Mortgage broker - ask me anything

misslizi

Thanks so much for your help

muchemenye

Hi I’m new here but hoping for some help. 

My wife and I are looking to buy a house and I’m just trying to gauge what our chances are. 

My wife has stellar credit and really only has the car and her phone as commitments. 

I have had credit issues in the past with some defaults as recent as 2022 in May, June and October. £121, £4500 and £550 respectively. These have all been paid off with the £550 been the most recently cleared in October this year. There are few more however all due to fall off prior to us applying to buy. 

I also had a CCJ from 2019 which has also been cleared in 2020.  

We are ideally looking to buy in the spring and I’m hoping someone can advise what the chances will be for us. 

Further context we have enough for a 10% deposit on the house we want but from reading earlier comments this may or may not be possible with my past credit issues?

Look forward to hearing back with any advice on my situation. 

K_S

@muchemenye I can’t speak for your specific case, as there might be details in the background that influence your options.

But generally speaking, for an applicant with multiple sizeable defaults <2 years old, and a CCJ, they will probably need at least a 15% deposit to qualify for a product with an adverse lender.

muchemenye said:

Hi I’m new here but hoping for some help. 

My wife and I are looking to buy a house and I’m just trying to gauge what our chances are. 

My wife has stellar credit and really only has the car and her phone as commitments. 

I have had credit issues in the past with some defaults as recent as 2022 in May, June and October. £121, £4500 and £550 respectively. These have all been paid off with the £550 been the most recently cleared in October this year. There are few more however all due to fall off prior to us applying to buy. 

I also had a CCJ from 2019 which has also been cleared in 2020.  

We are ideally looking to buy in the spring and I’m hoping someone can advise what the chances will be for us. 

Further context we have enough for a 10% deposit on the house we want but from reading earlier comments this may or may not be possible with my past credit issues?

Look forward to hearing back with any advice on my situation. 

muchemenye

@K_S thank you for the quick reply. Gives an indication of what I would be looking to expect and I’m better informed now for sure. 

Appreciate the insight 

Farmers-wife_2

Hi Brokers,

I'm wondering if you could help assess my chance of getting a mortgage and approximately what I would be entitled to borrow.

I have a deposit of 100,000, however, I only work part-time (owing to careering responsibilities) earning 11,000 a year. I receive child maintenance payments from my former husband of £1000 per month (12,000 per year) and this has been the case since January 2020.  

Many thanks in advance.

K_S

Farmers-wife_2 said:

Hi Brokers,

I'm wondering if you could help assess my chance of getting a mortgage and approximately what I would be entitled to borrow.

I have a deposit of 100,000, however, I only work part-time (owing to careering responsibilities) earning 11,000 a year. I receive child maintenance payments from my former husband of £1000 per month (12,000 per year) and this has been the case since January 2020.  

Many thanks in advance.

@Farmers-wife_2 I can’t speak for your specific case, as there might be other relevant details in the background that make it more/less likely that you can get what you need.

Generally speaking, for an applicant with perm paye income of 11k and court ordered child maintenance of 12k for a young child, there are lenders that will consider these incomes.

How much the above applicant can potentially borrow will depend on the specifics and numbers such as outgoings, debt, age, financial commitments, etc etc. Assuming all this is positive, with mainstream lenders, I would expect most max borrowing figures to range between 50-100k or so. 

Purejaz

Morning,

If i got a mortgage offer 5 months ago and I am about to complete on a house purchase. Is there typically a further credit check/affordability review before completion? if so is that usually at exchange or completion (assuming completion a week after exchange).

K_S

Purejaz said:

Morning,

If i got a mortgage offer 5 months ago and I am about to complete on a house purchase. Is there typically a further credit check/affordability review before completion? if so is that usually at exchange or completion (assuming completion a week after exchange).

@purejaz There aren't any set rules about this, there's a small chance of it. Exchange is not a milestone that is relevant to the lender.

Aliliva

Good Morning!

We are contemplating getting some additional borrowing to help us with the costs of an extension. Does anyone know what are the current rates for this with NatWest? I cannot find them online, but before doing an application we wanted a rough idea of whether we can even afford it. Currently we owe around £200k on a £330k house, and would be looking to borrow an additional £30k over 10/15 years.

Thanks

kingstreet

Aliliva said:

Good Morning!

We are contemplating getting some additional borrowing to help us with the costs of an extension. Does anyone know what are the current rates for this with NatWest? I cannot find them online, but before doing an application we wanted a rough idea of whether we can even afford it. Currently we owe around £200k on a £330k house, and would be looking to borrow an additional £30k over 10/15 years.

Thanks

Upto 75% LTV no fee - 2Y fix 5.38%, 5Y fix 5.10%.