Mortgage broker - ask me anything

haras_n0sirrah

blueorange117 said:

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.

Sounds like you have said you are going to clear some debt so they are wanting evidence you have enough money to clear the debt and provide the deposit 

haras_n0sirrah

Vestraun said:

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?  

If the have no debt on them then no they will be ignored 

haras_n0sirrah

Shibby585 said:

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? 

Your mother can gift equity (transaction under value) and some lenders will not require a separate deposit. Would she still live there or are you moving in?

haras_n0sirrah

AW1980 said:

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

They seem to be around 10 working days at the moment 

haras_n0sirrah

sim2335 said:

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

If you can avoid applying to banks you have past bad debts with that is advisable. With the other loans if they are in arrears first priority is to get them paid up to date. See what has been recorded on your credit file. Missed payments are going to impact for a minimum of 3 years. If covid payment holiday only had been taken it shouldn't have affected credit score.

bradles00

Hi, quick question. 

I had a full offer from NatWest 4 months ago now (6 month offer period as it’s a new build). My application was based on nil credit. I have used an existing credit card throughout the period of post offer but pre-completion to buy anything online (as I would do outside of a mortgage process). Rather than paying the statement once each month I’m paying each transition as it becomes available to pay (typically one day after - my credit card is with my current account bank).  

I have seen loads of threads about people taking on new credit cards or increasing their balance. I can’t find the answer to my question anywhere......will NatWest be concerned over my credit card use? Statement balance is always nil, transactions paid immediately, using existing card etc. I use the credit card for enhanced protection for online shopping only and repay it immediately so it never shows as a balance on my credit report but I notice the credit agencies report payment amounts as well as the balance (I show payments but nil balance). It doesn’t affect affordability as the transactions are modest (groceries / Amazon etc) but just wondered if I’ve strayed outside of the safe zone? My head tells me no but keen to get a view from others with a similar experience. 

Cheers. 

sim2335

haras_n0sirrah said:

sim2335 said:

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

If you can avoid applying to banks you have past bad debts with that is advisable. With the other loans if they are in arrears first priority is to get them paid up to date. See what has been recorded on your credit file. Missed payments are going to impact for a minimum of 3 years. If covid payment holiday only had been taken it shouldn't have affected credit score.

Ok thank you.
anyway to find out all past banks I had debts with over 10 years can’t rember some?
so best not to get it settled and rewrite?

will pay of arrears slowley and not miss any more payments because it doesn’t show when arrears are paid off.
Covid payment has not effected score, missed payments before Covid, however arrears still went up internally.

Moonstar101

Hi, my application was received by Santander on 11/10/20 and a couple of hours later says valuation instructed and then valuation received. Is this an automatic valuation? Does Santander conduct another valuation? Thank you x

Newbietothisplace

Hi.
Bit of background before the questions.
Selling at £330k,  buying at £375k, current mortgage is £33k.  Already have a DIP agreed with Nationwide for the difference but getting a feeling it will take a bit of time for NWBS to process it and we want to move quickly as our buyers are in rented.  Wife is older than myself and NWBS asking for pensionable info as she will be retired whilst i still be at work for a further 5 years when the mortgage finally ends.

We have a few options i think:
1.  Proceed and accept a delay which looks like being 6-8 weeks
2.  Start with a new mortgage application from scratch and see if that will come through quicker
3.  We could afford to pay the @£45k difference from savings and just port the existing mortgage over which i`m hoping would be quicker than 1&2.  As savings rates are so so low, almost pointless saving any more money.
keen to hear from your experience which may be the best course to go for.

Kirsty9936

Good afternoon  

Could I ask if having too much available credit would be classed as a negative when applying for a mortgage? I currently have £16.5k available to me on 3 credit cards and 2 credit accounts. I have £300 outstanding on 1 card as it stands. Would you recommend reducing the limits or closing one or more of the accounts? 
I'd also like to ask, when I do eventually apply for a mortgage, I will be doing so on my own as my partner has terrible credit. How does him living with me affect things? Presumably I'd have to declare on application he would be moving in...again, would this have a negative affect? He'd obviously be paying his way.

Thanks in advance.