Mortgage broker - ask me anything

kennyvinegar

Hi, apologies if this has been asked before, I have searched the forum and read lots of threads but after some up to date advice.

I'd like to apply for a mortgage on my own even though I am married as I can afford it, have saved up the deposit on my own and my husband has a CCJ (incorrectly issued but that's another story, we are in the process of trying to rectify), plus I am a first time buyer.  Husband is absolutely fine with me applying alone.  I have an AIP from Halifax as a single applicant; my questions are -

Do Halifax credit check the spouse even though they are not applying for the mortgage? 

If and when they ask 'why is this not a joint application as you are married?', is the reason of the deposit being saved up my me alone good enough?

jayme_29

Are you obliged to go with the broker who has arranged your agreement in principle? I got in touch with my broker who I was dealing with earlier this year to discuss shared ownership instead of H2B and he ran the figures through and went ahead with updating my AIP as the old one had expired. But I received a recommendation for another broker who I’d like to speak to. The AIP is with Halifax, a colleague said to me that means I won’t be able to get a mortgage from Halifax if I go ahead with the other broker. Is this correct? 

K_S

kennyvinegar said:

Hi, apologies if this has been asked before, I have searched the forum and read lots of threads but after some up to date advice.

I'd like to apply for a mortgage on my own even though I am married as I can afford it, have saved up the deposit on my own and my husband has a CCJ (incorrectly issued but that's another story, we are in the process of trying to rectify), plus I am a first time buyer.  Husband is absolutely fine with me applying alone.  I have an AIP from Halifax as a single applicant; my questions are -

Do Halifax credit check the spouse even though they are not applying for the mortgage? 

If and when they ask 'why is this not a joint application as you are married?', is the reason of the deposit being saved up my me alone good enough?

@kennyvinegar Without going into too much detail, and without trying to predict the outcome of your specific case, generally speaking - Halifax do not have any issue with married couples applying in sole names, irrespective of the reason for the same.

K_S

jayme_29 said:

Are you obliged to go with the broker who has arranged your agreement in principle? I got in touch with my broker who I was dealing with earlier this year to discuss shared ownership instead of H2B and he ran the figures through and went ahead with updating my AIP as the old one had expired. But I received a recommendation for another broker who I’d like to speak to. The AIP is with Halifax, a colleague said to me that means I won’t be able to get a mortgage from Halifax if I go ahead with the other broker. Is this correct? 

@jayme_29 I can't comment on your specific case, but generally speaking - getting an AIP from broker 1 or direct should not have an impact on a future AIP/application through broker 2.

LukasVys

Hi,

My Broker informed me that the bank passed all my checks, but my girlfriend needs to send them her P45. Due to relocation to another city, we can't find it anywhere and to make the situation worse she hasn't kept her last payslip. We have tried to contact her workplace, but HR is on annual leave for a month and we have been told that he is the only person to access old accounts. 

We have extracted all the information from HRMC website and gave them 4years of Tax information instead. They haven't come back to let us know if that was sufficient so we are now worried. 

We applied (Leeds bank) on the 22nd of August and just now they told us about P45. Should we worry? or that should be enough? 

K_S

LukasVys said:

Hi,

My Broker informed me that the bank passed all my checks, but my girlfriend needs to send them her P45. Due to relocation to another city, we can't find it anywhere and to make the situation worse she hasn't kept her last payslip. We have tried to contact her workplace, but HR is on annual leave for a month and we have been told that he is the only person to access old accounts. 

We have extracted all the information from HRMC website and gave them 4years of Tax information instead. They haven't come back to let us know if that was sufficient so we are now worried. 

We applied (Leeds bank) on the 22nd of August and just now they told us about P45. Should we worry? or that should be enough? 

@lukasvys I can't comment on the outcome of your specific case as I don't know anything about it. But generally speaking, if the client couldn't provide a P45, I'd expect the final payslip and latest P60 to suffice for this purpose.

As a P45 is not available, I would have expected your broker to ask Leeds what they need instead of the P45 and then tell you to provide xyz as per what the lender says.

LukasVys

So far we gave them P60 and all the HRMC information for the past 4 years. 

We are now waiting for someone from work to come back to us. We have informed the broker that it could take a while, so not sure what else we could give them. 

bhoogenberg1

I have a mortgage in 2 parts - first part is main mortgage (tracker - 1.99+BR) and smaller home improvement mortgage running alongside (fixed for another 12months). I can get a new deal from current lender for main part, but not the fixed part but there is a fee of £1000 which is putting me off. I can get a better deal with no fees elsewhere, my question is can i move that bigger part of the mortgage to another lender, whilst leaving the smaller part with current lender until the fixed period ends. In effect have 2 mortgages with 2 different lenders for the same property? Im also worried that unless i wait the 12 months until the fixed period  ends on the smaller portion, i will never get both parts to line up in the same timeframe for a deal!

K_S

bhoogenberg1 said:

I have a mortgage in 2 parts - first part is main mortgage (tracker - 1.99+BR) and smaller home improvement mortgage running alongside (fixed for another 12months). I can get a new deal from current lender for main part, but not the fixed part but there is a fee of £1000 which is putting me off. I can get a better deal with no fees elsewhere, my question is can i move that bigger part of the mortgage to another lender, whilst leaving the smaller part with current lender until the fixed period ends. In effect have 2 mortgages with 2 different lenders for the same property? Im also worried that unless i wait the 12 months until the fixed period  ends on the smaller portion, i will never get both parts to line up in the same timeframe for a deal!

@bhoogenberg1 For standard mainstream mortgages, you'll either need to stay with the same lender or remortgage the whole mortgage (part 1 + part 2) to a new lender.

bhoogenberg1

thnaks very much