Mortgage broker - ask me anything

tab99uk

hi skipton have reduced  offer amount  from 139k  125k after submitting form to extend the mortgage moratge offer  broker has said to send new wage slip thats coming out in June pays a bit higher on that will they borrow me origanl amount which i need or will i have to increase my deposit which is already 20k cant really afford to pay another 14k  stamp duty is 10k as this will be my second house will have no money left.


 
 

K_S

tab99uk said:

hi skipton have reduced  offer amount  from 139k  125k after submitting form to extend the mortgage moratge offer  broker has said to send new wage slip thats coming out in June pays a bit higher on that will they borrow me origanl amount which i need or will i have to increase my deposit which is already 20k cant really afford to pay another 14k  stamp duty is 10k as this will be my second house will have no money left.


 
 

@tab99uk It'll depend on the reason for the shortfall and whether the increased June payslip is sufficient to cover that shortfall as per Skipton's affordability calculations.

Hopefully your broker will be able to line up an alternate lender if Skipton is a no go. Good luck!

bowens79

Hi, 

We have had a property purchase fall through, but have had an offer accepted on another property. The new property price is the same as the old one.

We received a formal mortgage offer from Halifax on the previous property, but are now hearing from Halifax that they won't transfer this offer to the new property, even though it is the same property price/LTV/amount borrowed. We will be able to complete on the new property within the mortgage offer period.

Looking at Halifax's information brochure on page 7 (https://www.halifax-intermediaries.co.uk/pdf/info-about-your-mortgage.pdf ) they that if a purchase falls through "you may be able to keep the mortgage deal you arranged on the old property", and "we can usually offer you a loan without restarting the whole process.”

I understand that given the rising interest rate environment they have decided to no longer do this (they want me to apply for a new product at today's much higher interest rates). Do I have grounds to complain given this is a change to their previous business practices and what they set out to expect in their brochure?

Desperadoo

Can anyone answer this for me please.  Have applied for a rate change current company no longer do new business so have passed us to another bank within their group 

Have had to a a whole new remortgage application. I informed the advisor both my husband and myself both on DMP and she has put it down as a Debt Relief Order ...I queried this but she said that's how they have to do it.  Anyone else ever had this ?




Not increasing amount of mortgage or term. Just looking to fix rate 

simon_or

bowens79 said:

Hi, 

We have had a property purchase fall through, but have had an offer accepted on another property. The new property price is the same as the old one.

We received a formal mortgage offer from Halifax on the previous property, but are now hearing from Halifax that they won't transfer this offer to the new property, even though it is the same property price/LTV/amount borrowed. We will be able to complete on the new property within the mortgage offer period.

Looking at Halifax's information brochure on page 7 (https://www.halifax-intermediaries.co.uk/pdf/info-about-your-mortgage.pdf ) they that if a purchase falls through "you may be able to keep the mortgage deal you arranged on the old property", and "we can usually offer you a loan without restarting the whole process.”

I understand that given the rising interest rate environment they have decided to no longer do this (they want me to apply for a new product at today's much higher interest rates). Do I have grounds to complain given this is a change to their previous business practices and what they set out to expect in their brochure?

I did this without any issue 3 years ago through a broker, don't know if things have changed since then.

If your broker has said it isn't possible, then I don't think there's any point in complaining.

IloveElephants

Hi,

I would like to ask for some advice.

I have 2 unsatisfied ccjs that were issued in 2019 and Early 2020. These were from Private car parking companies, the total value is £470. I never had taken out finance, loans etc...

Will I be able to obtain a mortgage with a good rate with my credit file in this condition. If I buy the property with my partner we can obtain a deposit of 20% 

Any questions please ask, I would like to talk to some brokers to get a better understanding. Thank you.

K_S

IloveElephants said:

Hi,

I would like to ask for some advice.

I have 2 unsatisfied ccjs that were issued in 2019 and Early 2020. These were from Private car parking companies, the total value is £470. I never had taken out finance, loans etc...

