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    • AdverseCreditGuy
    • By AdverseCreditGuy 7th Aug 18, 5:58 PM
    • 3 Posts
    • 0 Thanks
    AdverseCreditGuy
    I too have a very dull credit report and i have used a Broker which have been amazing, completed lots of paperwork, forms, bank statements, payslips etc, after 2 weeks we received a DIP from TML (The Mortgage Lender) who are specialists with my credit background.


    Sourced a Property and offer was accepted 2 Weeks ago, the application is now with the Underwriters and are awaiting a Mortgage Offer, personally i think the process has quite quick on the basis that my brokers ensured all documents & finances were in place prior to presenting them for the initial DIP.


    Valuation & Process Fee was taken on the day of the initial Application to TML..


    Additional information was requested 24 Hours after application.


    Now just waiting for the DIP from Underwriter


    Just wanted to put this on here if anyone else has similar Credit History and has no alternative but to apply for SUB-Prime Mortgage.. BUT use a Broker mine have been great and although this may not complete i have been totally assured that everything that could be done has been done..
    • synavm
    • By synavm 8th Aug 18, 9:24 AM
    • 14 Posts
    • 1 Thanks
    synavm
    16/07 DIP approved
    19/07 Full application sent off in branch, pay slips and gifted deposit form supplied
    19/07 Valuation booked in
    20/07 Bank Statement requested
    23/07 Valuation carried out
    23/07 Additional bank statements requested and letter from Dad showing how his gift will be used to clear credit card/car loan
    26/07 Phoned to chase valuation, NW confirm it has been received along with additional documents and have been sent back for review
    27/07 Nationwide underwriters decline application
    02/08 Natwest Application submitted, ID and documents uploaded
    03/08 ID and documents reviewed
    07/08 Valuation report received

    ... Only sticking point so far is that there is a note on the tracker for my broker to call from the 3rd August. Seems they're yet to action it. I wonder what it could be. Hopefully it's not fatal as it appears the valuation has been carried out, and given they charge for valuations (unlike Nationwide), I'm hopeful that there is some sort of offer on the way.. Fingers crossed.

    08/08 Found out we've been declined for Natwest too

    On the cusp of giving up. I'm not going to go for an Aldermore or an adverse lender just because of a few tricky bank statements to cover the birth of our child (particularly when our credit report is near perfect and all our commitments are being paid off). Can anyone help? Should I scrap the house and wait for my Dad to complete, come back with three clear bank statements?
    Last edited by synavm; 09-08-2018 at 12:54 PM.
    • jaelato1
    • By jaelato1 8th Aug 18, 8:14 PM
    • 44 Posts
    • 28 Thanks
    jaelato1
    16/07 DIP approved
    19/07 Full application sent off in branch, pay slips and gifted deposit form supplied
    19/07 Valuation booked in
    20/07 Bank Statement requested
    23/07 Valuation carried out
    23/07 Additional bank statements requested and letter from Dad showing how his gift will be used to clear credit card/car loan
    26/07 Phoned to chase valuation, NW confirm it has been received along with additional documents and have been sent back for review
    27/07 Nationwide underwriters decline application
    02/08 Natwest Application submitted, ID and documents uploaded
    03/08 ID and documents reviewed
    07/08 Valuation report received

    ... Only sticking point so far is that there is a note on the tracker for my broker to call from the 3rd August. Seems they're yet to action it. I wonder what it could be. Hopefully it's not fatal as it appears the valuation has been carried out, and given they charge for valuations (unlike Nationwide), I'm hopeful that there is some sort of offer on the way.. Fingers crossed.

    08/08 Found out we've been declined for Natwest too

    On the cusp of giving up. I'm not going to go for an Aldermore or an adverse lender just because of a few tricky bank statements to cover the birth of our child (particularly when our credit report is near perfect and all our commitments are being paid off).. Gah. Mojo, our broker, have been the square root of useless too. Non-stop misadvice. Can anyone help? Should I scrap the house and wait for my Dad to complete, come back with three clear bank statements?
    Originally posted by synavm
    I think you will get better response by opening a new thread.

