Mortgage broker - ask me anything

K_S

stinabean said:

Hi there!

We are currently waiting to see if an offer will be accepted - we already have a buyer.

We offered at the weekend and they advised although there's no more viewings, they are making Thursday the deadline for any offers to come in and to give anyone a chance to increase their offer.
Obviously that's stressful - however they're also pressuring me to talk with their broker Thursday morning even though I have a DIP from another broker. 

I'm worried if I say no it's not needed that they won't represent my offer with full honesty - what's the likelihood of this please?

@stinabean They are not supposed to push one buyer over the other because of whether they use the recommended broker or not.

Having said that, from my experience and what I hear from peers, in practice these kind of unethical tactics are used by some agents.

DaisysMum40

Random question! We have applied for HSBC mortgage which was declined due to satisfied CCJ for £650 (3yrs 3mths) old no other adverse credit, as we have banked with HSBC for 14 years and partner currently has sole mortgage with them they advised they could approach underwriter to see if they could do anything. 

Appt with HSBC advisor tonight and she advised that as we are technically overriding the declined decision in principle they can’t provide this and decision will be with underwriter, we therefore can’t put in the offer in writing we want to make on a property.

L&C have advised there are high street lenders who can help (obvs HSBC not being one of them!) so my question is, is it usually a positive sign if the underwriter is happy to look at application or are we wasting time and better to seek alternative lender though MA?

K_S

DaisysMum40 said:

Random question! We have applied for HSBC mortgage which was declined due to satisfied CCJ for £650 (3yrs 3mths) old no other adverse credit, as we have banked with HSBC for 14 years and partner currently has sole mortgage with them they advised they could approach underwriter to see if they could do anything. 

Appt with HSBC advisor tonight and she advised that as we are technically overriding the declined decision in principle they can’t provide this and decision will be with underwriter, we therefore can’t put in the offer in writing we want to make on a property.

L&C have advised there are high street lenders who can help (obvs HSBC not being one of them!) so my question is, is it usually a positive sign if the underwriter is happy to look at application or are we wasting time and better to seek alternative lender though MA?

@daisymum40 Based on my experience and the limited info in your post, HSBC will not reconsider. Tbh I'm quite surprised that the broker managed to get a declined DIP to an underwriter, but then I wouldn't even have tried. Hopefully I'm wrong and you do get the decline overturned. Good luck!

DaisysMum40

K_S said:

DaisysMum40 said:

Random question! We have applied for HSBC mortgage which was declined due to satisfied CCJ for £650 (3yrs 3mths) old no other adverse credit, as we have banked with HSBC for 14 years and partner currently has sole mortgage with them they advised they could approach underwriter to see if they could do anything. 

Appt with HSBC advisor tonight and she advised that as we are technically overriding the declined decision in principle they can’t provide this and decision will be with underwriter, we therefore can’t put in the offer in writing we want to make on a property.

L&C have advised there are high street lenders who can help (obvs HSBC not being one of them!) so my question is, is it usually a positive sign if the underwriter is happy to look at application or are we wasting time and better to seek alternative lender though MA?

@daisymum40 Based on my experience and the limited info in your post, HSBC will not reconsider. Tbh I'm quite surprised that the broker managed to get a declined DIP to an underwriter, but then I wouldn't even have tried. Hopefully I'm wrong and you do get the decline overturned. Good luck!

Thanks so much for your reply and that’s really good to know, we explained the circumstances of the CCJ and assumed as we were long standing customers this may have made the difference but we obviously don’t want to waste time (and have unnecessary hard credit search) if there are other lenders who will be more likely to agree and give decision in principle! 

hardquest

I have a quick question in regards to the mortgage in principle and actual application for mortage? We've reveived our mortgage in principle yesterday and it says how much we can borrow from them etc and i can see that there is search on my credit history afterwards. So my question would be should i need to worry when we apply for an actual mortage as they will do hard search on my account as i had some issues with it in the past? or there should be no issues when applying for it as it came back possitive from one of the lenders? i hope this makes sence. Thanks for any advise.

K_S

hardquest said:

I have a quick question in regards to the mortgage in principle and actual application for mortage? We've reveived our mortgage in principle yesterday and it says how much we can borrow from them etc and i can see that there is search on my credit history afterwards. So my question would be should i need to worry when we apply for an actual mortage as they will do hard search on my account as i had some issues with it in the past? or there should be no issues when applying for it as it came back possitive from one of the lenders? i hope this makes sence. Thanks for any advise.

@hardquest If it's an AIP/DIP (Agreement In Principle or Decision In Principle) issued by a specific lender, the information you have input is accurate, and you meet the criteria for that lender, that is as much assurance as you can get at this stage.

I don't know how it works direct, but with broker DIPs, with most lenders the soft check gives them as much information as a hard check so the likelihood of the decision changing on the basis of information held on file is low.

hardquest

K_S said:

hardquest said:

I have a quick question in regards to the mortgage in principle and actual application for mortage? We've reveived our mortgage in principle yesterday and it says how much we can borrow from them etc and i can see that there is search on my credit history afterwards. So my question would be should i need to worry when we apply for an actual mortage as they will do hard search on my account as i had some issues with it in the past? or there should be no issues when applying for it as it came back possitive from one of the lenders? i hope this makes sence. Thanks for any advise.

@hardquest If it's an AIP/DIP (Agreement In Principle or Decision In Principle) issued by a specific lender, the information you have input is accurate, and you meet the criteria for that lender, that is as much assurance as you can get at this stage.

I don't know how it works direct, but with broker DIPs, with most lenders the soft check gives them as much information as a hard check so the likelihood of the decision changing on the basis of information held on file is low.

Thank you very much for your answer! 

TwoYearToMove

Are there any lenders that offer the first time buyer mortgage guarantee scheme, to self-employed people?

K_S

TwoYearToMove said:

Are there any lenders that offer the first time buyer mortgage guarantee scheme, to self-employed people?

@twoyeartomove The Mortgage Guarantee Scheme isn't limited to FTBs but yes there are plenty of lenders who will consider self-employed income for their 95% LTV products.

Cashy87

Hi there just looking for some advice.

Looking to move to a new build home next year but have issues with our credit history - it is on my husband's report but he is the main applicant for the mortgage. We will be applying for the mortgage in January 2022 and moving in May 2022.  Issues are:

1. Default on a bank account from March 2016.
2. 2 missed mortgage payments ending in January 2019 (this was from a house my husband owned with an ex partner he had not lived in the house for years prior to this but this is all settled now).

We currently own a home and are selling up and will rent until new build is ready. We have been told by mortgage advisor that we can get an adverse credit mortgage but the rates are really high - he came back to us with this option automatically so I'm wondering whether he has just gone for a lender he knows that will take us without doing any other searches? Are there any specialists that anyone can recommend here that would give us a more competitive rate?

We are a family of 4, my husband is the only one who works and he makes about £50k a year. House we want to buy is £188k. We have low outgoings, no debt and own our car outright, no childcare costs.   Our current mortgage is with a credit union, we don't really want to go with them at the new house as their rates are also high at 4.74%.  We would like to use the Help To Buy scheme for small house builders but we don't know whether this scheme will continue next year, house is not ready until May so it will depend on whether the government continue it in 2022/2023 financial year.  We have about £30k equity in the house plus some savings in the bank so if the help to buy doesn't happen, we will still have money for a good deposit.

We are in West of Scotland - thank you in advance!