Mortgage broker - ask me anything

granville14

Hi... we are 6.5 years post bankruptcy, and 8 years post repossession with approx 10% deposit... is it worth even trying how things are at the minute?? We are desperate to own our own house again... thank you

haras_n0sirrah

HansGruber89 said:

This is exactly the thread I was looking for!

I've made an offer on a house for £95k which has been accepted, and I currently own a property outright worth about £125k, possibly a little more after recent renovations. I want to 'downsize' to this new property, and was planning to take out a mortgage and then sell my house to repay it at a later date which is what I've told the seller; this was because it is a popular property and I'm worried about the owner not wishing to wait while I sell my property first. I was wondering if there is another way to do this, such as remortgage my current property, bridging loan etc which would be quicker, or whether I should just ask the seller if they are happy to wait while I sell my house? It is in a relatively popular area and the last one to sell in the street was on the market a month.

Any help or advice would be appreciated!

There are lenders who have no tie in trackers. You could look to remortgage your existing property to a product with no early repayment charge and then pay it off when you sell

haras_n0sirrah

Natztastic2 said:

Suseka97 said:

haras_n0sirrah said:
............A number of people have messaged me to assist on their mortgage applications which, while not the original reason I did the thread, is certainly welcome.

Yes, that's clearly so.. but can I add that this thread is priceless and if you and the other MA's helping out get a little business....well then you certainly deserve it  

I agree, so very helpful, even in cases where people have their own brokers but not getting the answers they want so have to ask here.

I hope you do benefit from this as you seem very dedicated, knowledgeable and reliable with your advice for others.

Thank you so much. Blushing now 

mackeybean1

Hi
My wife and I are hoping to move house. She is employed and I am self employed. I also have a relatively new 2nd job (22k) which actually pays more than my self employed income (18k) 
The issue is that my 2nd job is with an employment agency and my role is a temporary on going assignment for NHS which doesn’t look to be ending any time soon.
My question is would the mortgage company take this 2nd income into consideration (22k a year) or at least a % of it? I’ve been in the same role since April. 

Thanks

haras_n0sirrah

granville14 said:

Hi... we are 6.5 years post bankruptcy, and 8 years post repossession with approx 10% deposit... is it worth even trying how things are at the minute?? We are desperate to own our own house again... thank you

15% would be easier mainly because of the lack of 10% deals. I will have a look if any of the ones currently doing 10 would consider subject to usual caveats 

haras_n0sirrah

mackeybean1 said:

Hi
My wife and I are hoping to move house. She is employed and I am self employed. I also have a relatively new 2nd job (22k) which actually pays more than my self employed income (18k) 
The issue is that my 2nd job is with an employment agency and my role is a temporary on going assignment for NHS which doesn’t look to be ending any time soon.
My question is would the mortgage company take this 2nd income into consideration (22k a year) or at least a % of it? I’ve been in the same role since April. 

Thanks

You are likely to need 12 months in job 2 due to it not being a permanent position I am afraid 

Barnes10

Hi all (I’m posting here as the thread seems to be really active)
I'm planning on applying for a mortgage with my partner at some point early next year. I've been working for my current employer for just over two years now, but my contract is coming to an end at the end of the year. I got a new job starting in Novermber, as well as another one, with the provisional start date of January. The problem is the second job is much better paid, but they can't commit to the start date due to coronavirus, and I won't know until December if I'll be able to start in January.

How would me taking the first new job in November and leaving it in January look for potential mortgage providers? Not sure if that'd affect me getting a mortgage in, say, March-April? From what I've read they normally require the last three payslips and at that time I'd be able to provide the payslips relating to the better-paying job. 

I suppose what I'm asking is whether the lenders look at the average length of any previous employment, or, provided that I can provide the payslips, they won't mind me jumping ship twice in a relatively short time? The job provisionally starting in January has no probation period so that shouldn't affect the application, am I right?

Thank you, I’d appreciate any input!

granville14

haras_n0sirrah said:

granville14 said:

Hi... we are 6.5 years post bankruptcy, and 8 years post repossession with approx 10% deposit... is it worth even trying how things are at the minute?? We are desperate to own our own house again... thank you

15% would be easier mainly because of the lack of 10% deals. I will have a look if any of the ones currently doing 10 would consider subject to usual caveats 

Thank you so much... We could maybe look at cheaper houses so the % is higher.. if we know there is a possibility of getting a mortgage with our history? 

Tinkerbell1981

haras_n0sirrah said:

Tinkerbell1981 said:

Hello
I currently have a joint mortgage with £120'000 remaining. We have only had the mortgage for 16 months so there will be an early repayment charge of approx £4000. I am separating from my boyfriend and we have accepted an offer on our house. I went on Halifax website and calculated how much i could borrow and it came out at £118'000. However upon ringing Halifax they have said i can transfer the mortgage to a new property and avoid the early repayment charge but when i went through everything on the phone with them lending only came out at £91'000. I did have £244 on a very account £740 on a credit card and £551 on another credit card however i did clear these before i spoke with Halifax but they still appear on my credit file until it updates. I have been clear of a DMP for 4 years 1 default in 2017 and 1 missed payment Jan 2019.  . Is the likely cause of the difference in lending the outstanding balances still appearing. I literally have 0 debt now. They said reapply in 30 days.
I need at least £118'000 for the property i want which is £140'000 less a 15% deposit. Thank you.

That is quite a gap from 118 down to 91k. What is your income?

£22' 300 from employment income then £3700 universal credit and £3640 maintenance payments

doglover34

Hi
Any idea why Aldermore would hard credit search my husband 3 times and me once?? currently in application stage but his score will drop by 200 points from excellant to poor tomorrow because of this. MA said it might just be their process when underwriting but im not so sure ... its working day 7 today