Mortgage broker - ask me anything

elkie1010

Hello, I've been told by a broker that mortgage lenders are moving away from using Experian because they're getting "too big for their boots" but are any lenders still using solely Experian?

K_S

elkie1010 said:

Hello, I've been told by a broker that mortgage lenders are moving away from using Experian because they're getting "too big for their boots" but are any lenders still using solely Experian?

@elkie1010 As of today, there are plenty of lenders that use Experian.

Generally speaking, most lenders will check one of either Experian or Equifax. Some will couple that with Transunion, a small number will use one agency at DIP/AIP and the other at FMA (full mortgage app) and some will use one as the main and the other as backup if the main profile isn’t matched (which can happen due to many reasons - the way the address is entered, variations on the name, etc.) on the main agency.

Crummers11

Hi i have a late payment with payday uk showing only on experian, was not taken out by me but that is another story, never went to default from it being taken December 2016, i discovered it and paid it off December 2020....going for a mortgage (sold my own home in 2019 an had mortgage with natwest) the rest of my credit file is fine, no late payments or anything negative, will a mortgage company take it into account?

K_S

Crummers11 said:

Hi i have a late payment with payday uk showing only on experian, was not taken out by me but that is another story, never went to default from it being taken December 2016, i discovered it and paid it off December 2020....going for a mortgage (sold my own home in 2019 an had mortgage with natwest) the rest of my credit file is fine, no late payments or anything negative, will a mortgage company take it into account?

@crummers11 One single PDL account on your Experian credit-file, closed more than 3 years ago, with late payment markers on it is unlikely to stop you from getting a mainstream mortgage.

PoppyVale

Hi, we are first time buyers with some of our deposit saved in Lifetime ISA. Not sure there's a better response to this question. We've seen a property we really love, ticks all our boxes and this doesn't come often. It's 500K. What can we do to avoid the 25% penalty as per the lifetime ISA rules for properties above 450K?.

Many thanks. 

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Myci85

Does anyone know if Halifax will lend on a property with kitchen in single storey, single skin brick room? Or any mainstream lenders that will consider some historic adverse and single skin?

Found out yesterday that Accord won't, so got to sit and wait out bh weekend before mortgage broker can look into our other options. 

K_S

Myci85 said:

Does anyone know if Halifax will lend on a property with kitchen in single storey, single skin brick room? Or any mainstream lenders that will consider some historic adverse and single skin?

Found out yesterday that Accord won't, so got to sit and wait out bh weekend before mortgage broker can look into our other options. 

@myci85 Impossible to say unfortunately as it depends on the specifics. Have you had any declines yet, did they give any more details other than what’s in your post?

Off of the top of my head I can remember a decline from one of the big banks due to being >10% single-skin. But this is one of those things that lenders will often just say “subject to valuer comments”.

Sometimes it’s just a matter of applying and seeing unfortunately. If it’s low LTV and you’re lucky, you might even get away with a desktop or drive-by valuation!

Myci85

K_S said:

Myci85 said:

Does anyone know if Halifax will lend on a property with kitchen in single storey, single skin brick room? Or any mainstream lenders that will consider some historic adverse and single skin?

Found out yesterday that Accord won't, so got to sit and wait out bh weekend before mortgage broker can look into our other options. 

@myci85 Impossible to say unfortunately as it depends on the specifics. Have you had any declines yet, did they give any more details other than what’s in your post?

Off of the top of my head I can remember a decline from one of the big banks due to being >10% single-skin. But this is one of those things that lenders will often just say “subject to valuer comments”.

Sometimes it’s just a matter of applying and seeing unfortunately. If it’s low LTV and you’re lucky, you might even get away with a desktop or drive-by valuation!

No more specifics yet, haven't officially had the decline yet, but the EA passed on the comments from valuer who told vendor that our current choice of lender (Accord) won't lend on it. He was apparently the same guy who did the vendors valuation 9 years ago and they got a mortgage through Natwest. This is the first application we've made, but we are needing 95% LTV so I know we'll be limited. 

silvercar

PoppyVale said:

Hi, we are first time buyers with some of our deposit saved in Lifetime ISA. Not sure there's a better response to this question. We've seen a property we really love, ticks all our boxes and this doesn't come often. It's 500K. What can we do to avoid the 25% penalty as per the lifetime ISA rules for properties above 450K?.

Many thanks. 

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Nothing. It’s the rules I’m afraid. 

luaive

Hi. Apologies if this question is in the thread. My husband and I are going, in the next few days to start applying for a mortgage, I get paid monthly and last pay I took a week unpaid. Could you please advise me if this could affect our application? Or the amount we could borrow. I'm hoping they don't ask for payslips straight away and I could supply the next few months payslips with full pay on. Thanks in advance for any advice.