Mortgage broker - ask me anything

kazanp

Hi, newbie here. My partner and I are after a mortgage. Unfortunately I have some adverse credit from 2017 which is all satisfied (defaults) and my situation has changed/improved. However its on my record and I suspect we need some specialist advice. Is there anyone who can be recommended or avoided? We have 80k combine salary and are looking at 235k for the property. Is 10% deposit going to be our only option?
Thanks for any advice.

K_S

kazanp said:

Hi, newbie here. My partner and I are after a mortgage. Unfortunately I have some adverse credit from 2017 which is all satisfied (defaults) and my situation has changed/improved. However its on my record and I suspect we need some specialist advice. Is there anyone who can be recommended or avoided? We have 80k combine salary and are looking at 235k for the property. Is 10% deposit going to be our only option?
Thanks for any advice.

@kazanp In the high-LTV adverse space, things have improved A LOT since earlier this year.

It boils down to the specifics of what's in your credit history but generally speaking - with satisfied defaults that were registered more than 3 years ago and an otherwise clean recent credit history, you should have specialist options at 95% LTV.

At 90% LTV you may even have mainstream-ish options but again it comes down to what exactly is in your credit report. Good luck!

kazanp

K_S said:

kazanp said:

Hi, newbie here. My partner and I are after a mortgage. Unfortunately I have some adverse credit from 2017 which is all satisfied (defaults) and my situation has changed/improved. However its on my record and I suspect we need some specialist advice. Is there anyone who can be recommended or avoided? We have 80k combine salary and are looking at 235k for the property. Is 10% deposit going to be our only option?
Thanks for any advice.

@kazanp In the high-LTV adverse space, things have improved A LOT since earlier this year.

It boils down to the specifics of what's in your credit history but generally speaking - with satisfied defaults that were registered more than 3 years ago and an otherwise clean recent credit history, you should have specialist options at 95% LTV.

At 90% LTV you may even have mainstream-ish options but again it comes down to what exactly is in your credit report. Good luck!

Thanks so much for the advice, feels like a scary minefield and I'm not sure if a specialist broker would be better? We spoke to a general one but they suggested no chance of much at all, I was pretty disheartened. 

K_S

kazanp said:

K_S said:

kazanp said:

Hi, newbie here. My partner and I are after a mortgage. Unfortunately I have some adverse credit from 2017 which is all satisfied (defaults) and my situation has changed/improved. However its on my record and I suspect we need some specialist advice. Is there anyone who can be recommended or avoided? We have 80k combine salary and are looking at 235k for the property. Is 10% deposit going to be our only option?
Thanks for any advice.

@kazanp In the high-LTV adverse space, things have improved A LOT since earlier this year.

It boils down to the specifics of what's in your credit history but generally speaking - with satisfied defaults that were registered more than 3 years ago and an otherwise clean recent credit history, you should have specialist options at 95% LTV.

At 90% LTV you may even have mainstream-ish options but again it comes down to what exactly is in your credit report. Good luck!

Thanks so much for the advice, feels like a scary minefield and I'm not sure if a specialist broker would be better? We spoke to a general one but they suggested no chance of much at all, I was pretty disheartened. 

@kazanp If you can list out the size, number and type of your defaults, I can perhaps add a few more useful comments.

Eca03cls

We got a mortgage in principle by our current mortgage provider then when it came to application due to some parking fines x2 defaults and my partners covid grants we were declined so we went to specialise lender who applied to bluestone we got valuation done in 4 weeks and ever since then they have been asking for proof of deposit with issues and now moved onto my employment which is on probation as is the norm in teaching in HE. It went to valuation surely they should have asked these questions beforehand! We want to borrow around £220k on a £500k house. Any advice from mortgage advisors please we are running out of time as the chain is screaming to move 

K_S

Eca03cls said:

We got a mortgage in principle by our current mortgage provider then when it came to application due to some parking fines x2 defaults and my partners covid grants we were declined so we went to specialise lender who applied to bluestone we got valuation done in 4 weeks and ever since then they have been asking for proof of deposit with issues and now moved onto my employment which is on probation as is the norm in teaching in HE. It went to valuation surely they should have asked these questions beforehand! We want to borrow around £220k on a £500k house. Any advice from mortgage advisors please we are running out of time as the chain is screaming to move 

@eca03cls Off of the top of my head, Bluestone doesn't accept any kind of probation. I don't know if the underwriter has the discretion to override that.

It would be your mortgage adviser/broker who should have checked these kind of criteria issues before recommending a lender. 

Eca03cls

Thanks any ideas on what we can do to get a mortgage ? I went with a specialist lender for this reason to accept our circumstances we are 44% ltv it’s ridiculous !

rainbowrooms

Hi I need help with a mortgage query please;
im 57 female, post divorce [ex has bought me out of the house as i couldnt afford the mortgage here] ] I have a large cash deposit but live in an expensive area and looking for a 3 bed house for myself and 2 teens been looking for 2 years and just want to get on with my life.  I need to raise approx 150k on a mortgage to stay where i live as my children are in education here.  my salary is only approx 22-24k on the last 4 years p60s, im employed as a contract support worker in higher education so my monthly wage varies each month, I work semesters so earn less int he summer.  ive been employed here for 6 years.  Ive been told i can only raise approx 100k.  Lifetime mortgages have been muted but Im worried as i need to understand these more and i want to leave inheritance for my kids.  Would you have any ideas how i can raise more? or would a LTM be the solution?  thanks

jonk524

Good morning K_S,  could you please tell me if I will be able to secure a mortgage at age 64. I am retired and my 
income is from my drawdown pension, I will receive my state pension in August 2023.
I cuurently live in rented accomadation and would like to buy a house for approximately £300000 with a deposit of £ 250000
and a mortgage for £50000.
Thanks for any advice you can offer,

K_S

jonk524 said:

Good morning K_S,  could you please tell me if I will be able to secure a mortgage at age 64. I am retired and my 
income is from my drawdown pension, I will receive my state pension in August 2023.
I cuurently live in rented accomadation and would like to buy a house for approximately £300000 with a deposit of £ 250000
and a mortgage for £50000.
Thanks for any advice you can offer,

@jonk524 In principle, yes there are lenders who will consider lending to a retired applicant whose sole income is from a self-administered drawdown pension. The approach to calculating affordability will differ across lenders but one usual method is to take the SIPP fund value and divide it by the term of the mortgage.