Mortgage broker - ask me anything

hardquest

K_S said:

hardquest said:

Hi, just a quick questions on how mortgage is being calculated and how you can predict what amount of money bank can lend you? For example I've had my promotion recently and only paying for a car and phone etc, no credit cards etc and household income is about +£90k a year. Some websites showing that we would be able to borrow 250k to 340k others showing more than 400k? Thanks

@hardquest Assuming you have a combined basic income of 90k, low debt (including monthly car payments) and are relatively young (so no restriction on term), you may be able to borrow up to between 4.5 to 5.5 times income.

Where exactly you fall on this spectrum (or lower) will depend on the lender, the product, the specifics of your financial circumstances+requirements and the rate you are willing to pay.

Thank you for your reply. So at the moment we've found house we like in region of 375 to 390K which is not confirmed and we are planning to pay around 15% of a deposit. By the time we'll be go to the lender i'll be 34 and she's a bit younger so not sure how it will look at borrowing for 25-30 years.

akay92

Hi I missed a few payments in the last 2 years due to unseen circumstances I have paid it all of almost been 10 months will I be able to get a mortgage my income all meets the criteria’s my credit score has improved to good and excellent.

K_S

akay92 said:

Hi I missed a few payments in the last 2 years due to unseen circumstances I have paid it all of almost been 10 months will I be able to get a mortgage my income all meets the criteria’s my credit score has improved to good and excellent.

@akay92 Depends on the specifics but in principle a few missed payments with 10 months clear credit history should not stop you from getting a mortgage.

akay92

I have done an AIP with Barcalys and Lloyds who want to ask me for more information but NatWest has declined the AIP so I’m really confused 

K_S

akay92 said:

I have done an AIP with Barcalys and Lloyds who want to ask me for more information but NatWest has declined the AIP so I’m really confused 

@akay92 Every lender has different criteria so your profile (in combination with your requirements) might not fit every single one of them.

I would recommend getting a copy of your Checkmyfile or Experian+Equifax credit reports (you can get all of these for free) and get in touch with a whole of market mortgage adviser.

Veromartos

Our broker sent all the paper work to Halifax on 2nd August and we are still waiting to hear back from them. I am really anxious, they asked a couple of questions about my husband's invoices (self employed) and I do not know if this is good or bad.
Anyone has any experience on how long do they take to declined a mortgage? I want to think that if they are asking questions is a good sign. I want to believe that if this is a NO and they decline it, they would do it in the first two days....like, no chance we are giving you a mortgage...

tink_1983

Is getting a mortgage offer extension quick via our broker?
Our offer with HSBC only has 3 weeks left on it and we seem to be hitting one delay after another ! Thanks 

K_S

@tink_1983 Unless it's for a few days, HSBC is unlikely to extend from my experience. 

tink_1983

K_S said:

@tink_1983 Unless it's for a few days, HSBC is unlikely to extend from my experience. 

Oh gosh really! So I'd better get my broker onto a new application asap

Lou76

Does anyone have, and be willing to PM, Sarah's details to me?

Many thanks 

Lou