Mortgage broker - ask me anything

haras_n0sirrah

jls85 said:

Hi! I was wondering what is likely to look better in the eyes of mortgage lenders, to have a smaller deposit and no debts at all; or a larger deposit and thus better LTV, with a £10k personal loan still outstanding? 

Our original plan before all the COVID nonsense kicked off was to pay back my loan with the profit from my house sale and aim for a 10% deposit, but I'm aware that a 90% mortgage might not be possible now. 

We could do a 15% deposit if I left £10k of my loan outstanding though but wondering if they'd still consider someone with that amount of debt already if affordability was acceptable? (for info we have a £92k combined salary and only other debts are car finance @£350 p/m). 

I'm aware we need to speak to a broker properly about our circumstances but I just wanted to make sure we won't get laughed out of their office!

I would say do the 15% deposit - it hugely increases your options. The 10k loan shouldn't impact that much on your affordability based on your incomes. As brokers we don't laugh anyone out of offices.

haras_n0sirrah

davetherave85 said:

How long do Santander mortgage offers last for? Also, once offer made will they do any further checks/questions prior to sending funds to solicitors? Thanks! 

6 months I believe - they always reserve the right to credit check again before completion

haras_n0sirrah

Dinpraad said:

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

Hes has just called Natwest and apparently there is a CIFAS marker against his name 3 years ago with Metro Bank as someone paid money into his account which was investigated and eventually had the account closed. 
Question now is that are there any lenders if any who will look at his case? Would it have to be a specialist lender or there are some high street lenders who will still lend?

The CIFAS will make it tricky - do you know what category? Did he deserve the marker (i.e. being honest with himself was the transaction dodgy) or is he contesting it?

He contested it ie was advised by CIFAS to contact the banks involved to remove the record. He did but Metro bank said they were unable to remove it from my record as they are within their right to do so.

The case type recorded with CIFAS: Misuse of facility 

@har@haras_n0sirrah??

There are lenders who will accept people on the CIFAS register but it is going to be scrutinised - I am getting 25 lenders who will consider but all have the warning that it will be subject to senior underwriting so he will need to have what happened prepared.

jls85

Thanks @haras_n0sirrah! I forgot to say, we also took 3 month mortgage and loan breaks as we were told we were going to lose our jobs but it didn’t end up happening. We saved the money and paid it back towards the outstanding amounts when we realised our jobs were safe. Is that likely to impact on our acceptance chances?

haras_n0sirrah

jls85 said:

Thanks @haras_n0sirrah! I forgot to say, we also took 3 month mortgage and loan breaks as we were told we were going to lose our jobs but it didn’t end up happening. We saved the money and paid it back towards the outstanding amounts when we realised our jobs were safe. Is that likely to impact on our acceptance chances?

Some lenders absolutely hate payment holidays - others have been fine. Definately something which needs to be factored in but with the right lender it will be fine

trackboy

Do key workers get any advantage for mortgage?

gabby71

Hiya

I got an AIP on a shared ownership property yesterday from Barclays - I was limited due to my credit history so was over the moon and have put an offer forward for the property.
I bought a car 3 weeks ago - paid half cash and put the balance on finance £4700 paying £58 per month and a balloon payment at the end of the 3 year term however I panicked last night and checked the credit file I sent to my broker on Tuesday and there is no mention of the new finance agreement 😩
Barclays have already performed a hard check - will they have had access to an up to date credit record? I’m so concerned the finance hasn’t been picked up and they will do another check further on if I apply for the mortgage and turn me down!
My mortgage advisor is now off until mid next week so I can’t speak to him to check 😞

many thanks

haras_n0sirrah

gabby71 said:

Hiya

I got an AIP on a shared ownership property yesterday from Barclays - I was limited due to my credit history so was over the moon and have put an offer forward for the property.
I bought a car 3 weeks ago - paid half cash and put the balance on finance £4700 paying £58 per month and a balloon payment at the end of the 3 year term however I panicked last night and checked the credit file I sent to my broker on Tuesday and there is no mention of the new finance agreement 😩
Barclays have already performed a hard check - will they have had access to an up to date credit record? I’m so concerned the finance hasn’t been picked up and they will do another check further on if I apply for the mortgage and turn me down!
My mortgage advisor is now off until mid next week so I can’t speak to him to check 😞

many thanks

It should have been declared even if it isnt showing on the credit report. If you told your advisor it was there it should have been entered in 

haras_n0sirrah

trackboy said:

Do key workers get any advantage for mortgage?

Not that I know of. For a while during lockdown only key workers could include any overtime, bonus etc but it has now largely returned to normal 

gabby71

haras_n0sirrah said:

gabby71 said:

Hiya

I got an AIP on a shared ownership property yesterday from Barclays - I was limited due to my credit history so was over the moon and have put an offer forward for the property.
I bought a car 3 weeks ago - paid half cash and put the balance on finance £4700 paying £58 per month and a balloon payment at the end of the 3 year term however I panicked last night and checked the credit file I sent to my broker on Tuesday and there is no mention of the new finance agreement 😩
Barclays have already performed a hard check - will they have had access to an up to date credit record? I’m so concerned the finance hasn’t been picked up and they will do another check further on if I apply for the mortgage and turn me down!
My mortgage advisor is now off until mid next week so I can’t speak to him to check 😞

many thanks

It should have been declared even if it isnt showing on the credit report. If you told your advisor it was there it should have been entered in 

I didn’t tell him, I stupidly thought everything would be showing on my report - I will try to get in touch with him straight away - thank you