Mortgage broker - ask me anything

haras_n0sirrah

peppapig14 said:

haras_n0sirrah said:

peppapig14 said:

are you experiencing 100% complete delays with Nationwide ( delays fully documented on other threads) or are there any positive Nationwide timelines?

I had a nationwide case offer today to my complete surprise which went in on the 5th sept (lender looked at payslips and bank statements so not a no document case) but have had another one from last month which has not offered despite no questions (90%) Currently nationwide are at 19 working days. 
I suspect there are higher ltv tracks and lower ltv tracks (the one that offered today was under 75%)
I know self employed have their own track as well.

thank you. we submitted our application 14/9 and valuation booked for 17/9.No other communication.  Does this mean Nationwide are doing valuations before underwriting? 

yes - nationwide are instructing valuations on application

917700

haras_n0sirrah said:

917700 said:

haras_n0sirrah said:

917700 said:

Hi

I came to UK in 2010 and my current visa is Tier 1 Entrepreneurs (expire date 04/2021). The employment restrictions is I can only work for my own business. So obviously I am self employed. 

I submitted my  indefinite leave to remain application last month. Usually it can take 4 weeks to 26 weeks to receive the decision.

Is there any lenders accept foreign nationals who doesn’t have Indefinite leave to remain?

Do I have to or is it better to wait until the Indefinite leave to remain is received? 

I also had a settled £236 default account record in 08/2015. 

Yes there are. It will be a 15% deposit minimum. With the default I think that would be ok but it would be subject to credit score.
In terms of the self employed they are looking at how your business has been affected by covid 19 (latest 3 months business bank statements and have you accepted any grants)

Hi 

Thanks for the information. My credit score is 763/999 on Experian. This is a fair score.

Is this likely to be accepted by lenders?

The score isn't a factor - it is what is on the credit report which matters

Thank you. I only have one £236 settled default record in 2015, and one late payment to Three mobile company due to change of direct debit in 2017. I am not registered on Electoral roll because I am not British citizen. What else will the lender be looking for? 

I looked for a new build property and the developer referred me to their tied broker for affordability check. The broker said my AIP with Santander was declined, but I didn't see any search alter on Equifax. Is this normal?

haras_n0sirrah

917700 said:

haras_n0sirrah said:

917700 said:

haras_n0sirrah said:

917700 said:

Hi

I came to UK in 2010 and my current visa is Tier 1 Entrepreneurs (expire date 04/2021). The employment restrictions is I can only work for my own business. So obviously I am self employed. 

I submitted my  indefinite leave to remain application last month. Usually it can take 4 weeks to 26 weeks to receive the decision.

Is there any lenders accept foreign nationals who doesn’t have Indefinite leave to remain?

Do I have to or is it better to wait until the Indefinite leave to remain is received? 

I also had a settled £236 default account record in 08/2015. 

Yes there are. It will be a 15% deposit minimum. With the default I think that would be ok but it would be subject to credit score.
In terms of the self employed they are looking at how your business has been affected by covid 19 (latest 3 months business bank statements and have you accepted any grants)

Hi 

Thanks for the information. My credit score is 763/999 on Experian. This is a fair score.

Is this likely to be accepted by lenders?

The score isn't a factor - it is what is on the credit report which matters

Thank you. I only have one £236 settled default record in 2015, and one late payment to Three mobile company due to change of direct debit in 2017. I am not registered on Electoral roll because I am not British citizen. What else will the lender be looking for? 

I looked for a new build property and the developer referred me to their tied broker for affordability check. The broker said my AIP with Santander was declined, but I didn't see any search alter on Equifax. Is this normal?

santander require a 25% deposit for non permanent I believe - how much deposit did you have?

peppapig14

haras_n0sirrah said:

peppapig14 said:

haras_n0sirrah said:

peppapig14 said:

are you experiencing 100% complete delays with Nationwide ( delays fully documented on other threads) or are there any positive Nationwide timelines?

I had a nationwide case offer today to my complete surprise which went in on the 5th sept (lender looked at payslips and bank statements so not a no document case) but have had another one from last month which has not offered despite no questions (90%) Currently nationwide are at 19 working days. 
I suspect there are higher ltv tracks and lower ltv tracks (the one that offered today was under 75%)
I know self employed have their own track as well.

thank you. we submitted our application 14/9 and valuation booked for 17/9.No other communication.  Does this mean Nationwide are doing valuations before underwriting? 

yes - nationwide are instructing valuations on application

great thank you, now I'll join the 20+ day wait! 

