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  • FIRST POST
    • kingstreet
    • By kingstreet 26th Feb 14, 12:56 PM
    • 35,577Posts
    • 19,457Thanks
    kingstreet
    The Broker Blues Thread
    • #1
    • 26th Feb 14, 12:56 PM
    The Broker Blues Thread 26th Feb 14 at 12:56 PM
    Today, I've had a HTB - EL enquiry, I've had to turn down. He's got £200k deposit, wants to buy for £395k, but can't understand why he can't borrow £130k on a salary of £21k.

    "Halifax has told me I can borrow £130k."

    The HCA calculator says 6X income and 53% debt to income ratio is a non-starter, before I start on lender affordability.

    Another wants to buy on shared ownership newbuild. IVA ended in 2011 and LTV too much for any lender but one which won't accept the IVA.

    Finally, another shared ownership case, fits only one lender again and without six months employment they won't touch it.

    Anyone else having a "plaiting sawdust" kind of day...?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
Page 44
    • kingstreet
    • By kingstreet 22nd Nov 17, 2:43 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    First client call re SDLT was at 1.42.

    Think that was about two minutes after Hammond said it. Anyone else beat that record?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 22nd Nov 17, 5:08 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    Latest one is buying for £440k with completion due in March next year.

    SDLT was £12k, now £7k, saved £5k.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Malc00
    • By Malc00 22nd Nov 17, 9:25 PM
    • 29 Posts
    • 6 Thanks
    Malc00
    First client call re SDLT was at 1.42.

    Think that was about two minutes after Hammond said it. Anyone else beat that record?
    Originally posted by kingstreet
    Very impressive. Can't say I had anyone come to me that quickly but I did have a couple of calls and about 4 emails about it this afternoon lol.
    • kingstreet
    • By kingstreet 15th Jan 18, 5:22 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    Got an enquiry today with a default registered on 29/12/2017. Yes, just 17 days ago!

    It would have cost about £30 to avoid it, as it was on a credit card with a £227 balance.

    I really do wonder at the lack of common sense of people in this country. I guess they may have only decided to buy a home in the last sixteen days...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 19th Jul 18, 5:07 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    Yet another thread today with a "my credit score is rubbish so I can't get a mortgage" theme.

    How long do we have to put up with this mis-information from the CRAs which is totally misleading?

    I'm sick of telling people these numbers are complete tosh. Now Experian and Equifax aren't making £15 a month out of suckers daft enough to pay it, why do they persist...?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 19th Jul 18, 5:10 PM
    • 65,301 Posts
    • 57,489 Thanks
    Thrugelmir
    Not just the CRA's, myths seem to perpetuate themselves. Often on the back of very poor journalism. 200 words simply isn't enough to discuss often complex issues.
    ““there really is no such thing as ‘the future’, singular. There are only multiple, unforeseeable futures, which will never lose their capacity to take us by surprise.””
    ― Niall Ferguson
    • dunstonh
    • By dunstonh 19th Jul 18, 5:21 PM
    • 98,597 Posts
    • 67,053 Thanks
    dunstonh
    Not just the CRA's, myths seem to perpetuate themselves. Often on the back of very poor journalism. 200 words simply isn't enough to discuss often complex issues.
    Originally posted by Thrugelmir
    Many don't make it past the headline and form an opinion.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • kingstreet
    • By kingstreet 19th Jul 18, 5:29 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    Same as the post-MMR "eat nothing but beans on toast for three months" headlines in 2014!
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 9th Sep 18, 5:45 PM
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    kingstreet
    Astonishingly, someone (zero post count) has joined just to send me a PM asking how long it will take from Halifax valuation instruction to offer.

    This obviously needs to be larger, or electrified;-

    "Please do not send PMs asking for one-to-one-advice, or representation."

    YCNMIU.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 10th Oct 18, 7:29 PM
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    • 19,457 Thanks
    kingstreet
    Fifty-two years old and just discovering Leonard Cohen.

    Ashamed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 22nd Mar 19, 5:29 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    Santander!

    Repay credit during the process and we will still take it into account for affordability.

    Fair enough.

    Client repays credit cards in full every month using them for normal expenses to help credit score without incurring interest. Bank statements, credit card statements and credit history all show balances repaid in full. Balance visible to lender depends on card issuer/payment date.

    Santander still thinks including in affordability is the right idea.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • haras_nosirrah
    • By haras_nosirrah 22nd Mar 19, 5:50 PM
    • 2,040 Posts
    • 3,251 Thanks
    haras_nosirrah
    send them a £0 balance credit card statement and the bank statement showing the payment and they will remove it from affordability.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • haras_nosirrah
    • By haras_nosirrah 22nd Mar 19, 5:52 PM
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    haras_nosirrah
    stupidest santander one I had was where we had a client who was currently living in a caravan on a park site temporarily due to having to move from previous home. Postal address was sisters address and notes all over MATS re the park home

    Santander put down they spent 850 a month for holidays and failed it on affordability.

    yep - it was the rent on the caravan where they wouldn't be living after completion.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 22nd Mar 19, 5:53 PM
    • 35,577 Posts
    • 19,457 Thanks
    kingstreet
    send them a £0 balance credit card statement and the bank statement showing the payment and they will remove it from affordability.
    Originally posted by haras_nosirrah
    That's what was suggested, but I couldn't get it to pass to submit the full app.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • haras_nosirrah
    • By haras_nosirrah 22nd Mar 19, 5:58 PM
    • 2,040 Posts
    • 3,251 Thanks
    haras_nosirrah
    Put the ap in at the lower loan amount. Then submit the bank statement and the credit card at £0 balance and ask for an increased loan amount to what you want via mats. I have had to do this before
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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