Mortgage broker - ask me anything

haras_n0sirrah

sim2335 said:

Nationwide - 2 personal loans 

3863

3919

Paying 200 a month this was my brothers debt so he pays that when he can

My main problem with this one is payment holiday now ended I don’t know what to do 

• let them rewrite the loan and just pay 200 or less a month and soon my brother could pay again and get arrears removed and use money to clear other debts, however old debt would show as settled and everyone would avoid me giving a mortgage how bad does settled look?

• Pay of the 2000 arrears slowley was 700 but because of payment hoilday they added  arrears, as this may be best way to get a morgatge, if I continue paying as normal.

Also I’ve had debts with diffent banks over 10 years that defaulted etc no way they would give me a moragte now, and if no, some bank I can’t rember so how to avoid applying with them by mistake?

thanks 

I'm really sorry - I am not sure what the question is 

Swash

haras_n0sirrah said:

Swash said:

Hi all,

We recently applied for mortgage with TSB. The valuation was done within a couple of days with no issues, and our broker told us we should have our offer the following week. A couple of days later, our broker received our memorandum of sale and realised it was a leasehold house that we are buying. He said he will have to tell TSB about this. We were unaware that it would make a difference in terms of a mortgage offer so never specified it was leasehold to our broker.

We are still waiting to hear about our offer, but a credit check was carried out on 12th October by TSB (showing on Experian).

Is the fact that it is a leasehold property likely to affect our mortgage offer? Do you have any idea of how long it will take for us to receive the offer, given that originally we were told a couple of weeks? I really hope this mix up hasn't messed up our offer.

Thanks in advance!

It will need to be sent to the surveyor to see if it affects the value. They will also want to know length of lease, whether there is a ground rent or service charge and if the ground rent has any onerous  clauses 

Thank you! Hopefully it hasn't affected the value too much. Hopefully it won't take too long to get that information across.
Thanks again,
Swash

sim2335

haras_n0sirrah said:

sim2335 said:

Nationwide - 2 personal loans 

3863

3919

Paying 200 a month this was my brothers debt so he pays that when he can

My main problem with this one is payment holiday now ended I don’t know what to do 

• let them rewrite the loan and just pay 200 or less a month and soon my brother could pay again and get arrears removed and use money to clear other debts, however old debt would show as settled and everyone would avoid me giving a mortgage how bad does settled look?

• Pay of the 2000 arrears slowley was 700 but because of payment hoilday they added  arrears, as this may be best way to get a morgatge, if I continue paying as normal.

Also I’ve had debts with diffent banks over 10 years that defaulted etc no way they would give me a moragte now, and if no, some bank I can’t rember so how to avoid applying with them by mistake?

thanks 

I'm really sorry - I am not sure what the question is 

2 questions

1) with nationwide should I settle my 2 loans and get them to combine into 1 and rewrite them as payment hoilday has finished?
or
should I continue paying 200 a month to nationwide and and pay of arrears slowley?
what looks better?

2) ive had defaults with banks more then 1 over 10 years ago, when I apply for a moragte is it impossible to get it with that bank? And how can I avoid applying with them if I can’t rember all of them

MSN2220

haras_n0sirrah said:

MSN2220 said:

Hi! My application with KR was submitted on the 8th Oct, however no response yet. Is this normal or should I be chasing? 

Thanks! 

Kent are on about 7 working days so I would expect something around tue 

Great - thanks for your help! 

AW1980

Application with NatWest gone in, we’ve asked for it to be underwritten before valuation. What’s the rough turnaround on this please?

Shibby585

I am wanting to take over my mother's property, it is interest only but the mortgage is actually lower than the value of the house. I want to take it over in a few years and put it on a repayment mortgage, how do I do this and will I need a deposit or can it be used via the equity in the house? 

Vestraun

Hi - another question to add to the mix, going to ask our broker on Monday but would like to get some thoughts over the weekend. 

We have just submitted an application through our broker to NatWest on Friday after having had our AIP approved. Only now after submitting our application my partner had told me about 2 credit cards that are still active but haven’t been used for a number of years. We had declared one credit card each that are used for monthly expenses to our broker but not these two additional unused cards. Is this likely to cause us a problem during our application?  

blueorange117

Hello - another question!

Have applied for a mortgage with Yorkshire Bank and have been asked to provide pay slips, a months worth of bank statements and evidence of bonuses (all fairly standard?)

We've also been asked to "confirm how the debts will be repaid by completion (savings evidence/bank statement showing funds)". Am just unsure what this refers to? Would this be credit card balances? We are being gifted some money toward our deposit so wondered if this could also be that too? 

Any thoughts welcome, please.

Thanks.

sjeap

We have credit card debt that would affect the affordability we need but it’s going to be cleared within the next month from an inheritance - Are there any high street lenders that will take confirmation that it will be paid off before completion and discount it from their affordability calculations or do we need to wait until it is cleared before applying for a mortgage? Thanks 

haras_n0sirrah

sjeap said:

We have credit card debt that would affect the affordability we need but it’s going to be cleared within the next month from an inheritance - Are there any high street lenders that will take confirmation that it will be paid off before completion and discount it from their affordability calculations or do we need to wait until it is cleared before applying for a mortgage? Thanks 

There are some lenders who will ignore. They are increasingly asking for evidence as to how (e.g they may want evidence of the inheritance such as solicitor paperwork or similar) but it is still possible