Mortgage broker - ask me anything

louisedaisy133

@haras_n0sirrah Hello, we are currently going with Kent reliance we have adverse credit that was settled over 14 months ago. It has been submitted, the valuation has been done the underwriter queried one payment (car insurance) can you tell me how long it takes roughly before we if know it’s declined or accepted? Would they tend to run a valuation without being confident of accepting the offer? I can see us ever getting on the ladder xxx

haras_n0sirrah

harsxx said:

Hi there, just wanting some advice on if we would be accepted for a mortgage.
We are hoping to apply in January when my partner would of been employed for 6 months by then in same employment previous employment he was there for 9 months before his employer had to do cut backs due to covid. Luckily he found a new job straight away so no employment gaps. Anyway I have a ccj from 2016 for 3408. For a credit card. I settled this in July so by the time we apply it would of been settled for 6 months . However even with this ccj my credit score is on fair with experian and Equifax . So is my partners. My partner earns 20800 per year and I'm a carer for my disabled child. We have 5 children . We get 400 per week in tax credits- and I also get carers allowance. Please no judging. I did have a job last year but I was made redundant. So now only partner working .We pay full rent and council tax . Rent 140 per week council tax 165 per month.. we manage these payments. We have a 15% deposit . Since the ccj there is nothing else on credit report. No missed payments etc just the ccj. We have a few credit cards between us owing 3k but paying this off before we apply in Jan. So when we apply we will be debt free. We was hoping to buy a house for 120k putting 15% down. So borrowing 102k.We are first time buyers. I'm 36 partners 44. My question is will we have to go to a bad credit mortgage lender ? I have heard halifax accept people with ccjs. Is this true? Or is my ccj too high? Also do you think we could lend that much or not? Thanks 

There are lenders who will be fine with the adverse as long as it is satisfied prior to application. In terms of affordability there are a number of lenders who accept tax credit and benefit income so subject to the lenders affordability at the time there should be options for you 

haras_n0sirrah

louisedaisy133 said:

@haras_n0sirrah Hello, we are currently going with Kent reliance we have adverse credit that was settled over 14 months ago. It has been submitted, the valuation has been done the underwriter queried one payment (car insurance) can you tell me how long it takes roughly before we if know it’s declined or accepted? Would they tend to run a valuation without being confident of accepting the offer? I can see us ever getting on the ladder xxx

Kent is about 6 working days at the moment 

haras_n0sirrah

Carl2510 said:

If you’ve received your offer at the interest rate you put the application in. If it was to go lower would they amend or not. Also vice versa if it was to go higher 

It depends on the lender. It wont go higher but some lenders will allow you to amend the rate if it goes down 

RTC87

Hi there, my partner and I are hoping to move. We have sold STC and will be looking for a 90% LTV on a £252000 property. Our household income is around £62,000 gross with me being the primary earner and my partner working part-time. We have two children. Is it going to be incredibly difficult to find a mortgage at the moment or is there hope? We both have good credit but have £4,000 on a credit card (in my name).

Thanks for any help.

haras_n0sirrah

RTC87 said:

Hi there, my partner and I are hoping to move. We have sold STC and will be looking for a 90% LTV on a £252000 property. Our household income is around £62,000 gross with me being the primary earner and my partner working part-time. We have two children. Is it going to be incredibly difficult to find a mortgage at the moment or is there hope? We both have good credit but have £4,000 on a credit card (in my name).

Thanks for any help.

90% ltv if you aren't a ftb is tricky at the moment. There is a way around it but can't put it on here. 

RTC87

haras_n0sirrah said:

RTC87 said:

Hi there, my partner and I are hoping to move. We have sold STC and will be looking for a 90% LTV on a £252000 property. Our household income is around £62,000 gross with me being the primary earner and my partner working part-time. We have two children. Is it going to be incredibly difficult to find a mortgage at the moment or is there hope? We both have good credit but have £4,000 on a credit card (in my name).

Thanks for any help.

90% ltv if you aren't a ftb is tricky at the moment. There is a way around it but can't put it on here. 

Oh dear, not great. Are you able to PM me the way round perhaps? The current mortgage advisor we spoke to was confident and managed to get us a AIP, he did state though they are changing fast and that was a good few weeks ago now.

haras_n0sirrah

The brokers who post here are not allowed to approach posters but we can be PM'd by people asking for help.

Which lender did were you looking at?

FTBMish

After a relationship break up i fell on hard times and used Sunny. I paid it off in 2 payments. I also have one partial settlement showing on my account. No defaults at all though. 
Fast forward 4 years and all debts paid, only car lease and normal utilities etc I pay now. Credit scores good although I know this doesn't necessarily mean anything. 
My partner has a perfect history, excellent score, £1200 car finance left and no other debt. Was furloughed but went back to work in June. 
Salaries are 36680/27000 with 5% deposit already saved. (Wanting to use HTB equity loan)
Looking for mortgage of £210000.
We excitedly applied for a mortgage via a broker who has passed it to Santander on 28th Sept (they are working on 14th Sept so its not been looked at yet)
I forgot about the Elevate loan until today so have emailed the broker.
Am I right in thinking we would be delined now? Wondering if we should be trying elsewhere?

steven4567

Hi all 

new to the form. Looking for bit of info formation regarding being sent back to underwriters.

My mortgage offer got sent out start of august, if it’s been sent back to underwriters would they ask for updated bank statements and wagesslips