90 days then it needs to go to the underwriter.