    If you dont mind me asking what's in the bank statement that is putting lender off? Are you using unarranged overdraft by any chance? If so I hear many lender frown on this
    • Teamocil
    • By Teamocil 9th Aug 18, 8:27 AM
    • 35 Posts
    • 9 Thanks
    Teamocil
    Can somebody reassure me here? I'm carrying £7,500 of credit card debt on 0% offers until early 2021. The broker assures me that I'm pretty comfortable on affordability even factoring in the £200 a month I'm currently paying and he's used to seeing people with significantly more debt getting mortgages. I have no missed payments or anything and don't use overdrafts. I'm putting down a 20% deposit but I have some extra money I could use to pay down the cards if necessary.

    Am I right in thinking that realistically the worst that's likely to happen here is that the bank turns me down over the debt, but the broker will assure them that I will therefore use savings to pay down the debt to reduce their risk?
    • ~shoozy~
    • By ~shoozy~ 9th Aug 18, 11:02 AM
    • 51 Posts
    • 10 Thanks
    ~shoozy~
    Just a quick update.

    I'd applied on 1/8 for Help to Buy, yesterday it was declined because my DIP was for £180k but the house I'm buying is only £165k which means I can afford the house without HTB.

    So frustrating!

    Now I have been advised that I need a 10% deposit and to change lenders, so new mortgage application going in today and keeping everything crossed that this new mortgage application goes through.
    • Tufa
    • By Tufa 10th Aug 18, 7:40 AM
    • 21 Posts
    • 4 Thanks
    Tufa
    09/08 Mortgage offer issued!
    • Aberdeen-Loon
    • By Aberdeen-Loon 10th Aug 18, 11:38 AM
    • 3 Posts
    • 0 Thanks
    Aberdeen-Loon
    Hi all,


    Getting stressed as it just seems Leeds are aking their time... (Property is in scotland so no valuation needs to be undertaken as the home report was still valid and in date).



    21/07/18 - AIP reffered but approved

    23/07/18 - Home Offer Accepted
    25/07/18 - Full application and documents (including home report) sent to broker and Leeds
    25/07/18 - Credit search has appeared on credit file
    03/08/18 - Leeds request proof of deposit - Sent (advised this is the final document)

    09/08/18 - Leeds waiting on copy of the home report to be assesed


    Im confused as to why only yesterday that when my broker requested an update that leeds advised they haven't received the home report and are chasing it up, plus it needs assesed.


    Now what im confused at is what stage my application is at? Has it been through underwriting.


    When we submited the proof of deposit the broker advised she expected an offer through in the next 24 hours. When she phoned yesterday she asvised we would hopefully have the offer papers through on Monday.


    Anyone advise?
    • Lizzielou1205
    • By Lizzielou1205 10th Aug 18, 5:50 PM
    • 20 Posts
    • 1 Thanks
    Lizzielou1205
    Second time buyer. Buying property alone, and also waiting on ex's mortgage approval to buy me out! 95% LTV with no credit issues.

    Some time in July - DIP from Lloyd's
    28/07 - offer made
    31/07 - offer accepted
    4/08 - spoke to broker and DIP requested with Digitial Mortgages
    7/08 - DIP declined because of 3 addresses in last 3 years!
    9/08 - DIP received from post office
    10/08 - valuation fee paid
    10/08 - underwriter saying credit file shows credit not on application, confirmed to broker there is nothing I didn't disclose (existing mortgage, car lease and £50 overdraft!)

    All very stressful and added stress of waiting for ex to be approved too.
    • SarahJ1973
    • By SarahJ1973 10th Aug 18, 8:10 PM
    • 4 Posts
    • 1 Thanks
    SarahJ1973
    Can anyone help
    My MA said I have an approval in principle subject to valuation.
    The valuation has been done and the surveyor put the recommended purchase price as the same as my offer. No issues highlighted.

    Does this mean a formal offer is definately on the way? I don't know what "final checks" mean before they issue an offer, I'm assuming credit and affordability checks have all been done. I can see Santander checked my credit report before valuation.

