Mortgage broker - ask me anything

firestar76

Hi, my partner and I tried for a joint mortgage last year, his credit score was better so he's listed on the mortgage on his own. It's with Natwest.

House value £100k, and £25k deposit was provided. So 75% mortgage over 13 yrs. I'd like to be on deeds to if possible. We are not married so trying to ensure legal financial security for me, as we're both paying half of everything. I bring in more income annually.

Before we apply to have me added to the mortgage (worried in case I get rejected), I've checked my latest credit reports. All match (for credit history), and I understand Natwest use Transunion. My credit score itself is in the 'fair' category. No missing payments for at least 5 years for any accounts. All up to date, oldest credit history account is 14 years, been on electoral roll in same address since 2012. I earn £43k, permanent job, and have £12k in credit cards (50% credit utilisation).

Please can a mortgage broker on here suggest whether it's likely i'll be accepted onto the mortgage, or not bother just yet? Thank you.

K_S

firestar76 said:

Hi, my partner and I tried for a joint mortgage last year, his credit score was better so he's listed on the mortgage on his own. It's with Natwest.

House value £100k, and £25k deposit was provided. So 75% mortgage over 13 yrs. I'd like to be on deeds to if possible. We are not married so trying to ensure legal financial security for me, as we're both paying half of everything. I bring in more income annually.

Before we apply to have me added to the mortgage (worried in case I get rejected), I've checked my latest credit reports. All match (for credit history), and I understand Natwest use Transunion. My credit score itself is in the 'fair' category. No missing payments for at least 5 years for any accounts. All up to date, oldest credit history account is 14 years, been on electoral roll in same address since 2012. I earn £43k, permanent job, and have £12k in credit cards (50% credit utilisation).

Please can a mortgage broker on here suggest whether it's likely i'll be accepted onto the mortgage, or not bother just yet? Thank you.

@firestar76 What's the reason you weren't able to go on the mortgage last year? For a 75% LTV mortgage, I don't see enough on there to be able to tell. Any defaults or CCJs on the file?

firestar76

K_S said:

firestar76 said:

Hi, my partner and I tried for a joint mortgage last year, his credit score was better so he's listed on the mortgage on his own. It's with Natwest.

House value £100k, and £25k deposit was provided. So 75% mortgage over 13 yrs. I'd like to be on deeds to if possible. We are not married so trying to ensure legal financial security for me, as we're both paying half of everything. I bring in more income annually.

Before we apply to have me added to the mortgage (worried in case I get rejected), I've checked my latest credit reports. All match (for credit history), and I understand Natwest use Transunion. My credit score itself is in the 'fair' category. No missing payments for at least 5 years for any accounts. All up to date, oldest credit history account is 14 years, been on electoral roll in same address since 2012. I earn £43k, permanent job, and have £12k in credit cards (50% credit utilisation).

Please can a mortgage broker on here suggest whether it's likely i'll be accepted onto the mortgage, or not bother just yet? Thank you.

@firestar76 What's the reason you weren't able to go on the mortgage last year? For a 75% LTV mortgage, I don't see enough on there to be able to tell. Any defaults or CCJs on the file?

Thanks K_S. We went through a well-known online broker - because my credit score was just slightly under the 'fair' category, he told us we'd only be offered high % mortgages, so they recommended my partner apply in his name only as it would be cheaper and we'd get a better deal. He has excellent credit report, so that's what we did.

firestar76

As a side-note, my mum is considering transferring her own flat (no mortgage on it) to my name on the deeds to her flat (she would continue to live in it, it wouldn't be to sell).

I wonder if doing this first, if this would be an advantage to me owning a separate property with no mortgage, whether this would have any bearing (or not) on me being added to the mortgage with my partner in the house I currently live in?

K_S

firestar76 said:

K_S said:

firestar76 said:

Hi, my partner and I tried for a joint mortgage last year, his credit score was better so he's listed on the mortgage on his own. It's with Natwest.

House value £100k, and £25k deposit was provided. So 75% mortgage over 13 yrs. I'd like to be on deeds to if possible. We are not married so trying to ensure legal financial security for me, as we're both paying half of everything. I bring in more income annually.

