Mortgage broker - ask me anything

Newhome21

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

Hi there - sorry in advance as this is a 2 part question but any help or advice you could give would be most helpful.

1. Currently have a mortgage with Halifax (for over 10 years, no payment issues) - this is a shared equity mortgage which I would now like to add additional borrowing onto so that I can redeem the shared equity loan (LTV after additional borrowing is under 60% so all good) 
2. Thinking of moving: have seen a New Build property - I will have 10% deposit (when I sell current house) and builder is offering 5% towards deposit contribution so a total 15% deposit on house @ approx £280K. 

My Concerns are: 
In 2014 (due to redundancy) I entered into an IVA/Trust Deed - completed and discharged 2018 and everything is now off credit files. I have checked with Equifax / Experian / Credit Karma / MSE Club and all showing excellent scores with no defaults or negative information registered.
No loans/finance, credit cards are at £0 balance, car finance is paid off
Based on this do you think I would have any chance with point 1 or 2 above with Halifax (prefer to stay with them if I could) or a lender without really high rates. 
Is there a time limit between me adding additional borrowing onto my loan before I can apply for an AIP for the new house - think there may only be a couple of weeks between me repaying the shared equity and the new house plot being released.

I hope this makes sense and apologies for it being so long winded. 

I wouldn't want to say either way without site of credit files as the devil will be in the detail due to the iva

Thank you Haras - Can I ask what I should be looking for in the credit files that you mean about the IVA - I have checked all files and looked into closed / open accounts and Court/CCJ information but there is nothing there. Am I missing looking for something?

I mean you need to get your file in front of a broker who knows about adverse as it will depend on what has been recorded as to which lender would do it.

Once again thank you for taking the time to respond. 
I am still a little confused as there is nothing on my credit report as everything has fallen off - all transactions were over 6 years therefore the only information currently on my report is my mortgage (no missed payments), mobile (no missed payments), credit cards - both showing £0 balance (no missed payments)  
I will contact a mortgage broker/advisor but I don't understand what they will see with the adverse if it is not on the report - they will only know what I advise them, am I being silly??

haras_n0sirrah

happy_2008 said:

Hi Haras,

What sort of mortgage rate could you provide on a 60% LTV mortgage?

It would depend on your circumstances as to what would be available (affordability and credit profile) but we are whole of market as a broker

haras_n0sirrah

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

Hi there - sorry in advance as this is a 2 part question but any help or advice you could give would be most helpful.

1. Currently have a mortgage with Halifax (for over 10 years, no payment issues) - this is a shared equity mortgage which I would now like to add additional borrowing onto so that I can redeem the shared equity loan (LTV after additional borrowing is under 60% so all good) 
2. Thinking of moving: have seen a New Build property - I will have 10% deposit (when I sell current house) and builder is offering 5% towards deposit contribution so a total 15% deposit on house @ approx £280K. 

My Concerns are: 
In 2014 (due to redundancy) I entered into an IVA/Trust Deed - completed and discharged 2018 and everything is now off credit files. I have checked with Equifax / Experian / Credit Karma / MSE Club and all showing excellent scores with no defaults or negative information registered.
No loans/finance, credit cards are at £0 balance, car finance is paid off
Based on this do you think I would have any chance with point 1 or 2 above with Halifax (prefer to stay with them if I could) or a lender without really high rates. 
Is there a time limit between me adding additional borrowing onto my loan before I can apply for an AIP for the new house - think there may only be a couple of weeks between me repaying the shared equity and the new house plot being released.

I hope this makes sense and apologies for it being so long winded. 

I wouldn't want to say either way without site of credit files as the devil will be in the detail due to the iva

Thank you Haras - Can I ask what I should be looking for in the credit files that you mean about the IVA - I have checked all files and looked into closed / open accounts and Court/CCJ information but there is nothing there. Am I missing looking for something?

I mean you need to get your file in front of a broker who knows about adverse as it will depend on what has been recorded as to which lender would do it.

Once again thank you for taking the time to respond. 
I am still a little confused as there is nothing on my credit report as everything has fallen off - all transactions were over 6 years therefore the only information currently on my report is my mortgage (no missed payments), mobile (no missed payments), credit cards - both showing £0 balance (no missed payments)  
I will contact a mortgage broker/advisor but I don't understand what they will see with the adverse if it is not on the report - they will only know what I advise them, am I being silly??

Ok - it was because you said it was discharged in 2018.
Some lenders look at the date the IVA was registered. Some look at when it was discharged. Halifax are registered but others are 6 years from discharge
As you were 2014 you may still be within the 6 years (depending which month it was registered)

Newhome21

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

Hi there - sorry in advance as this is a 2 part question but any help or advice you could give would be most helpful.