    Such a nail biting time!
    • jaelato1
    • By jaelato1 10th Aug 18, 8:56 PM
    • 44 Posts
    • 28 Thanks
    jaelato1
    09/08 Mortgage offer issued!
    Originally posted by Tufa
    Congrats!
    • jaelato1
    • By jaelato1 10th Aug 18, 9:02 PM
    • 44 Posts
    • 28 Thanks
    jaelato1
    Second time buyer. Buying property alone, and also waiting on ex's mortgage approval to buy me out! 95% LTV with no credit issues.

    Some time in July - DIP from Lloyd's
    28/07 - offer made
    31/07 - offer accepted
    4/08 - spoke to broker and DIP requested with Digitial Mortgages
    7/08 - DIP declined because of 3 addresses in last 3 years!
    9/08 - DIP received from post office
    10/08 - valuation fee paid
    10/08 - underwriter saying credit file shows credit not on application, confirmed to broker there is nothing I didn't disclose (existing mortgage, car lease and £50 overdraft!)

    All very stressful and added stress of waiting for ex to be approved too.
    Originally posted by Lizzielou1205
    First time hearing that, I think the lender must be one of the picky ones

    Could the undisclosed credit be car insurance - if you monthly then you probably have a credit account opened from the car insurance lender on your file, only thing I can think of.
    • Lizzielou1205
    • By Lizzielou1205 11th Aug 18, 9:35 AM
    • 20 Posts
    • 1 Thanks
    Lizzielou1205
    Yeah I thought it was odd! MA said when at 95% LTV the lenders are much pickier.

    No car insurance on monthly (pay annually in full) so no idea what they think it is! Even checked credit report in case I was going crazy and forgetting something. MA said not to stress - easier said than done!
    • liviboy
    • By liviboy 14th Aug 18, 2:53 PM
    • 436 Posts
    • 165 Thanks
    liviboy
    Update:

    09/06/18 - Viewed property - verbal offer made.
    10/06/18 - Decision in Principle received.
    11/06/18 - Formal offer made - offer accepted in principle. Estate agent instructed on the marketing and sale of our house.
    13/06/18 - Estate agent measured our property, home report instructed and a few other bits and pieces. Negotiation with solicitor regarding included items in sale of new property.
    14/06/18 - Full mortgage application made (Nationwide). Home report and survey carried out on my current house. Documents requested from Nationwide: Last payslip and proof of wife's bonus - both submitted electronically. Valuation booked for 15/06/18.
    15/06/18 - Valuation received and under review.
    18/06/18 - Application "passed for full assessment". Guessing it's just a waiting game now?
    20/06/18 - 2 Decision in Principle - Decline notifications on the tracker - called up and they are questioning items on both my and my wife's payslips. Info provided over the phone and e-mailed in April's payslip.
    21/06/18 - Called Nationwide to check if any further info required. Told no at the moment but documents would only be reviewed after Tuesday..another long weekend wait!!! Certainly not as smooth as 2014 when we were FTBs!!
    27/06/18 - Verbal offer made on our current property - accepted.
    28/06/19 - Written offer received.
    28/06/18 - Another Decline - called up and got it all figured out...full story here: https://forums.moneysavingexpert.com/showpost.php?p=74469916&postcount=6
    28/06/18 - Decision in Principle - Accept, Offer Generated!
    04/07/18 - Offer received in post
    13/08/18 - Funds sent to solicitor for their fees, LBTT, estate agent fees and estate factor fees.
    14/08/18 - Missives concluded on sale.
    14/08/18 - Missives concluded on purchase.
    14/08/18 - Text from Nationwide: “Nationwide here. Funds will be sent on 16/08/2018. If you're moving, this may be a day or so before you move. Other applications complete on this day.”

    Date of entry still set for Friday (17/08/18) so hoping all goes well.
    • Fee-bee
    • By Fee-bee 14th Aug 18, 5:10 PM
    • 2 Posts
    • 0 Thanks
    Fee-bee
    Hi all.. joining in here.

    First time buyer and finding it awful!!

