Mortgage broker - ask me anything

yas371496

Hi,
Thanks for the thread! 

I’m looking for some advice and hoping you may have some experience in my scenario. 

I’m looking to buy my first home next year some time (date flexible on whether I need to put up more than a 12% deposit) with a HTB scheme. I earn £80000 a year before tax, and will be looking at having between 6-12% deposit for a house worth anywhere between 280,000-320,000, I’m a single buyer with no other income/partner. 

Now comes the issue, I have 3 CCJ’s, one from 2016 for £282 that was settled a few months back and 2 from 2017 for £750 and £820 that have been settled this month. I have no other defaults since these from early 2017. What is the likelihood of me getting a mortgage based on this scenario, I’m guessing it’s highly unlikely? 

Any advice would be really welcome and appreciated. 

haras_n0sirrah

With the defaults you shouldn't have too much of an issue as they are over 3 years old 

RTC87

Any idea how long Coventry building society are taking? Has been passed to the underwriter queue today after applying for their limited availability 90% LTV last Thursday.

hema123456789

Quick question re Natwest

Put our application through with a broker on the 13th but haven’t seen a hard check on our credit file, just a soft search. 

The broker got my partners DOB wrong in the application and we picked this up when we checked the Experian credit report which he changed I think on the 15th. Will this mean our file will be delayed by an extra 2 days going to the underwriters or should they be seeing it on Thursday?

when should we expect the hard checks?

Dinpraad

A colleague applied to Natwest after getting past DIP with a broker. Valuation fee was taken  after 3 days but this has just been refunded. 
On the tracker its says his broker should call and discuss the clients application but unfortunately broker is away this week and he's so worried. 
Any advice is greatly appreciated. 

haras_n0sirrah

Dinpraad said:

A colleague applied to Natwest after getting past DIP with a broker. Valuation fee was taken  after 3 days but this has just been refunded. 
On the tracker its says his broker should call and discuss the clients application but unfortunately broker is away this week and he's so worried. 
Any advice is greatly appreciated. 

I will be honest that doesn't sound good - can he phone Natwest?

haras_n0sirrah

hema123456789 said:

Quick question re Natwest

Put our application through with a broker on the 13th but haven’t seen a hard check on our credit file, just a soft search. 

The broker got my partners DOB wrong in the application and we picked this up when we checked the Experian credit report which he changed I think on the 15th. Will this mean our file will be delayed by an extra 2 days going to the underwriters or should they be seeing it on Thursday?

when should we expect the hard checks?

Natwest seems to be taking around 7 working days at the moment so hopefully soon

haras_n0sirrah

RTC87 said:

Any idea how long Coventry building society are taking? Has been passed to the underwriter queue today after applying for their limited availability 90% LTV last Thursday.

I don't know I am afraid. I haven't used them since pre covid

Dinpraad

haras_n0sirrah said:

Dinpraad said:

A colleague applied to Natwest after getting past DIP with a broker. Valuation fee was taken  after 3 days but this has just been refunded. 
On the tracker its says his broker should call and discuss the clients application but unfortunately broker is away this week and he's so worried. 
Any advice is greatly appreciated. 

I will be honest that doesn't sound good - can he phone Natwest?

Not sure if Natwest will speak to him as they advised broker to phone. Would you advise he phone and see whether they will speak to him?

Petriix

Edit: that turned into an essay, will start a new thread... 
Nationwide additional borrowing:
We applied online on 16/10 for £25k of additional borrowing which will take us to 27%  LTV and ~ 2 x total income over 26 years. We originally borrowed £45k in 2016 and have built up ~ £10k in overpayments and overpaid in most months this year.

We are both self employed and have both received the SEISS grants. The application didn't ask about Covid impact or support. They only asked for two years' SA302s/Tax Year Overviews and three months' bank statements which we emailed in right away.

We both received texts yesterday saying it may take up to 4 weeks to process. I'm sure they will ask for more information. My question is: should we preempt this and send additional documents through now, and what are they going to ask for?

We could send through an explanation of why we took the grants, proof that business income has returned to normal, proof of tax credits, annotated bank statements explaining outgoings etc. Would there be any value in doing this, or do we just need to wait it out?

If anyone has recent experience with this sort of application with Nationwide, some insight would be greatly appreciated.
Thanks