Will I be able to obtain a mortgage with a good rate with my credit file in this condition. If I buy the property with my partner we can obtain a deposit of 20% 

Any questions please ask, I would like to talk to some brokers to get a better understanding. Thank you.

@IloveElephants Depends on what you mean by a "good rate".

With 2 unsatisfied CCJs that are 2+ years old and <500 in total, by itself that should not stop you from getting a mortgage at 80% LTV.

However, the chances of getting a mainstream rate are slim as you may struggle to pass the lender "credit scoring" at DIP (Decision In Principle) stage.

Having said that, the differential between a mainstream rate and light-adverse rate (the likes of Aldermore, Kensington etc.) are currently much smaller than they have been over the past few years so perhaps might not be as bad as you expect.

Timbo29

Hi there
I have 11 months left of a 5 year mortgage. 
Is it worth re-fixing now? 

IloveElephants

K_S said:

IloveElephants said:

Hi,

I would like to ask for some advice.

I have 2 unsatisfied ccjs that were issued in 2019 and Early 2020. These were from Private car parking companies, the total value is £470. I never had taken out finance, loans etc...

Will I be able to obtain a mortgage with a good rate with my credit file in this condition. If I buy the property with my partner we can obtain a deposit of 20% 

Any questions please ask, I would like to talk to some brokers to get a better understanding. Thank you.

@IloveElephants Depends on what you mean by a "good rate".

With 2 unsatisfied CCJs that are 2+ years old and <500 in total, by itself that should not stop you from getting a mortgage at 80% LTV.

However, the chances of getting a mainstream rate are slim as you may struggle to pass the lender "credit scoring" at DIP (Decision In Principle) stage.

Having said that, the differential between a mainstream rate and light-adverse rate (the likes of Aldermore, Kensington etc.) are currently much smaller than they have been over the past few years so perhaps might not be as bad as you expect.

Hi K_S 

Thank you for taking the time to answer me, 

Quote "However, the chances of getting a mainstream rate are slim as you may struggle to pass the lender "credit scoring" at DIP (Decision In Principle) stage."

Does the credit scoring at DIP stage run a credit check and will the more DIP I do look bad? I have not see a property yet but wanted to see if I could just gauge what the banks would lend me at this stage.

When I say good rate I should have said competitive rate, not being penalised for the CCJs on my credit report. 

Thank you

K_S

IloveElephants said:

K_S said:

IloveElephants said:

Hi,

I would like to ask for some advice.

I have 2 unsatisfied ccjs that were issued in 2019 and Early 2020. These were from Private car parking companies, the total value is £470. I never had taken out finance, loans etc...

Will I be able to obtain a mortgage with a good rate with my credit file in this condition. If I buy the property with my partner we can obtain a deposit of 20% 

Any questions please ask, I would like to talk to some brokers to get a better understanding. Thank you.

@IloveElephants Depends on what you mean by a "good rate".

With 2 unsatisfied CCJs that are 2+ years old and <500 in total, by itself that should not stop you from getting a mortgage at 80% LTV.

However, the chances of getting a mainstream rate are slim as you may struggle to pass the lender "credit scoring" at DIP (Decision In Principle) stage.

Having said that, the differential between a mainstream rate and light-adverse rate (the likes of Aldermore, Kensington etc.) are currently much smaller than they have been over the past few years so perhaps might not be as bad as you expect.

Hi K_S 

Thank you for taking the time to answer me, 

Quote "However, the chances of getting a mainstream rate are slim as you may struggle to pass the lender "credit scoring" at DIP (Decision In Principle) stage."

Does the credit scoring at DIP stage run a credit check and will the more DIP I do look bad? I have not see a property yet but wanted to see if I could just gauge what the banks would lend me at this stage.

When I say good rate I should have said competitive rate, not being penalised for the CCJs on my credit report. 

Thank you

@iloveelephants DIPs are almost always soft-footprint credit checks only so in theory it should not have an impact on your further mortgage chances.