Mortgage broker - ask me anything

vandanfc

Thank you.

JDAW72

Hi. I have a mortgage renewal due at year end. I know people who have paid money into betting accounts and been denied a mortgage. Not me by the way.  I do however have a direct debit paid to the national lottery. Would that go against me and would it be advisable to stop it

silvercar

How easy is it to get a mortgage based on both incomes for a married couple where one is British (UK passport holder born in the UK) and the other is working here on a spouse visa? The spouse visa will then be extended and following that apply for IDLR, but that is down the road. At the moment they are renting in the UK, both in stable permanent professional jobs.

K_S

silvercar said:

How easy is it to get a mortgage based on both incomes for a married couple where one is British (UK passport holder born in the UK) and the other is working here on a spouse visa? The spouse visa will then be extended and following that apply for IDLR, but that is down the road. At the moment they are renting in the UK, both in stable permanent professional jobs.

@silvercar With one applicant on pre-settled/settled/ILR/UK passport (vast majority of mainstream lenders treat all these as equivalent 'permanent' status), it's gotten progressively easier over the past 4-5 years.

You have a handful of mainstream lenders who will treat the case as normal (eg: NatWest, Halifax among others) if one applicant has a permanent status so more likely than not there'll be no (or minimal) rate impact or criteria issues arising from this situation.

In some edge cases where the time remaining on current spouse visa is very short (<6m), it *might* fall afoul of a couple of lenders, but even then it's highly unlikely to stop them accessing mainstream rates.

cumbrianmale

My partner and I are buying our social housing property under the preserved right to buy.

We are wondering what our mortgage options are. I believe we both qualify as first time buyers as she has never owned property and my last mortgage was settled around 10 years ago prior to my divorce.

We haven't yet had the valuation back but have had the valuer around and the been admitted to the right to buy scheme. With 28 years tenancy we will get 58% discount so our loan to value should be low. Deposit of between 5-10% of borrowing depending on how quickly stepson repays the money borrowed for car repairs.

nyck

Day 1 mortgage

 

Do any high street banks do  Day 1 mortgages. or would we have to go through a broker .

Are the Day 1 mortgage rate much different to  the High street bank rate .

thanks 

   

K_S

nyck said:

Day 1 mortgage

 

Do any high street banks do  Day 1 mortgages. or would we have to go through a broker .

Are the Day 1 mortgage rate much different to  the High street bank rate .

thanks 

@nyck Assuming that you're referring to a re-mortgage soon after buying/inheriting/being-gifted/etc. a house -

- there are a handful of lenders that will consider subject to their own criteria (reason for the remortgage, what valuation you need, what will the funds be used for, use of property, etc.)

- like any mortgage, you can access some of these lenders directly or through a broker, some are broker only and presumably some are direct-only lenders as well

- generally speaking, rates come off of the same product guide for a lender. So if lender A considers Day 1 remos, the rate you'll get is the same as someone doing a normal remo.

mage_afereld

We've just had an offer accepted. We kind of did it on a whim in that we haven't actually been actively viewing houses, more keeping an eye for if anything we like came up. Anyway, it did and we got it, however now we're having issues obtaining a AIP... My husband has a default on his report from about 5.5 years ago. We have a wholemarket mortgage broker who is actively looking now for someone who will accept us. 

Do you know of anyone who does take on someone with a default. Should be no other issues. Both our credit scores are high and no affordability issues. Many thanks.

K_S

mage_afereld said:

We've just had an offer accepted. We kind of did it on a whim in that we haven't actually been actively viewing houses, more keeping an eye for if anything we like came up. Anyway, it did and we got it, however now we're having issues obtaining a AIP... My husband has a default on his report from about 5.5 years ago. We have a wholemarket mortgage broker who is actively looking now for someone who will accept us. 

Do you know of anyone who does take on someone with a default. Should be no other issues. Both our credit scores are high and no affordability issues. Many thanks.

@mage_afereld Just depends on the details. Plenty of mainstream lenders will consider applicants with one default on their report but that isn't to say that every applicant with one default will pass their individual 'credit-scoring' (nothing to do with the Experian/Equifax/TransUnion credit score).

Very generally speaking, if a single 5 1/2 year old default is the only issue/complication you have, you should be able to access mainstream or worst-case mainstream-ish rates.

Good luck!