Mortgage broker - ask me anything

K_S

@mwahahaha I personally don't give any advice on whether to pay ERC and switch or not as it can land me in trouble as a regulated mortgage adviser and the outcome is dependent on (hugely uncertain) future interest rates.

I would recommend perhaps posting your quandary on the main forum and I'm sure you'll get some useful thoughts and advice

Jay86

Are there any lenders that don’t ask about DMP’s over 6 years old. Mine was cleared at the start of the year & all my credit files show no issues & are at the top end regarding score ( though I think scores aren’t really a factor) 

thanks 

K_S

Jay86 said:

Are there any lenders that don’t ask about DMP’s over 6 years old. Mine was cleared at the start of the year & all my credit files show no issues & are at the top end regarding score ( though I think scores aren’t really a factor) 

thanks 

@jay86 If you're asking whether you will have access to mainstream lenders, based on the limited info in your post, the answer is yes.

You are right about the score, lenders don't particularly care about it. They only care about what's actually in the report in combination with the applicants details and requirements.

mwahahaha

K_S said:

@mwahahaha I personally don't give any advice on whether to pay ERC and switch or not as it can land me in trouble as a regulated mortgage adviser and the outcome is dependent on (hugely uncertain) future interest rates.

I would recommend perhaps posting your quandary on the main forum and I'm sure you'll get some useful thoughts and advice

Understood and thank you!

Jay86

K_S said:

Jay86 said:

Are there any lenders that don’t ask about DMP’s over 6 years old. Mine was cleared at the start of the year & all my credit files show no issues & are at the top end regarding score ( though I think scores aren’t really a factor) 

thanks 

@jay86 If you're asking whether you will have access to mainstream lenders, based on the limited info in your post, the answer is yes.

You are right about the score, lenders don't particularly care about it. They only care about what's actually in the report in combination with the applicants details and requirements.

Hi KS 

Sorry yes that was a little vague, correct I was thinking along the line of mainstream lenders instead of the bad credit types.

I guess it will then be down to who was wrapped up in the DMP, as those will be off limits due to their own internal records  even after 6+ years 

webjaved

Hi @K_S

How long does it take for Natwest to get back to you with the mortgage offer? The valuation of the property has gone through fine, all documentation is provided and they're currently looking into it. My mortgage broker thinks we could have an offer this week and we can then proceed with the house searches, etc. 

Do you know what the estimated timeframe is on receiving the mortgage offer? 

Thanks
J

K_S

webjaved said:

Hi @K_S

How long does it take for Natwest to get back to you with the mortgage offer? The valuation of the property has gone through fine, all documentation is provided and they're currently looking into it. My mortgage broker thinks we could have an offer this week and we can then proceed with the house searches, etc. 

Do you know what the estimated timeframe is on receiving the mortgage offer? 

Thanks
J

@webjaved NatWest is a bit slow at the moment, here are their average service levels
https://www.intermediary.natwest.com/intermediary-solutions/service-levels.html?intcam=HP-B-TB-DEF-Default

webjaved

K_S said:

webjaved said:

Hi @K_S

How long does it take for Natwest to get back to you with the mortgage offer? The valuation of the property has gone through fine, all documentation is provided and they're currently looking into it. My mortgage broker thinks we could have an offer this week and we can then proceed with the house searches, etc. 

Do you know what the estimated timeframe is on receiving the mortgage offer? 

Thanks
J

@webjaved NatWest is a bit slow at the moment, here are their average service levels
https://www.intermediary.natwest.com/intermediary-solutions/service-levels.html?intcam=HP-B-TB-DEF-Default

Here is where I am at with my mortgage application (via a broker)

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

06/05/2022 17:45

Your client's valuation report has been received. We will contact you once this has been fully assessed.

06/05/2022 19:26

We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information.

16/05/2022 08:55 

We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information.

16/05/2022 08:55

We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information.

16/05/2022 08:55

We need to clarify your client's solicitor's details. Please provide this information quoting your client's mortgage application number.

03/05/2022 17:37 (I raised this with my mortgage broker and he said he chased this & confirmed they have these details)

We are reviewing the bank statements/accounts you submitted on behalf of your client; we will contact you if we need any further information.

For current processing timescales refer to http://intermediary.natwest.com
16/05/2022 16:49

We are reviewing the bank statements/accounts you submitted on behalf of your client; we will contact you if we need any further information.

For current processing timescales refer to http://intermediary.natwest.com
16/05/2022 16:52

We are pleased to confirm that we have received the information sent on behalf of your client. We are reviewing this and will contact you if we need any further information.

For current processing timescales refer to http://intermediary.natwest.com
16/05/2022 16:52

So I'm just waiting for them to process the documentation submitted, they did request my April wage slip and that's the latest. It looks like they are just doing their final checks before sending the mortgage offer. I'm employed and not self-employed. 

So it looks like I need to wait another 2 days to hit the 4 days for assessing further information before I see an update on the mortgage tracker? @K_S

nicky73

Hi,
I’ve had offer on my house and an offer accepted on a new house. 

During my move I want to clear unsecured debts - £7K credit card and £240 a month loan using equity from the sale. 

Broker has applied to Halifax to do this - LTV is around 35% - affordability is fine with debts excluded but won’t be if they are included but broker says this will be fine. My credit score is excellent (know doesn’t mean much - but never late with any payments). 
After  paying debt with equity I’ll have around £30K (after stamp duty etc) left which I want to use for new house / savings. 

I am worrying myself silly this will be rejected so can you advise if Halifax accept this type of application? 

Thanks 

druan7

Hi, I've been speaking to a broker and I've had an agreement in principle from Metro Bank. I've been looking at their lending criteria myself, and it says that they use Equifax as their credit referencing agency, and that they would decline an application if they can see evidence of previous payday lending. I was stupid enough to take out payday loans in the past (over 4 years ago now), but these don’t show on my Equifax report for whatever reason. Do you know if they only use Equifax for an application, or would they look at Transunion or Experian reports as well?