Mortgage advice

MortgageMamma

how many credit checks have you had done recently? say in the last three months?

lgirl_2

One in january to get an 8K loan. I was allowed to borrow more if needed too but didn't. We also changed our account to a joint account which required a credit check, as my husband hadn't had a debit card for 3 years, and were accepted. I did apply to transfer my credit card (currently with HSBC) to a nationwide credit card, with my husband as a card holder (it is my card) but we were declined for this, I would think due to my husbands credit and having the trust deed.

Thanks

lgirl_2

The advisor from Nationwide did say not to worry too much about the credit card though, as she said that you never know what will hapen. She said that she has had people approved for mortgages in the past that havent even been approved for a debit card.

MortgageMamma

Thats because the cc is unsecured debt and the mortgage is secured. makes the lender feel happier.

Erm right, so thats three credit checks since January. I don't think one more will do YOU any harm but you have to be careful with your husband. What I would suggest is if you want to, go to Nationwide and allow them to do the credit check (make sure the adviser enters your husbands trust deed on the system as an IVA as Nationwides systems do not ask about Scottish Trust Deeds). If you are turned down by Nationwide then don't mess about trying another lender, see a broker.

lgirl_2

Thank you so much MortgageMamma, I appreciate all your time and help so much.

I will do what you suggest and see how it goes. If things don't go to plan we will then find a broker who might hopefully be able to find us a mortgage in light of our circumstances. Im sure we will have to pay a higher rate, but we can afford much more in monthly repayments if we need to (grudgingly)than we have been quoted.

MortgageMamma

Good luck. Nationwide are usually in the top 5 high street lenders price wise, but there are times when you can get better. some of the smaller building societies for example offer deals that can be highly competitive, usually because they do not have the resources to keep repricing and withdrawing products as often as the big players. Your broker (if you get one) will be able to look at these smaller lenders for you.

Let us know how you get on, and don't fret too much, compared to most of the cases I've looked at lately yours is a walk in the park and you should easily achieve what you are looking for. Steer clear of Abbey though as their surveyors are systematically downvaluing properties at present.

lgirl_2

Thaks for all of your advice. We have now postponed our appointment with nationwide and have seen an independant broker. We are waiting for her to get back to us after a meeting las night. She did mention that Bristol and West might be able to offer us a good deal. Does anyone know how lenient they are with their credit scorring, and if they would likely accept us with the trust deed history?

Thanks!

MortgageMamma

B&W are real business stoppers IMO. They are not great with adverse credit in the background - however your broker knows your circumstances fully and I do not so obviously I don't want to undermine her professionally. Let us know how you get on.

lgirl_2

Really? Oh dear. That doesn't sound good. She didn't really know what the trust deed was as she had never heard of it before, so I explained that it was the scottish equivalent of an IVA. Im not sure how much confidence I have in her to be honest. Especially if she was saying that the B&W was the one to go for, and they are pretty tight. God this is so stressful. I think I need to find another broker!!!

MortgageMamma

Don't panic, wait and see what she comes up with - be careful about credit checks though, too many checks can ruin your credit rating, so you must only permit her to credit check you if absolutely necessary. she should have either asked you this verbally or got you to sign a form to say is ok....Don't rush off using lots of brokers - one or two is fine. You have to protect your credit rating.