Help me decide

Christologymum_2

It’s a long one bare with me 

So I’m fresh out of an IVA paid off but waiting completion cert so still on credit file, paid off 3 weeks ago and said up to 8 weeks to receive cert. so could be a few more weeks yet. Default to BG £76 registered May 2020 queried it as not right and they are removing it but taking its time. Couple of odd missed payments TSB/Vodafone 20/21 but nothing major. 

Been working with a broker who got me a DIP for Mansfield BS credit repair product. All good, need to pay him £495 to do full application and £199 product fee. Was waiting til beg of May for April wage slip/bank statements/P60 etc to do full app. 

Whilst waiting another broker who I spoke to last year to get ideas of what would be possible called me, I forgot he agreed to call me after IVA paid off. He told me Mansfield have a habit of rejecting full applications after DIP even when meets criteria (not sure if that’s true) and found me another deal with another BS that’s a whole % less interest, no product fee or valuation fee, plus he said as I’m not in a rush to move (house sold way quicker than I thought and fixed rate doesn’t end on current mortgage until 31/07) that I could apply for that but if IVA drops off credit file we could go high street and would be a quick offer so keep that on the back burner if all things line up in time. 

Now here’s the thing, I had to pay £250 for him to process the DIP with new BS ( he hasn’t told me the lender but my research leads me to believe it’s Buckinghamshire) which was submitted on Monday, but no word back so now I feel like I’m in limbo. The rest of his fees are payable upon offer (high fee due to complex situation but I don’t mind that so long as I get a mortgage) He did say if the IVA drops off I’d need to pay him another £250 for a DIP with a high street lender but I don’t mind that as his costs would reduce as wouldn’t be classed as complex and it would be worth it for the savings in interest, plus I could get away with less deposit (currently 30%)

Should I just sit tight for the second DIP? Their website does say 5 working days, and was submitted on bank holiday Monday, and it could take longer due to the IVA. But he is on holiday so been out of contact but is working on and off, I spoke to the office today and they said no update. 

Or shall I just get the full application in with Mansfield? Are their DIP reliable? 

It’s prob worth pointing out its 3 weeks since offers were accepted and I’m not getting any grief off estate agents/solicitors but I do need to let the solicitor know who I’m getting my mortgage with. 

And I just want the application in as I’m already worried about being rejected so will feel better once it’s sorted 

ACG

I use both of those lenders, has the broker got you on the right product with Bucks? Bucks tend to work from the discharge date from memory rather than registration date so it would be one of their adverse products (I think). Just want to make sure you are not being promised normal rates in order to gain your business... 

If affordability is easily passing, I prefer mansfield. If not I think they are both equal. 

Christologymum_2

Thanks for your advice, good to hear you use both and are decent lenders. 
Both are credit repair products one mid 7%  the other mid 6% I think so both not normal rates but I expected that TBH and way better than the 8/9% I was anticipating from the likes of Bluestone/Mowbary. 
The Mansfield criteria is very clear and I def fit that, and I know the broker ran past them before DIP to check it fitted.  It’s the fact the second guy mentioned them declining cases even though criteria met which has worried me a bit. Bucks is a bit more vague in terms of the BG default and says underwriters discretion, same for missed payments  but for IVA says must be paid off at completion which it is already so fine on that front.  

Mansfield def did a soft credit check, nothing showing for Bucks yet despite it being 5 days since DIP submitted. 

I believe affordability wise I’m good. Borrowing less than 3x my salary, without taking into account extra income from UC, maintenance, CB and DLA (10k a year) so think it is okay on that front without using the extra income. 

I think I’ll hang fire until Monday/Tuesday so it’s been a week since DIP and if still no news or credit check showing I’ll go for the Mansfield one. 

Another slight thing that worries me is the first broker has all bank statements wage slips etc so is confident on affordability and seen my bank statements whereas second guy hasn’t he’s just gone off the figures I’ve given him (which I know are accurate but still. 

ACG

If affordability is fine (which it seems to be), I wouldnt worry about that. If it is tight, it might be a bigger issue but its rare lenders are a million miles out from one another. It can happen, but as I say its rare. 

Its difficult because my instinct would be to say that the broker is telling you mansfield declines cases in order to win the business, but I have said to people before when I genuinely believe it to be the case - not even when I am trying to win the business.

My experience of both mansfield and Bucks is that we have a 100% success record with both of them. Admittedly we do not use them massively, maybe a handful of cases a year. Its always difficult when you have one person pulling you one way and another the other. My advice would be to do what feels right and listen to your gut. 

Christologymum_2

I think you could be right about the broker telling me about Mansfield for the business but since he found me a cheaper deal I’ll let it go. 

Chased today and still with the head of lending due to the IVA, but I’m reassured by that in a funny way that it’s been looked at properly, and I read somewhere that because DIP’s for small BS are done manually then should have no issues with full application. 

On the more positive side I had confirmation from step change today that my completion letter should come in next few days by email so assuming I can get that to credit reference agencies straight away and them update along with the insolvency register in a timely manner then I’m still in with a shot of a high street lender. Going to chase BG up re default again tomorrow hoping even with that 4 years ago and a utility for £76 it won’t cause a problem 

Christologymum_2

Well, still no news from second broker, no DIP and no credit check soft or otherwise showing for any lender so gone with Mansfield. 

Do you think I have a case to get my £250 I paid back? Since it’s almost 2 weeks since submitted. 

Also does anyone know current timeframes for mansfield? I know it’s manual u/w so likely to be slow especially with an IVA in the mix so not expecting fast but an approximate would be helpful. 

Can’t see anything in their website