first national self cert mortgage application

luckyfool

Conrad wrote: »

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.

Conrad - I was under the impression that BM Solutions would not lend 95%, except to existing clients?

Gloster_Advise

FNB are very slow at the moment I have to say.I have started to ignore their affrodability calculator when the LTV > 60% as they are starting to make up the amount they are prepared to lend. Same with Igroup, go over 80% and have a mediocre credit score (which one they use not even they know!!) and it will limit you to 80% irrespective of the clinets income.

Quite a shame Beacon are not getting business, they still have some very good products. Does anyone know the extent to which they are limited to funds? Are they backlogged already and are cases that were submitted to them, say a month ago, would they likely to be paid out Autumn time!!!

Diane, can I ask you a question. Why do you need self cert? Can you prove some if not all of your income or is it the trading period that is the problem? With minor adverse and the search showing no missed payments I would imagine your credit score isn't too bad. Abbey would be a good shout as the LTV < 75%, assuming you are not with them already.

Si

diane_hopkinson

The advice i have been given is when the fixed term is up (presuming i get the mortgage!!) then i should look at a main stream mortgage as i will have full proof by then. Its just at the moment i would find it very difficult to prove in a way that a normal lender would accept.
Its very interesting reading everyones opinions/suggestions and i do feel alot more informed.
I initially was worried that i wouldnt get a mortgage at all (despite a 50% deposit of £142500) am i right in thinking i shouldnt be worried about this...just what rate i can get it at.
As i have said before my main aim is to get a deal so i can move on and stop living in limbo land!!

luckyfool

Gloster_Advise wrote: »

FNB are very slow at the moment I have to say.I have started to ignore their affrodability calculator when the LTV > 60% as they are starting to make up the amount they are prepared to lend. Same with Igroup, go over 80% and have a mediocre credit score (which one they use not even they know!!) and it will limit you to 80% irrespective of the clinets income.

Interesting, I was led to expect that timescales would be quite poor with FN, but I submitted a fully packaged case direct last week at 85% and it was assessed within 48 hours of receipt, and was offered same day. I was able to download the offer from Firstnatonline 2 days after posting the case in.

I guess alot is down to your submission route, and how well packaged the cases are.

diane_hopkinson

Ive been told that i should expect it too take 7 to 10 days and that time frame came from the packager who had asked fn...its all a mystery!!
I would still like some opinions on what my chances are, will they just cascade down or turn me down blank, or obviously give me exactly what i want!!

minimike2

Yeah I had one go to offer with FN within a day of it being recevied fully packaged last week.

Gloster_Advise

Blimey luckyfool...........that is good. Congrats.

luckyfool

diane_hopkinson wrote: »

Ive been told that i should expect it too take 7 to 10 days and that time frame came from the packager who had asked fn...its all a mystery!!
I would still like some opinions on what my chances are, will they just cascade down or turn me down blank, or obviously give me exactly what i want!!

Diane,

It will vary depending on how it was being submitted. I was quoted 24 hours for assessment if I submitted it through Solent Mortgage Services 2 weeks ago, but was told about 1 week by First National for cases submitted direct. This is because Solent have 2 on site dedicated FN underwriters, so if they are relatively quiet then the service should be much faster.

In the end as I have a direct packaging agreement with FN I went down that route as I am distrustful of most packagers feeling that they introduce an additional layer of bureaucracy into the process, reduce control, and can often just cause problems which would outweigh any potential time saving. In the event in this case my decision was borne out by a very quick offer.

Solent are now quoting 4 days for their FN cases, so you can see their timescales are quite volatile and effected by things like volumes of business, and whether their underwriters have a day off or are off sick.

luckyfool

Gloster_Advise wrote: »

Blimey luckyfool...........that is good. Congrats.

I used to work for a national broker in their adverse department and wrote about 21 mortgages a month of which about 6 or 7 were First National. As we did all the packaging in house I have a good idea of what they will and won't do and was able to dot the i's and cross the t's on this one which always helps. For a clean well packaged case I've always found FN really good, the problems start when the case gets a bit unusual in my experience.

COOKIEWILLOW

Conrad wrote: »

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.

Hi Conrad, sorry to hike on this thread, you advised me the other day. Went to see mortgage broker today for the self cert, poor score remortgage we need, and he tried Britstol and West (?) and it was declined because of 3 late payments to cc, mortgage paid on time ALWAYS. He says hes going to have his work cut out, so im not hopeful now.