    10/7 offer accepted
    10/7 DIP
    18/7 paid for home buyers report and valuation booked
    19/7 solicitors who we are using through MA wrote to us to sign a declaration that we are ok to use the same solicitors as the vendor (is a different solicitor)
    20/7 all documents submitted for mortgage through MA
    3/8 valuation completed and survey took place
    6/8 valuation report received undervalued 5k
    7/8 new DIP with Santander
    9/8 2nd valuation took place

    Currently still waiting for result of that! Has anyone used Santander? Wondering if anyone has any ideas of time scales etc? !!!55357;!!!56876;
    We expected to have the result of valuation today but still nothing!! Thanks in advance
    • laurenlel
    • By laurenlel 15th Aug 18, 2:31 PM
    • 2 Posts
    • 0 Thanks
    laurenlel
    I'm currently in the process of getting a mortgage. I've got my DIP, and i've got an appointment next week at a HSBC branch to complete the full application. Do you have to have a valuation done through the lender or is that an option? I was under the impression that any surverys that needed doing are done through the solicitor?
    • ~shoozy~
    • By ~shoozy~ 15th Aug 18, 3:10 PM
    • 51 Posts
    • 10 Thanks
    ~shoozy~
    Quick update:
    25/07 DIP received from Nationwide
    28/07 Reservation fee paid to builder
    31/07 Full application submitted to Nationwide
    01/08 Help to Buy application submitted
    08/08 HTB declined due to my DIP being for more than the price of the house, therefore I can afford the house without the need for HTB.
    13/08 Full application submitted to Clydesdale
    14/08 Proof of deposit requested and sent
    15/08 Valuation fee paid to Clydesdale

    Keeping everything crossed for good news.

    Silly question but I've paid £500 reservation fee, and expected to pay another £500 on signing the missives, does this £1000 come off the price of the house, or off the deposit to be paid?
    • Teamocil
    • By Teamocil 16th Aug 18, 4:54 PM
    • 35 Posts
    • 9 Thanks
    Teamocil
    Can somebody reassure me here? I'm carrying £7,500 of credit card debt on 0% offers until early 2021. The broker assures me that I'm pretty comfortable on affordability even factoring in the £200 a month I'm currently paying and he's used to seeing people with significantly more debt getting mortgages. I have no missed payments or anything and don't use overdrafts. I'm putting down a 20% deposit but I have some extra money I could use to pay down the cards if necessary.

    Am I right in thinking that realistically the worst that's likely to happen here is that the bank turns me down over the debt, but the broker will assure them that I will therefore use savings to pay down the debt to reduce their risk?
    Originally posted by Teamocil
    Nobody reassured me

    Anyway, the application is now in with Barclays. The mortgage is only £90,000 and a little less than 3x salary so I'm hoping it's considered a low risk, even with the other debts I'm carrying.
    • jaelato1
    • By jaelato1 16th Aug 18, 6:35 PM
    • 44 Posts
    • 28 Thanks
    jaelato1
    Nobody reassured me

    Anyway, the application is now in with Barclays. The mortgage is only £90,000 and a little less than 3x salary so I'm hoping it's considered a low risk, even with the other debts I'm carrying.
    Originally posted by Teamocil
    I think you should be fine provided you don't have anything in your credit history that can make the alarm go off.
    • Scott87
    • By Scott87 16th Aug 18, 7:08 PM
    • 2 Posts
    • 0 Thanks
    Scott87
    Had a rubbish experience with YBS even though they did put an offer on the table of £180k in the end. Less than what the DIP was.. Grateful for the offer but not a great experience and waited nearly 7 weeks for a decision.

    Now applied with Leeds building society and really hope to get a better offer. Full application went in yesterday.

    Looking at 95% LTV but could increase my deposit to 10%.
    • Teamocil
    • By Teamocil 16th Aug 18, 7:34 PM
    • 35 Posts
    • 9 Thanks
    Teamocil
    I think you should be fine provided you don't have anything in your credit history that can make the alarm go off.
    Originally posted by jaelato1
    I've never missed any kind of payment so hopefully nothing horrible there.

    BUT, I've just realised that I have some betting from four months ago on a statement. tbh I can't remember why I sent the broker four months rather than three, so hopefully they were bright enough to only provide the three statements and therefore not the fourth with the betting on it. If they have submitted that, then I guess it's getting turned down and I'll get a new broker. What am I paying them for if not to spot my silly mistakes?
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