Tricky_Disco

I am taking out a mortgage on the LIFT scheme.  Full house value (£155000) of which I am paying £93000) Do yo know if you are allowed to borrow more on the mortgage to pay off my debt?  Thanks

917700

haras_n0sirrah said:

917700 said:

haras_n0sirrah said:

917700 said:

haras_n0sirrah said:

917700 said:

Hi

I came to UK in 2010 and my current visa is Tier 1 Entrepreneurs (expire date 04/2021). The employment restrictions is I can only work for my own business. So obviously I am self employed. 

I submitted my  indefinite leave to remain application last month. Usually it can take 4 weeks to 26 weeks to receive the decision.

Is there any lenders accept foreign nationals who doesn’t have Indefinite leave to remain?

Do I have to or is it better to wait until the Indefinite leave to remain is received? 

I also had a settled £236 default account record in 08/2015. 

Yes there are. It will be a 15% deposit minimum. With the default I think that would be ok but it would be subject to credit score.
In terms of the self employed they are looking at how your business has been affected by covid 19 (latest 3 months business bank statements and have you accepted any grants)

Hi 

Thanks for the information. My credit score is 763/999 on Experian. This is a fair score.

Is this likely to be accepted by lenders?

The score isn't a factor - it is what is on the credit report which matters

Thank you. I only have one £236 settled default record in 2015, and one late payment to Three mobile company due to change of direct debit in 2017. I am not registered on Electoral roll because I am not British citizen. What else will the lender be looking for? 

I looked for a new build property and the developer referred me to their tied broker for affordability check. The broker said my AIP with Santander was declined, but I didn't see any search alter on Equifax. Is this normal?

santander require a 25% deposit for non permanent I believe - how much deposit did you have?

I initially said I am happy to put 27% deposit, then I said I can put 39% deposit if this is really required. I am a first buyer, and Help to Buy is available on the property. So I think I can probably increase the deposit again if I apply Help to Buy.

haras_n0sirrah

Tricky_Disco said:

I am taking out a mortgage on the LIFT scheme.  Full house value (£155000) of which I am paying £93000) Do yo know if you are allowed to borrow more on the mortgage to pay off my debt?  Thanks

have to admit I have never heard of the lift scheme? If similar to council right to buy then no you wouldn't be able to. You would be able to borrow 100% of what you are paying however could not borrow more on top

haras_n0sirrah

917700 said:

haras_n0sirrah said:

917700 said:

haras_n0sirrah said:

917700 said:

haras_n0sirrah said:

917700 said:

Hi

I came to UK in 2010 and my current visa is Tier 1 Entrepreneurs (expire date 04/2021). The employment restrictions is I can only work for my own business. So obviously I am self employed. 

I submitted my  indefinite leave to remain application last month. Usually it can take 4 weeks to 26 weeks to receive the decision.

Is there any lenders accept foreign nationals who doesn’t have Indefinite leave to remain?

Do I have to or is it better to wait until the Indefinite leave to remain is received? 

I also had a settled £236 default account record in 08/2015. 

Yes there are. It will be a 15% deposit minimum. With the default I think that would be ok but it would be subject to credit score.
In terms of the self employed they are looking at how your business has been affected by covid 19 (latest 3 months business bank statements and have you accepted any grants)

Hi 

Thanks for the information. My credit score is 763/999 on Experian. This is a fair score.

Is this likely to be accepted by lenders?

The score isn't a factor - it is what is on the credit report which matters

Thank you. I only have one £236 settled default record in 2015, and one late payment to Three mobile company due to change of direct debit in 2017. I am not registered on Electoral roll because I am not British citizen. What else will the lender be looking for? 

I looked for a new build property and the developer referred me to their tied broker for affordability check. The broker said my AIP with Santander was declined, but I didn't see any search alter on Equifax. Is this normal?

santander require a 25% deposit for non permanent I believe - how much deposit did you have?

I initially said I am happy to put 27% deposit, then I said I can put 39% deposit if this is really required. I am a first buyer, and Help to Buy is available on the property. So I think I can probably increase the deposit again if I apply Help to Buy.

May be time to consult a different broker

Graeme1978uk

What are the biggest causes of failing to secure a mortgage from a lender after receiving a DIP?

I see it a fair bit on here and wondered how it comes about? The lender sees your credit file before issuing a DIP, so providing all of the information you provided is correct what goes wrong?

amnblog

Toyo - sounds like you are thinking let anyway without C2L from Barclays.
Two observations
1. Barclays usually don't have a problem with C2L so I am guessing they heard something they do not like (for example they got the impression it was not a short term arragnement)
2. Letting without C2L may cause you an issue should you later have to remove a troublesome tenant.