Mortgage broker - ask me anything

K_S

masterplan33 said:

Hi,

I'm looking to get a mortgage for around 120k with a 10% deposit and wondering if it would be possible given the following adverse history and being self employed.

CCJ in May 2019 - Satisfied.
1 default that comes off in 2024 - Satisfied.
No debt or credit cards etc.
Self employed sole trader - 28k profits declared on last tax return.

Would need to be with lender who uses Experian to credit check as things that reported on Eqiufax but not Experian.

Thanks

@masterplan33 One 3+ year old CCJ and one 4+ year old default, 90% LTV, looking to borrow just less than 4.5x with no debt. Based purely on this limited set of info, you should definitely be able to get a mortgage.

Quick thoughts -

1. What lenders and products/rates you will have access to will depend on the contents of your credit reports. Generally speaking you may struggle to pass mainstream lender DIPs at 90% LTV but again that will depend on the contents of your credit reports.

2. Whether you can borrow what you need may depend on what your 2-year average net-profits are as per your SA302s.

bubby08

@K_S Hi KS have you come across any lenders who are particularly fussy regarding any arrears showing on SA302? Or personal tax overview?

K_S

bubby08 said:

@K_S Hi KS have you come across any lenders who are particularly fussy regarding any arrears showing on SA302? Or personal tax overview?

@bubby08 If you're talking about tax due on the TYO, generally speaking most lenders are fine with an outstanding tax payment due for 2021-22.

bubby08

@K_S, My 21-22 isn’t due until July but shows on my overview but I owe a small amount on 19/20 and 20-21 but none of this came up on my previous application but another MB is saying this will Be an issue in any application that goes for underwriting. 

Thanks KS

addzz120

I'd like to get brokers opinions on this.

-Moved to Canada on a temp visa (ends December this year)
-Did a remortgage with Lloyds (told them my UK address)
-Got a mortgage offer, then it said about residing in the UK.
-Told them I'm in Canada coming back in December, they said this was ok.
-Told them again as mortgage terms say must be UK resident, they said it was ok as passed the checks on the UK home.

I was worried I was breaking conditions if i accept (despite notifying them) is it ok to proceed still?

[Deleted User]

HSBC can't provide a timescale on how long it will take to transfer a valuation report from a cancelled application to an existing application. It has been been nearly two weeks since the valuation report was sent back to the lender. I am stumped why HSBC's internal processes is taking this long to transfer a valuation report. Any advice would be greatly appreciated.

shesellsseashells1

A well-worn question I'm sure, I apologize in advance :-)

My partner and I were approved for a mortgage in Apr 2022. Due to an unfortunate series of events my partner was put on notice a month ago with notice period ending 30th Jun. Luckily partner has secured a better paying job beginning 27th Jun, so there will be no gap during which he will be unemployed (if anything there will be a 3 day overlap). His previous job paid monthly but his new job will be paying fortnightly, and is a permanent contract (same kind of job)

We do not currently have an agreed date of exchange or completion although we hope that exchange is eminent as we are awaiting vendors solicitiors replies to queries raised (no chain sale).

I understand from reading previous posts that the lender (TSB) may do further credit checks at any point before completion, but my question is, are these purely credit checks? If so would the lender be able to tell that there had been a change in employment?

My preference would be not to inform them of the change in job in case it leads to offer being wirhdrawn as there is a 6 month probation period - is this a little stupid or very stupid of me?

K_S

PhilSmith10 said:

HSBC can't provide a timescale on how long it will take to transfer a valuation report from a cancelled application to an existing application. It has been been nearly two weeks since the valuation report was sent back to the lender. I am stumped why HSBC's internal processes is taking this long to transfer a valuation report. Any advice would be greatly appreciated.

@PhilSmith10 I'm not sure what exactly you mean. However, if you have a broker they should be able to speak to their BDM and get this sorted out or at the very least give you clarity re timelines.

mr_stripey

Hi - referred here from another thread ---- (original question below)

Hi, looking for some advice please.

Late parent's home was left to me and my two siblings in the will (equal share)

It is my intention to live in the property and all siblings are agreed on this.

Grant of probate has been issued, but land registry still shows late parent as the "owner".

I need to get a mortgage to buy out their share. To keep the figures simple, lets say the property is worth £150K (so 50K equity each). My mortgage guy says that if the property was transferred via land registry to the beneficieries (i.e. me and siblings) then I could borrow the money to buy them out rather than "buying" the house.

Anyone know how the mechanics of this would work? Or is it the best way?

Worth noting all siblings are in agreement about value, share and my living there - it's just about how we actually get it done?

Many thanks

kingstreet

It works better if you buy the property from the estate. Your share (plus any cash you want to put in) is your deposit. If it is transferred to the beneficiaries first, several potential lenders won't lend until at least six months later.

Whichever way you do it, you'll still need to borrow £100k so I don't know what point the other broker is trying to make...?