first national self cert mortgage application

luckyfool

COOKIEWILLOW wrote: »

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.

Cookiewillow - Bristol and West are a Prime lender, meaning they will tend to want a pretty clean credit score before they will look at it. There are other lenders who are not quite as picky including First National as I mentioned on your original thread.

diane_hopkinson

Can i just say to cookiewillow, please do not get too depressed because you have been turned by b and w. I would strongly rec you go to a decent mortgage broker who understands about adverse deals. When i bought my 1st house i was in a right mess financially and had just come out of a very nasty relationship with 2 small children in tow. I had a business which had only been going a year and went the self cert route. I would never of got anywhere if it wasnt for my broker who knew exactly which lenders to go too.
The market has changed alot now i know. This time round i have £150,000 saved up and my 1st lender has turned me down on a 50/50 mortgage!! I am sure though that even with how things are at the moment i will sort something out and im sure if you get the right advice you will too.

COOKIEWILLOW

luckyfool wrote: »

Cookiewillow - Bristol and West are a Prime lender, meaning they will tend to want a pretty clean credit score before they will look at it. There are other lenders who are not quite as picky including First National as I mentioned on your original thread.

I really dont know WHY he tried a prime lender luckyfool? Even I knew that be waste. I am SOOO glad i have had adviceoff all you mortgage folk as I mentioned to him first national, and he ummed and aaahhd, well today he rang me and asked if I could pop into his office as he had two possibilties, bit vague, but when pressed he said First national, but wouldnt tell me over phone any figures and also a secured loan(!!!!), which he said he was 100% certain i would get., I got the feeling that the rate for FN was going to be high and thats why he wanted to tell me in person so i am meeting him monday, so got whole weekend to fret more now. Luckfool, he has put £120,000 down for house so only 50% LTV, he claimed the 3 missed payments on lloyds cc (they down as missed although I paid half minimum payment as I couldnt afford more, ) and he claims thats why hes having trouble although there no ccjs, (i read that FN have products for folk who have even 3 months arrears on their mortgages??). Any thoughts?

COOKIEWILLOW

Thanks Diane, I would have thought that broker would have found a better deal!! I have picked up load of info from these threads and when i was questioning him about things I told him i have read up on things a little and he laughed and said "a little knowledge is dangerous", which of course it is BUT I didnt want him to think i was totally thick as pig !!!!! just in case he only went to lenders who HE would be better off with, not me. Just interested to know what rates he has come up with and i hope im not being cheeky in running it past luckyfool and co first.

diane_hopkinson

Is there not someone else you could go to? Applying for a mortgage is very stressful...believe me i know and it dosent sound like he is someone you are goinfg to beable to get on with + he dosent sound like he knows what he is doing!!

Gloster_Advise

Luckyfool,

I use SMS for FNB!!! Do you sweet talk them regularly to get offered so quick? I have a feely they receive chocolates and wine from you a regular basis.

Diane, bank of Scotland do true self cert. Salt finance do self cert with back up. Without knowing everything I am not recommending just suggesting self cert lenders off the top of my aching head.

Regards

I admit their cleaner apps are quicker, but again the 80% LTV mark is difficult to overcome in my experience of their system.

diane_hopkinson

I have found this on first national underwriters info (which is available online)

Defaults
We will disregard any delinquents and poor payment profile data in product selection. For First Time Buyer+, First Time Buyer,
Near Prime+ and Near Prime we will disregard any defaults registered for under £100 and/or have been registered 12 months for
FTB+/FTB, or 24 months for NP+/NP. The declared payment on any defaulted or delinquent account should be included in the
applicant(s) affordability calculation.
Although any payments declared by applicants on defaulted credit agreements should be included in the DTIR calculation.

NOTE

To be included in the DTIR calculation the default should have been registered within the last three years and FN is
specifically advised that the applicant is still making repayments on it.

What does this actually mean in normal speak??
Im sure im wrong but it sounds like they are saying they ignore all bad credit payments which is obviously wrong. I have read there terms re your mortgage payment history which makes sense but this bit threw me, any help?

COOKIEWILLOW

diane_hopkinson wrote: »

Is there not someone else you could go to? Applying for a mortgage is very stressful...believe me i know and it dosent sound like he is someone you are goinfg to beable to get on with + he dosent sound like he knows what he is doing!!

Diane I agree with you on both counts!! Horrible to feel you might not "trust" someone to do something in your best interests, I know the guys got to make a living but reading most of the mortgage advisers posts on here, they seem like a good bunch, not many people will advise for nowt like these guys do. Re: the stress! Dont talk, i have been on a training course today and i dont think i retained any info as my mind kept flitting away, and I got asked my opinion on something and for the life of me I hadnt heard what the blinkin woman had been talking about! I just squirmed and improvised:p I am going to chill out tonight with a glass a wine, as cant do anything til meeting with broker on monday and if im not happy I def will look somewhere else, I am not jumping on to the first deal just because he is insinuating that my options are limited.

COOKIEWILLOW

Well "monday" has come, (have dragged whole thread through sorry). Any advice off anybody before I meet broker today? He said on friday he had two deals for me to look at, one with first nat and the other a secured loan? I know in my heart both will be a high rate but should I jump as i am desperate or look around? And although i know a remortgage is in fact a "secured" loan in itself i really dont want to go for the latter. Should I listen to both proposals and whip back here tonight to get some folks advice?

COOKIEWILLOW

Have just been to broker. two options given are. keep mortgage at bos for the 15 year term. balance 32k and get secured loan with Igroup for the 26k over 20 years @10% OR remortgage with first nat for 60k over 20 years either 7.79% fixed 3 yr or 7.89% 2 yr fixed with £600 upfront fee (valuation&legal). these are all just figures to me and im baffled to which would be the best. he did say that keep a good credit profile for next 2 years and he would try to get better deal then. any ideas?