Before we apply to have me added to the mortgage (worried in case I get rejected), I've checked my latest credit reports. All match (for credit history), and I understand Natwest use Transunion. My credit score itself is in the 'fair' category. No missing payments for at least 5 years for any accounts. All up to date, oldest credit history account is 14 years, been on electoral roll in same address since 2012. I earn £43k, permanent job, and have £12k in credit cards (50% credit utilisation).

Please can a mortgage broker on here suggest whether it's likely i'll be accepted onto the mortgage, or not bother just yet? Thank you.

@firestar76 What's the reason you weren't able to go on the mortgage last year? For a 75% LTV mortgage, I don't see enough on there to be able to tell. Any defaults or CCJs on the file?

Thanks K_S. We went through a well-known online broker - because my credit score was just slightly under the 'fair' category, he told us we'd only be offered high % mortgages, so they recommended my partner apply in his name only as it would be cheaper and we'd get a better deal. He has excellent credit report, so that's what we did.

@firestar76 Sounds a bit slapdash on the broker's part but that's in the past. The Experian/Clearscore/Credit-Karma "credit scores" aren't of significance, what lenders look at is what is actually IN your credit reports.

If the only adverse you have on your credit report is a few late payments that are more than 4/5 years old, I see no reason why you couldn't go on the mortgage now or a year ago and get mainstream rates. Just to be clear, this is based off of the limited info in your posts.

I would recommend getting in touch with NatWest and asking about their Transfer Of Equity process https://supportcentre.natwest.com/Searchable/913216182/How-can-I-add-or-remove-someone-from-my-mortgage.htm to add your name to the mortgage and deeds. If that doesn't work, then you could wait for the current fix to end and remortgage with a transfer of equity to another lender. Good luck!

firestar76

That's really helpful, thank you

J422t00t

We put our mortgage application through for a shared ownership property a couple of weeks ago via a mortgage advisor. This weekend I checked my credit report and it hasn't yet updated that I paid off one of my credit cards last month, meaning the amount of credit it says I've used is £250 higher than what I told our financial advisor.  No hard search has been recorded on my file yet.

Is this going to be an issue?  I asked our financial advisor, but he's on annual leave until next week.

[Deleted User]

Hi everyone,

id be grateful if someone could help me answer this question. 

My partner and I are looking to buying our first home together. We have quite a sizable deposit saved (40 % deposit on the house prices we’re  looking at)

I am starting a full time job from next Monday (which I plan on staying in of course)

However due to some personal circumstances I haven’t had a full time job (before this one) for about 8 years. I’ve had 0 contract jobs since then, but no permanent full time jobs.

my partner and I are looking to apply for a mortgage in 3 months. 

I’m wondering, are my chances of getting a good mortgage very slim due to poor employment history?
 I’d like to have a pool of choices if possible, but is this not possible?

my partner has a full time job, a steady work history and earns well. 

Thanks a lot!

K_S

J422t00t said:

We put our mortgage application through for a shared ownership property a couple of weeks ago via a mortgage advisor. This weekend I checked my credit report and it hasn't yet updated that I paid off one of my credit cards last month, meaning the amount of credit it says I've used is £250 higher than what I told our financial advisor.  No hard search has been recorded on my file yet.

Is this going to be an issue?  I asked our financial advisor, but he's on annual leave until next week.

@j422t00t I don't see anything to worry about. To put it in context, £250 of cc debt equates to about an additional £8-10 outgoing a month as per lender calcs.

K_S

Stevma said:

Hi everyone,

id be grateful if someone could help me answer this question. 

My partner and I are looking to buying our first home together. We have quite a sizable deposit saved (40 % deposit on the house prices we’re  looking at)

I am starting a full time job from next Monday (which I plan on staying in of course)

However due to some personal circumstances I haven’t had a full time job (before this one) for about 8 years. I’ve had 0 contract jobs since then, but no permanent full time jobs.

my partner and I are looking to apply for a mortgage in 3 months. 

I’m wondering, are my chances of getting a good mortgage very slim due to poor employment history?
 I’d like to have a pool of choices if possible, but is this not possible?

my partner has a full time job, a steady work history and earns well. 

Thanks a lot!

@stevma Once you have your first full month's payslip, you should be able to get a mainstream mortgage from an appropriate lender who is fine with the particulars of your employment history.