Mortgage broker - ask me anything

K_S

Kabazzzz said:

Hi,

My partner and I are hoping to buy this year but I found an error on my credit report.   A hard search was done in 2019 when I applied for finance for my car, it was refused.  I should've checked at the time but didn't.  I think they mixed up my post code with my current address with that of my old address so it now shows that I have a linked address on my report despite having never living there or having anything to do with it.

I reported it to Experian and they contacted Volkswagen who responded saying that they wouldn't remove it from my report unless I was able to provide a loan reference but, as I never took out any finance, I have no reference!

My question is, will this affect any mortgage application and if so, should I fight to get it removed?

Thanks 

@kabazzzz Based on the limited info in your post, I would not expect it to impact your application.

tictackitkat

Hi K_S

In your experience are JBSP/income boost mortgages generally higher interest? This is the route I need to go down but concerned about high interest rates making the monthly repayments very high (I am taking the mortgage on on my own with my dad being the booster). Thank you 

K_S

tictackitkat said:

Hi K_S

In your experience are JBSP/income boost mortgages generally higher interest? This is the route I need to go down but concerned about high interest rates making the monthly repayments very high (I am taking the mortgage on on my own with my dad being the booster). Thank you 

@tictackitkat Generally speaking, no. You have JBSP offerings from mainstream lenders where the rate is exactly the same as that offered to standard applicants.

Since you mention 'income boost', I should add that there are also variations on the above offered by specialist lenders where the rates can be higher.

moneyworrier2021

Hi K_S

when a broker is looking for a mortgage of course they look at income. My husband earns with the police but I don’t earn anything.

We do however receive Disability Living Allowance, Carers Allowance and a financial top up each month probably totalling £1,200 a month for our son.

can this money be included as income in an application?

 

K_S

moneyworrier2021 said:

Hi K_S

when a broker is looking for a mortgage of course they look at income. My husband earns with the police but I don’t earn anything.

We do however receive Disability Living Allowance, Carers Allowance and a financial top up each month probably totalling £1,200 a month for our son.

can this money be included as income in an application?

 

@moneyworrier2021 depends on the lender and the specifics, but generally speaking yes there are mainstream lenders who will consider these sources of income

stek2008

"A valuation has been instructed and we are now awaiting your client's survey report"  

This appears multiple times on our NatWest application tracker. It's the only "open" task left on there and is dated 10th Feb. 
They actually have received the valuation and marked it as such on that same day.

As a result of the valuation we were asked to provide them with a Timber and Damp report from a specialist surveyor - we had this done last week and they had the report on Monday. 
They've acknowledged the receipt of additional information on 1st March - and it has the tick next to it. But this 'awaiting client survey' is still showing. 

Our broker isn't answering the phone and my other half is driving me potty checking the tracker every few hours.

Any insights as to whether this is unusual?
I was suspecting that maybe NatWest send the timber/damp report to the valuers to factor into their valuation as one possible reason? 

K_S

stek2008 said:

"A valuation has been instructed and we are now awaiting your client's survey report"  

This appears multiple times on our NatWest application tracker. It's the only "open" task left on there and is dated 10th Feb. 
They actually have received the valuation and marked it as such on that same day.

As a result of the valuation we were asked to provide them with a Timber and Damp report from a specialist surveyor - we had this done last week and they had the report on Monday. 
They've acknowledged the receipt of additional information on 1st March - and it has the tick next to it. But this 'awaiting client survey' is still showing. 

Our broker isn't answering the phone and my other half is driving me potty checking the tracker every few hours.

Any insights as to whether this is unusual?
I was suspecting that maybe NatWest send the timber/damp report to the valuers to factor into their valuation as one possible reason? 

@stek2008 Nothing unusual tbh.

Unfortunately, most lender trackers aren't set up to cater for a deviation from the 'normal' sequence of events and also depends on how much the case-handler cares about inputting an accurate status or what the system lets them do.

You are correct though - once they receive the follow-up report from you/broker and its picked up by a NatWestcase handler, it then gets sent to the valuer, then a response/val-report is sent back to the lender and waits in a queue to be picked up by a case handler.

stek2008

K_S said:

@stek2008 Nothing unusual tbh.

Unfortunately, most lender trackers aren't set up to cater for a deviation from the 'normal' sequence of events and also depends on how much the case-handler cares about inputting an accurate status or what the system lets them do.

You are correct though - once they receive the follow-up report from you/broker and its picked up by a NatWestcase handler, it then gets sent to the valuer, then a response/val-report is sent back to the lender and waits in a queue to be picked up by a case handler.

Thank you K_S - that should take some of the worries away for the weekend that it sounds like a normal process for NatWest rather than anything untoward. 

Have a great weekend & thanks for taking the time to reply. 

Steve

radio_2

I'm looking over our paperwork before we even start looking at properties and I've noticed a discrepancy on how my partner's first name is spelt on multiple documents. Our day to day bills and his drivers license are spelt how he always spells it but his bank and payslips are spelt differently and his birth certificate is spelt a third way. I'm not sure why this was never noticed before but now I'm not sure what to do about it? It's obviously the same name just using different variations. I assume this is going to cause a problem when applying formally for a mortgage etc because nothing matches exactly?

K_S

radio_2 said:

I'm looking over our paperwork before we even start looking at properties and I've noticed a discrepancy on how my partner's first name is spelt on multiple documents. Our day to day bills and his drivers license are spelt how he always spells it but his bank and payslips are spelt differently and his birth certificate is spelt a third way. I'm not sure why this was never noticed before but now I'm not sure what to do about it? It's obviously the same name just using different variations. I assume this is going to cause a problem when applying formally for a mortgage etc because nothing matches exactly?

@radio_2 Can't speak for your case specifically as that will depend on the exact details, extent of differences, etc.

However generally speaking, what I do is that the application always goes in with the exact name on the primary identification (almost always the passport). Depending on what shows on the rest of the documentation, and the specific underwriter, if there are queries, as long as the variations of the name are logical and make sense, it's never stopped me from getting the client a  mortgage.

If you look at his credit report, you'll probably notice that they are quite good at picking up variations and matching it to the right person as they use multiple factors to match people (dob, address, etc) and not just the exact name. And assuming your partner has had no significant issues with opening bank accounts or other financial accounts, it should be fine in the end. Good luck!