Mortgage broker - ask me anything

Deedee23

Deleted_User said:

It depends what credit reference agency your lender uses and which one you are checking. There are 3 main ones . If you use check my file to see your reports it will show you information on all 3 agencies 

 I've done that. There are no outstanding debts. I am just confused as to what they have seen.

[Deleted User]

Do you bank with anyone in the Halifax group ? If not on credit file the other thing I can think of is they have saw something on internal checks. Or it’s a mistake 

K_S

Deedee23 said:

Hi,
Don't I submit my husband and I'm mortgage application with Halifax via a mortgage broker last week .Valuation was done this week and it came back as priced as offer we put it.
 The issue now is the banks have requested for my husband's bonus pay slip which we have submitted. They've also said they have found undisclosed debt during their hard search. I don't know of any other debts we have apart from our CC. I have downloaded our credit file and there's no additional debts on there. Am I missing something? My mortgage Brookerhas submitted the credit file and says its a waiting game another 2weeks. Is there anything on the credit file that we cost see but lenders do? How do I rectify this 

@deedee23 I don't want to second guess your broker as he/she has the whole picture and I'm just going by the limited info in your post. But here are a few quick thoughts -

- Halifax checks Experian and usually undisclosed commitments are picked up at the DIP stage. Did you get a DIP with the amount of borrowing you require?

- Is your broker saying that Halifax will only lend a lower amount or not lend at all, based on these undisclosed commitments?

- Do your bank statements have any regular outgoings that haven't been declared in the application? Childcare costs, etc.? Even if they haven't asked for the statements, lender systems can still get sufficient information from the credit agencies to do a surplus income calculation. I've not seen that with Halifax but have had it happen a couple of times with other lenders triggering requests bank statements

- your broker is doing the right thing by setting conservative expectations but unless it's gone for a higher review, Halifax rarely take more than a few days to come back on a response to a query

Hopefully @kingstreet will see your post and respond, he's an absolute expert on Halifax's workings!

K_S

ajtrout said:

I'm looking to move home this year and my current mortgage is with Nationwide (expires 31 March 2023). If I apply for a mortgage via a broker with Nationwide on my new home and complete circa Jan 23, will that avoid ERCs?

@ajtrout Not sure I understand your question properly but if you're locked into a fix and want to move and avoid ERCs, you could look at porting your mortgage with Nationwide.
https://www.nationwide-intermediary.co.uk/products/porting

Deedee23

K_S said:

Deedee23 said:

Hi,
Don't I submit my husband and I'm mortgage application with Halifax via a mortgage broker last week .Valuation was done this week and it came back as priced as offer we put it.
 The issue now is the banks have requested for my husband's bonus pay slip which we have submitted. They've also said they have found undisclosed debt during their hard search. I don't know of any other debts we have apart from our CC. I have downloaded our credit file and there's no additional debts on there. Am I missing something? My mortgage Brookerhas submitted the credit file and says its a waiting game another 2weeks. Is there anything on the credit file that we cost see but lenders do? How do I rectify this 

@deedee23 I don't want to second guess your broker as he/she has the whole picture and I'm just going by the limited info in your post. But here are a few quick thoughts -

- Halifax checks Experian and usually undisclosed commitments are picked up at the DIP stage. Did you get a DIP with the amount of borrowing you require?

- Is your broker saying that Halifax will only lend a lower amount or not lend at all, based on these undisclosed commitments?

- Do your bank statements have any regular outgoings that haven't been declared in the application? Childcare costs, etc.? Even if they haven't asked for the statements, lender systems can still get sufficient information from the credit agencies to do a surplus income calculation. I've not seen that with Halifax but have had it happen a couple of times with other lenders triggering requests bank statements

- your broker is doing the right thing by setting conservative expectations but unless it's gone for a higher review, Halifax rarely take more than a few days to come back on a response to a query

Hopefully @kingstreet will see your post and respond, he's an absolute expert on Halifax's workings!

Thanks for replying. 
We got our DIP @85% LTV because of my husband's spousal visa and amount I owe on CC.

He just mentioned about undisclosed debts. Nothing about how much they are offering to lend us based on this new finding. He only asked if we are willing to put down the full 15% which we are.

I infomed my mortgage broker about childcare costs. I'll ask him if he added that. I am also not sure if they take into account student loan debts.

K_S

Deedee23 said:

K_S said:

Deedee23 said:

Hi,
Don't I submit my husband and I'm mortgage application with Halifax via a mortgage broker last week .Valuation was done this week and it came back as priced as offer we put it.
 The issue now is the banks have requested for my husband's bonus pay slip which we have submitted. They've also said they have found undisclosed debt during their hard search. I don't know of any other debts we have apart from our CC. I have downloaded our credit file and there's no additional debts on there. Am I missing something? My mortgage Brookerhas submitted the credit file and says its a waiting game another 2weeks. Is there anything on the credit file that we cost see but lenders do? How do I rectify this 

@deedee23 I don't want to second guess your broker as he/she has the whole picture and I'm just going by the limited info in your post. But here are a few quick thoughts -

- Halifax checks Experian and usually undisclosed commitments are picked up at the DIP stage. Did you get a DIP with the amount of borrowing you require?

- Is your broker saying that Halifax will only lend a lower amount or not lend at all, based on these undisclosed commitments?

- Do your bank statements have any regular outgoings that haven't been declared in the application? Childcare costs, etc.? Even if they haven't asked for the statements, lender systems can still get sufficient information from the credit agencies to do a surplus income calculation. I've not seen that with Halifax but have had it happen a couple of times with other lenders triggering requests bank statements

- your broker is doing the right thing by setting conservative expectations but unless it's gone for a higher review, Halifax rarely take more than a few days to come back on a response to a query

Hopefully @kingstreet will see your post and respond, he's an absolute expert on Halifax's workings!

Thanks for replying. 
We got our DIP @85% LTV because of my husband's spousal visa and amount I owe on CC.

He just mentioned about undisclosed debts. Nothing about how much they are offering to lend us based on this new finding. He only asked if we are willing to put down the full 15% which we are.

I infomed my mortgage broker about childcare costs. I'll ask him if he added that. I am also not sure if they take into account student loan debts.

@deedee23 Could be student loans as they are classed as a regular outgoing based on what's showing on your payslip. However, it's very unlikely that the broker missed that out when filling in the outgoings section on the application.

You might be worrying unnecessarily. If your broker hasn't said anything about a lower loan size then perhaps even with the undisclosed commitment the case still fits for how much you need to borrow.

bubby08

Good Morning,

I just wondered if anyone had any experience of lending of with Bluestone or Together finance?

thanks 

K_S

bubby08 said:

Good Morning,

I just wondered if anyone had any experience of lending of with Bluestone or Together finance?

thanks 

@bubby08 Bluestone thread - https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages/p546

Together is a 'last chance saloon' kind of lender.

With both Bluestone and Together, if the broker runs the case past them properly and they okay it, then it's very unlikely to fall through after that, subject to valuation of course.

bubby08

@K_S Thanks as always

Deedee23

@K_S thsnk you.
You were right I was just worrying. We got the offer this morning on condition I clear my CC  debt before completion.