1. Currently have a mortgage with Halifax (for over 10 years, no payment issues) - this is a shared equity mortgage which I would now like to add additional borrowing onto so that I can redeem the shared equity loan (LTV after additional borrowing is under 60% so all good) 
2. Thinking of moving: have seen a New Build property - I will have 10% deposit (when I sell current house) and builder is offering 5% towards deposit contribution so a total 15% deposit on house @ approx £280K. 

My Concerns are: 
In 2014 (due to redundancy) I entered into an IVA/Trust Deed - completed and discharged 2018 and everything is now off credit files. I have checked with Equifax / Experian / Credit Karma / MSE Club and all showing excellent scores with no defaults or negative information registered.
No loans/finance, credit cards are at £0 balance, car finance is paid off
Based on this do you think I would have any chance with point 1 or 2 above with Halifax (prefer to stay with them if I could) or a lender without really high rates. 
Is there a time limit between me adding additional borrowing onto my loan before I can apply for an AIP for the new house - think there may only be a couple of weeks between me repaying the shared equity and the new house plot being released.

I hope this makes sense and apologies for it being so long winded. 

I wouldn't want to say either way without site of credit files as the devil will be in the detail due to the iva

Thank you Haras - Can I ask what I should be looking for in the credit files that you mean about the IVA - I have checked all files and looked into closed / open accounts and Court/CCJ information but there is nothing there. Am I missing looking for something?

I mean you need to get your file in front of a broker who knows about adverse as it will depend on what has been recorded as to which lender would do it.

Once again thank you for taking the time to respond. 
I am still a little confused as there is nothing on my credit report as everything has fallen off - all transactions were over 6 years therefore the only information currently on my report is my mortgage (no missed payments), mobile (no missed payments), credit cards - both showing £0 balance (no missed payments)  
I will contact a mortgage broker/advisor but I don't understand what they will see with the adverse if it is not on the report - they will only know what I advise them, am I being silly??

Ok - it was because you said it was discharged in 2018.
Some lenders look at the date the IVA was registered. Some look at when it was discharged. Halifax are registered but others are 6 years from discharge
As you were 2014 you may still be within the 6 years (depending which month it was registered)

That makes sense, thank you again. 
It was registered Aug 2014, discharged Aug 2018 and everything came off my credit files Aug 2020 (I checked and got all the dates amended to ensure they all fell off at the correct time) 
So currently I have a clear credit report.  

Newhome21

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

Hi there - sorry in advance as this is a 2 part question but any help or advice you could give would be most helpful.

1. Currently have a mortgage with Halifax (for over 10 years, no payment issues) - this is a shared equity mortgage which I would now like to add additional borrowing onto so that I can redeem the shared equity loan (LTV after additional borrowing is under 60% so all good) 
2. Thinking of moving: have seen a New Build property - I will have 10% deposit (when I sell current house) and builder is offering 5% towards deposit contribution so a total 15% deposit on house @ approx £280K. 

My Concerns are: 
In 2014 (due to redundancy) I entered into an IVA/Trust Deed - completed and discharged 2018 and everything is now off credit files. I have checked with Equifax / Experian / Credit Karma / MSE Club and all showing excellent scores with no defaults or negative information registered.
No loans/finance, credit cards are at £0 balance, car finance is paid off
Based on this do you think I would have any chance with point 1 or 2 above with Halifax (prefer to stay with them if I could) or a lender without really high rates. 
Is there a time limit between me adding additional borrowing onto my loan before I can apply for an AIP for the new house - think there may only be a couple of weeks between me repaying the shared equity and the new house plot being released.

I hope this makes sense and apologies for it being so long winded. 

I wouldn't want to say either way without site of credit files as the devil will be in the detail due to the iva

Thank you Haras - Can I ask what I should be looking for in the credit files that you mean about the IVA - I have checked all files and looked into closed / open accounts and Court/CCJ information but there is nothing there. Am I missing looking for something?

I mean you need to get your file in front of a broker who knows about adverse as it will depend on what has been recorded as to which lender would do it.

Once again thank you for taking the time to respond. 
I am still a little confused as there is nothing on my credit report as everything has fallen off - all transactions were over 6 years therefore the only information currently on my report is my mortgage (no missed payments), mobile (no missed payments), credit cards - both showing £0 balance (no missed payments)  
I will contact a mortgage broker/advisor but I don't understand what they will see with the adverse if it is not on the report - they will only know what I advise them, am I being silly??

