first national self cert mortgage application

diane_hopkinson

So if as i do i fit all the criteria and am putting down 50% is there a chance i could still be turned down? In practice does this happen or is it just too cover themselves when times are tough and they dont want to lend regardless of how good a prospect you are?

Conrad

I've quite a bit of recent experience of F Nat. In a nutshell the underwriters do not now follow a set procedure as each case is individually credit risk assessed. This is throwing up last minute declines I'm afraid.

Your broker feels obliged to tell you not to worry - thats quite a common Human trait, but it doesn't alter the fact your case will be individually assessed with a final all encompassing check at offer stage.

As it is a low ltv, you might find it will slip through with a bit of luck.
It's not that F Nat do not cater for arrears, they do, but they have to fully assess whether the loan is ethical and responsible, in particular the loan is'nt merely replacing one potentially unafordable debt with another.

Bets of luck

Conrad

BTW - I reckon BM Solutions might well agree this case and a much lower rate. If you were my client I would even have tried on BM Solutions prime rpoduct range (6.4% fixed) as my gut feel is you would be accepted.

An experienced broker would know all this AND WOULD KNOW WHAT TO MENTION ON THE APPLICATION.

diane_hopkinson

On my credit file i have no arrears showing and my affordabilty calculation is well over the amount i am borrowing. I have seeked further advice from brokers and the opinion is if i dont get this mortgage (which i do fit the criteria for) then first national will cascade it down.
I understand what you are saying about my mortgage broker feeling obliged to say the right thing but im pretty sure he is being genuine. i have told him i would rather know if there is any doubts...i am moving out of my house which i have sold next week into my mums. this can only be a temp situation and i have 2 children...if he is wrong he knows he will have landed me right in it!!

minimike2

Out of interest, which packager is being used?

I disagree with Conrad about BM accepting on a prime product. But then from the words in capital letters you can read between the lines and see what he is implying. BM are reigning in on lending at the moment and declining a lot on credit scoring. The reason I ask which packager is that most have BM on panel and having conducted a credit search would know if you did not pass thier credit scoring - hence placement with FN.

diane_hopkinson

To be honest im not sure what packager it is though i have been told that she is very good and has close contacts with first national. Im just very worried that i might end up with no mortgage!!

diane_hopkinson

is it correct that because i am putting down 50% a credit score is not needed. I know they have done a credit search and we have disclosed everything in advance.

Conrad

Minimike - they accepted one for me last week where client had £25000 put into a recent Debt Management Programme. Thety accepted her right up to 95% and did not request income proof even though it was not a self cert mortgage.

I think maybe the clients adviser just goes for the easy options which also happen to pay more commision.

minimike2

Diane, you are correct, they do not credit score the application, its assesed by the underwriters as Conrad described.

diane_hopkinson

To be fair to my mortgage broker i did instruct him to go for what he considered to be the most certain deal rather than the 'best' deal about. I am well under what i can afford on a monthly basis and after being turned down once i didnt want the stress of it happening again.
Conrad, the deal you got for your client seems amazing and certainly makes me feel more confident i will be ok!!