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FTB Mortgage concerns
Comments
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Thanks for the insight, I think we are happy with that knowing that in 2 years time we would be in a better place.
The notice is early May, and yes correct I did speak to CAB about it and my sister also works in housing said the same. So there are options and we have some leeway (our agents also did say they could extend the formal notice anyway). The fee of £1999 is from the lender not the broker, as they sound like more of a specialist lender willing to look at us.
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had a call with West Brom BS today and they gave a MIP. Checked with them after a recommendation, no online form so did it over the phone. About 1.2% lower rate than the “specialist lender” too and without a fee
The lady who took all my details only wanted to know about any loans or credit cards with outstanding balances in terms of debt, plus other expenses like general living expenses and current bills etc, didn’t want to know about PayPal credit balance I have, no O2 contracts which I was told from elsewhere I’d have to declare as they are loans technically, and also stated the older adverse credit was ok as they only look at the last two years. So I think they could be the one to go for. I just feel a bit wary as broker I spoked to before implied not many would want to touch me atm after accord declined a MIP
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Pretty much every lender's agreement in principle involves a soft search so no new lender is even going to know about a failed attempt with another lender.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
Yeah thats fair. I just keep worrying.
I emailed the lady back from West Brom who I spoke to as upon checking I did have 1 single missed monthly payment on a Very account from mid 2024, and as I hadnt mentioned it pre-MIP I wanted to let her know in case it would be an issue. She just replied to say
As you are aware, the soft credit search we did yesterday did not flag anything up and you were accepted for the decision in principle.
However, we can only know the answer to your question once the personal mortgage consultant has carried out a hard credit search and then see if anything comes up on the back of this.
Are my concerns valid? or am I over thinking?
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Just to dot the i's and cross the t's on this - I take it you have sorted out whatever the situation has been in the past leading to missed payments/AP markers to ensure that this won't happen again? Ideally you want to be in a place before committing to a mortgage where your budget is watertight, you have a decent emergency fund and where you're not relying on credit for routine purchases.
If your budget is at all squeaky, then don't commit to the maximum you can borrow would be my suggestion also.
Finally - do all the sums to ensure that even if interest rates increase in the next few years you will still be able to afford the "worst case" payments on the amount you are borrowing.
Good luck!
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her3 -
Thank you. Yes absolutely, tbh the missed payment I mentioned in '24 was a complete accident and my fault. But yes we are in a much better place now
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Just on this, is there a good chance we would be accepted? Or impossible to tell currently based on that. I would hope that a soft check would fail if anything would be there they wouldn’t like but I know it’s not that simple. Worried about getting our hopes up
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Impossible to tell.
Just let your broker do their job and try not to stress about it.
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I’m not using one currently as my original one said I wouldn’t get any joy anywhere as his go to for “adverse credit issues” declined an AIP however I’ve managed to get 2
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Don't just keep applying for random products or you will make the situation worse.
Pick a lender and stick with it if you are doing the application yourself.
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