Ok - it was because you said it was discharged in 2018.
Some lenders look at the date the IVA was registered. Some look at when it was discharged. Halifax are registered but others are 6 years from discharge
As you were 2014 you may still be within the 6 years (depending which month it was registered)

That makes sense, thank you again. 
It was registered Aug 2014, discharged Aug 2018 and everything came off my credit files Aug 2020 (I checked and got all the dates amended to ensure they all fell off at the correct time) 
So currently I have a clear credit report.  

In respect of me applying for an additional advance and then an AIP for the new property a few weeks later - Is there any stipulations on this time wise?   

Penguin_

Are there any online places which offer an online AIP/DIP for poor credit?

haras_n0sirrah

Penguin_ said:

Are there any online places which offer an online AIP/DIP for poor credit?

A mortgage broker is your best bet. If you don't have a broker then myself and other brokers post here. We are identifiable by our signatures. You can approach us but we cannot approach you. 
I wouldn't do an online dip without advice - with adverse the devil is in the detail so you need someone to look at your circumstances and credit report and match you to the correct lender 

haras_n0sirrah

Newhome21 said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

haras_n0sirrah said:

Newhome21 said:

Hi there - sorry in advance as this is a 2 part question but any help or advice you could give would be most helpful.

1. Currently have a mortgage with Halifax (for over 10 years, no payment issues) - this is a shared equity mortgage which I would now like to add additional borrowing onto so that I can redeem the shared equity loan (LTV after additional borrowing is under 60% so all good) 
2. Thinking of moving: have seen a New Build property - I will have 10% deposit (when I sell current house) and builder is offering 5% towards deposit contribution so a total 15% deposit on house @ approx £280K. 

My Concerns are: 
In 2014 (due to redundancy) I entered into an IVA/Trust Deed - completed and discharged 2018 and everything is now off credit files. I have checked with Equifax / Experian / Credit Karma / MSE Club and all showing excellent scores with no defaults or negative information registered.
No loans/finance, credit cards are at £0 balance, car finance is paid off
Based on this do you think I would have any chance with point 1 or 2 above with Halifax (prefer to stay with them if I could) or a lender without really high rates. 
Is there a time limit between me adding additional borrowing onto my loan before I can apply for an AIP for the new house - think there may only be a couple of weeks between me repaying the shared equity and the new house plot being released.

I hope this makes sense and apologies for it being so long winded. 

I wouldn't want to say either way without site of credit files as the devil will be in the detail due to the iva

Thank you Haras - Can I ask what I should be looking for in the credit files that you mean about the IVA - I have checked all files and looked into closed / open accounts and Court/CCJ information but there is nothing there. Am I missing looking for something?

I mean you need to get your file in front of a broker who knows about adverse as it will depend on what has been recorded as to which lender would do it.

Once again thank you for taking the time to respond. 
I am still a little confused as there is nothing on my credit report as everything has fallen off - all transactions were over 6 years therefore the only information currently on my report is my mortgage (no missed payments), mobile (no missed payments), credit cards - both showing £0 balance (no missed payments)  
I will contact a mortgage broker/advisor but I don't understand what they will see with the adverse if it is not on the report - they will only know what I advise them, am I being silly??

Ok - it was because you said it was discharged in 2018.
Some lenders look at the date the IVA was registered. Some look at when it was discharged. Halifax are registered but others are 6 years from discharge
As you were 2014 you may still be within the 6 years (depending which month it was registered)

That makes sense, thank you again. 
It was registered Aug 2014, discharged Aug 2018 and everything came off my credit files Aug 2020 (I checked and got all the dates amended to ensure they all fell off at the correct time) 
So currently I have a clear credit report.  

In respect of me applying for an additional advance and then an AIP for the new property a few weeks later - Is there any stipulations on this time wise?   

I would do the aip first before the further advance - mainly because if you do the further advance and then try to move and they said no for some reason you are left with an erc
You can either go direct to halifax or a broker can help you

Toyo_86

amnblog said:

Toyo - sounds like you are thinking let anyway without C2L from Barclays.
Two observations
1. Barclays usually don't have a problem with C2L so I am guessing they heard something they do not like (for example they got the impression it was not a short term arragnement)
2. Letting without C2L may cause you an issue should you later have to remove a troublesome tenant.

Oh no. I would definitely not rent out without a CTL. I have the property up for sale but I have the deposit for another place and want to move out. It might be easier to sell my property if its vacant and  there is no chain.

Thanks

zobo1993

Do you know how harsh HSBC will be with late payments? They are over 50 months old. I had a 1, 2 and 3 on a vodafone contract in 2016 and a '1' and a '1' on a mail order in 2014. Everything has been perfect since. No defaults, no CCJS, no IVAS etc. Score is 999 on Experian, although I know this doesn't matter. We have a phonecall with them at 5.30 pm tonight for 90% LTV.