Would a broker...?

Gemm83

Full application went in to Halifax on Thursday. Our MB has been excellent since we started working with him in Feb, when we got our AIP. He asked for our Checkmyfile reports before the AIP.

I have had bad credit in the past. I had an unsettled debt drop off my file in January (I'm not proud of it) but have been working my backside to get my report in the best possible shape for a mortgage application. No defaults for 7 years (apart from the now dropped off debt). Credit card paid off in full on statement date.

I was always under the assumption that when it came to mortgages we would have to go sub prime due to both our history(s) as added to mine DH was made bankrupt 11 years ago. I was really surprised when he came back with a high street lender with a great fixed deal. My question is, as a MB would he have scrutinised our reports, and if he noticed anything glaringly obvious on credit reports, tell us about them, or would he have just applied for the best deal irrespective of what was on there?

I never knew this level of anxiety existed. I'm a massive over thinker anyways but this has put me on a whole new level. Any advice would be appreciated. 

dunstonh

Most people who went subprime in the credit boom didn't need to.  They could have used prime or near prime lending.    

I never knew this level of anxiety existed.

It is stressful and usually is for most people getting their first mortgage or pushing limits on a new mortgage.   You are experiencing what most experience with buying a house with a mortgage.   However, the pay off is the sense of relief and jubilation when the offer letter is confirmed.

Gemm83

@dunstonh
Thankyou, its like a constant 24/7 morning sickness feeling!!

Our AIP is for £40k MORE than what we actually need so hoping that will go in our favour and even with smokers life insurance added to the mortgage repayment it will still be £150 less a month than what we've been paying on private rent for the past 10 years. 😳

[Deleted User]

AIP passes and questions on the AIP answered truthfully then no reason to worry.   Halifax have always said they are the largest sub prime lender in the industry.  Its surprising how much adverse they can take as long as the rest of the scorecard is good.

There are only a handful of lenders who will blacklist due to the previous issues.  Some of high street will only go back 3 years.

Proper subprime lenders are for people who have very current (last 12 month) credit issues

jazzyja

Deleted_User said:

AIP passes and questions on the AIP answered truthfully then no reason to worry.   Halifax have always said they are the largest sub prime lender in the industry.  Its surprising how much adverse they can take as long as the rest of the scorecard is good.

There are only a handful of lenders who will blacklist due to the previous issues.  Some of high street will only go back 3 years.

Proper subprime lenders are for people who have very current (last 12 month) credit issues

Hi sorry to jump on this! Do you know off top of your head which high street lenders only go back 3 years? I've got missed payments from 4 years ago and got a DIP with natwest, I'm just very reluctant to proceed through fear of hard check to then be declined! Thanks 

[Deleted User]

Natwest dont have much criteria.  Everything is driven by their scoring. If you have passed a DIP and you dont have bankruptcy, debt management, or iva then you should be fine

Gemm83

Omg!!!! Mortgage approved!!!!! And it didn't go in Thursday, it went in yesterday!!!!! 😳😳😳😁😁😁😁

jazzyja

Gemm83 said:

Omg!!!! Mortgage approved!!!!! And it didn't go in Thursday, it went in yesterday!!!!! 😳😳😳😁😁😁😁

Congratulations!! Did you need to send much paperwork? 

Gemm83

@jazzyja
Thankyou! 2 payslips each, 2 bank statements each and proof of child benefit via the 2 bank statements.

I'm gobsmacked! 

kingstreet

Deleted_User said:

Natwest dont have much criteria.  Everything is driven by their scoring. If you have passed a DIP and you dont have bankruptcy, debt management, or iva then you should be fine

... as long as you don't have any RBS Group internal markers on your file then you think it's all going swimmingly until two weeks into the application and you get a sudden decline message. These last forever. There is no redemption period I know of...

jazzyja

kingstreet said:

Deleted_User said:

Natwest dont have much criteria.  Everything is driven by their scoring. If you have passed a DIP and you dont have bankruptcy, debt management, or iva then you should be fine

... as long as you don't have any RBS Group internal markers on your file then you think it's all going swimmingly until two weeks into the application and you get a sudden decline message. These last forever. There is no redemption period I know of...

Sorry can you elaborate what you mean by internal markers....do you mean like unarranged overdrafts etc? I do bank with RBS. I have good account management overall