Mortgage broker - ask me anything

K_S

@linda.b_4 I can't speak for your particular case but based on the limited info in your post, I wouldn't expect it to be a problem. The size of the mortgage being 30k or 100k isn't likely to make a difference either way.

I know that the standard advice is that electoral roll registration is crucial for credit history but I've done a lot of mortgages for foreign nationals working in the UK who aren't eligible to register on the electoral roll and by itself that's never stopped me from getting them a mainstream mortgage.

Good luck, I hope it all goes smoothly!

linda.b_4 said:

Hi, we have been looking at properties to buy cash but have seen a house that would require a small mortgage. Excellent credit score, no debt and renting at moment. Never thought about registering on electoral roll for rented property and was on it in last property.  Applied about 3 weeks ago. Got letter saying we would be added on 1st of June. Is this likely to be a problem when applying for a mortgage of around £30000. Earnings more than cover payments. Thanks

Meg7711

Hi. 

I have a question.
Applied for a mortgage though MB on 22 April. Hard search done. 
on 24 April noticed a mistake in my surname.
contacted my broker regarding the above, he contacted NatWest.
27 April another hard search done this time with corrrect surname .
today I received the offer and there is the same mistake in my surname.
currently contacted broker’s office as he is on holiday. They are going to contact bank.
could you please tell me if there will be another hard search and how long it may take to update the offer? 

easy

How long does a person have to be in a job before applying for a mortgage.?
Our son and girlfriend want to buy a house as soon as possible. Our son is in his second month working for NHS full time,  his GF started work as full time nurse last August. Both were previously students.  They have some money for a deposit from a bequest.  
I suggested they need to wait at least 6 months before even starting to consider applying for a mortgage -  does that need to be a year?

K_S

Meg7711 said:

Hi. 

I have a question.
Applied for a mortgage though MB on 22 April. Hard search done. 
on 24 April noticed a mistake in my surname.
contacted my broker regarding the above, he contacted NatWest.
27 April another hard search done this time with corrrect surname .
today I received the offer and there is the same mistake in my surname.
currently contacted broker’s office as he is on holiday. They are going to contact bank.
could you please tell me if there will be another hard search and how long it may take to update the offer? 

@meg7711 Shouldn't take more than a few days to correct the name on the offer.

No clue about how it works with searches in these scenarios but I highly doubt they'd do another hard search if they've already searched on both versions of the name.

K_S

easy said:

How long does a person have to be in a job before applying for a mortgage.?
Our son and girlfriend want to buy a house as soon as possible. Our son is in his second month working for NHS full time,  his GF started work as full time nurse last August. Both were previously students.  They have some money for a deposit from a bequest.  
I suggested they need to wait at least 6 months before even starting to consider applying for a mortgage -  does that need to be a year?

@easy Assuming no other complications in the background and based solely on this aspect, as far as mainstream mortgages are concerned, they don't have to wait at all.

There are a few lenders that will lend prior to starting a new job based on the contract, some that will allow on day 1 of a new job, some that will allow after the first full payslip, etc.

By the time you get to the stage above, there are plenty of mainstream lenders on offer so mortgage-wise there's not really much to be gained by waiting further.

Meg7711

K_S said:

Meg7711 said:

Hi. 

I have a question.
Applied for a mortgage though MB on 22 April. Hard search done. 
on 24 April noticed a mistake in my surname.
contacted my broker regarding the above, he contacted NatWest.
27 April another hard search done this time with corrrect surname .
today I received the offer and there is the same mistake in my surname.
currently contacted broker’s office as he is on holiday. They are going to contact bank.
could you please tell me if there will be another hard search and how long it may take to update the offer? 

@meg7711 Shouldn't take more than a few days to correct the name on the offer.

No clue about how it works with searches in these scenarios but I highly doubt they'd do another hard search if they've already searched on both versions of the name.

Thank you again for your help

Catty288

@K_S What results will show on a Bankruptcy or K16 search? 

When is it requested?

Our conveyancer is currently checking and reviewing documents and we are waiting on setting a completion date. Should the bankruptcy search have been done by now? Is this exchange? 

We made bad financial choices previously but as far as we are aware, we are now all up to date. If we have missed something along the way somehow, but have not declared bankruptcy, would anything show up? 

Worrying ourselves sick in case something comes up that isn’t listed on our credit reports.

This is now our 4th attempt to secure a mortgage in the last 9 months and have been turned down for various reasons along the way, none relating to our credit so are just waiting for something to go wrong 😕

K_S

Catty288 said:

@K_S What results will show on a Bankruptcy or K16 search? 

When is it requested?

Our conveyancer is currently checking and reviewing documents and we are waiting on setting a completion date. Should the bankruptcy search have been done by now? Is this exchange? 

We made bad financial choices previously but as far as we are aware, we are now all up to date. If we have missed something along the way somehow, but have not declared bankruptcy, would anything show up? 

Worrying ourselves sick in case something comes up that isn’t listed on our credit reports.

This is now our 4th attempt to secure a mortgage in the last 9 months and have been turned down for various reasons along the way, none relating to our credit so are just waiting for something to go wrong 😕

@catty288 A K16 search is usually carried out by the conveyancer on the applicants to see if a bankruptcy has been registered against their names. It won't bring up any past credit issues afaik.

It's part of a standard part of a set of pre-completion searches. The K16 is only valid for a few weeks so I assume it would be carried out before exchange when completion is in sight.

Good luck, I hope you complete soon!

Catty288

K_S said:

Catty288 said:

@K_S What results will show on a Bankruptcy or K16 search? 

When is it requested?

Our conveyancer is currently checking and reviewing documents and we are waiting on setting a completion date. Should the bankruptcy search have been done by now? Is this exchange? 

We made bad financial choices previously but as far as we are aware, we are now all up to date. If we have missed something along the way somehow, but have not declared bankruptcy, would anything show up? 

Worrying ourselves sick in case something comes up that isn’t listed on our credit reports.

This is now our 4th attempt to secure a mortgage in the last 9 months and have been turned down for various reasons along the way, none relating to our credit so are just waiting for something to go wrong 😕

@catty288 A K16 search is usually carried out by the conveyancer on the applicants to see if a bankruptcy has been registered against their names. It won't bring up any past credit issues afaik.

It's part of a standard part of a set of pre-completion searches. The K16 is only valid for a few weeks so I assume it would be carried out before exchange when completion is in sight.

Good luck, I hope you complete soon!

Thank you so much for responding! This has relieved some of the stress in this very stressful process ☺️

Myci85

Me and my partner are looking to buy our first house. I'm on a permanent contract and earning two thirds of our total income, he is on a fixed term contract with 4 months left. He's had no gaps in employment in past 12 months, but has only been in this job since March and it is a new line of work following him doing a degree/masters to change career. I have an experian credit score of 999, he has 574 on clearscore. 
We have seen a house we may want to offer on, but wondering if we would stand a chance getting a mortgage right now, or if we need to wait for him to get a permanent contract, which may mean losing out on this house.