Mortgage Advice

LadyGargoyle1

Hi all,

I’m after some honest views on whether this sounds promising with Vida Home Loans, as I’m getting quite anxious about it.

We’ve applied through a broker to Vida because our credit history isn’t great and there has been a fair bit of borrowing. We’re selling our current home and buying a cheaper one, so the aim is to reduce outgoings, pay off current loans and improve our overall position.

Rough figures are:

• current property sale price around £370k
• purchase price around £345k
• new mortgage needed around £60k
• we also have a £50k gift
• so the LTV is only around 16–17%
• the rest is coming from my equity in my current home
  

Other points:

• both of us have poor credit history / high borrowing, which is why we’ve gone to a specialist lender
• no CCJs
• no recent defaults
• the broker has now asked for proof of address for my partner and proof that I’ve paid my current mortgage for the last 12 months
  

I know nobody can say for certain, but does this sound like a case that is still progressing normally with Vida, or are these standard checks they do before making a final decision either way?

I think I’m probably reading too much into every pause because communication has been a bit stop-start.

Would really appreciate any thoughts, especially from anyone who has had dealings with Vida or from brokers who know how they tend to assess cases.

Thank you

Albermarle

Your question would probably be better in this forum.

Mortgages & endowments — MoneySavingExpert Forum

MSE_ForumTeam5

We've moved the thread as suggested

ACG

No recent defaults, how old are we talking?

The reason I ask is that if you are saying no defaults in the last 2-3 years, Vida seem a bit overkill. If you mean nothing in the last 6-12 months then it would make more sense.

In any event, Vida are a bit of a fussy lender. I imagine you will get there with them as the risk is so low. So I would not worry, I just wonder if you could have done better with a cheaper and easier lender.