Vida Homeloans

CAMJO · 2 September 2017 at 7:45PM

Hello all,

I'm new to the MSE forum although I do have a regular read through forum posts.

My partner and I have just been declined by Precise Mortgages after they checked Equifax credit reports following our application, although we had received DIP from them.

Our broker is now away for three weeks and in his absence a colleague has obtained DIP from Vida Homeloans late yesterday afternoon but I'm concerned that we will fail at application stage again- not yet applied for until broker calls Vida Homeloans on Monday morning for clarification.....

My credit report is completely clear but my partner has historical debts problems including previous mortgage arrears as his ex-partner habitually debts from him for some years. He has paid off all outstanding debts which included
3 CCJs dated 2011, 2012 and 2014
2 defaulted accounts in 2011 and 2015
He took over mortgage payments from his ex partner in September 2015 and has made every monthly payment on time since 30/09/2015 and paid off arrears each month with special arrangement plan - credit report reflects that he was no longer in arrears from December 2016. However AP stated on credit report (correct) but then historical mortgage arrears for 2014, 2013, 2012.

Does anyone have experience or are there any mortgage brokers out there who have any experience of this company.

Trying not to stress but all we can think about.... Affordability and deposit are not an issue - rests solely on credit report it would appear

Lilla_D · 2 September 2017 at 11:46PM

I speak to lenders first before even submitting an agreement in principle, so not sure why your broker went for an AIP with a credit footprint ahead of speaking to Vida first?

Personally, I like Vida, as they are quite flexible with their offering and you seem to fit their criteria subject to satisfactory explanation of the bad credit history, but even so, in cases like yours, I'd call them first.

Just a question - you mention that affordability is not an issue. Is it not an issue based on joint income or even just based on your income? If you can get the required mortgage based on your income alone, it may be worth proceeding that way and then adding your partner once his credit history is more of a distant past. Of course, you'd have to consider the cost of transfer of equity and associated stamp duty payment at that point versus the savings based on a lower rate deal from a main stream lender if the mortgage is in your name only, but it's an idea, if you really can't sort something out jointly and you can get a mortgage by yourself.

CAMJO · 3 September 2017 at 1:23AM

Thank you very much for your reply, affordability is ok on joint incomes but not on my salary alone unfortunately. I shall keep my fingers crossed for Monday and for full app if made. I will ask the broker to explain situation, as mentioned, we have yet to meet him as he has picked up our file following decline from Precise on Thursday as original broker on leave.

ACG · 3 September 2017 at 11:10AM

Im with Lilla, I wonder why the broker has done a DIP with a lender before checking your circumstances with them.

I have heard mixed things about vida. In general I hear they are quite slow and "thorough" (that is the polite way of saying anal), although I have no first hand experience with them.

I doubt it will put your mind at ease, but being declined by one lender does not mean you will get declined by other lenders. You have a DIP and assuming the broker checks everything on monday, that should be a good indication as to whether you will be accepted or not.

middy991 · 3 September 2017 at 12:04PM

our broker as done ours with vida,our dip was refereed so took a bit longer to get it put full application in on the 10th aug then they looked at it on the 21st aug valuation ordered same day and they asked a few questions on the 21st,Broker says we should here something tomorrow monday 4th sept but not really sure where we are in the process as dont wanna push as not really confident we will get a yes

CAMJO · 3 September 2017 at 6:15PM

Thank you for your reply ACG.

CAMJO · 3 September 2017 at 6:19PM

Good luck middy991, I notice that their processing times are their website. I've already scoured the intermediary site although we haven't yet applied! I can't post link as I'm a new user , but it is at bottom of their residential page

middy991 · 3 September 2017 at 7:08PM

yer seen processing dates on their website but not sure what happens wen they ask for further info if you drop down to the bottom or what,just checked our credit file nd we were hard and soft credit checked by then on the 10th when the application went in

KENOUK · 7 September 2017 at 7:03AM

We made a full application to Vida on the 23rd of May, yesterday 06/09/17 we finally received our offer of a mortgage. They like to go through everything with a fine tooth comb. Every time they request more documents you go to the back of the queue, roughly a 3 week wait everytime they ask for more documents.

csgohan4 · 7 September 2017 at 7:44AM

Is your broker London and Country? if it is good luck

CAMJO · 7 September 2017 at 4:37PM

No we are using local mortgage broker where we can visit as well as phone and email! I read up about L&C as was considering using them until I looked through forum posts

Vida Homeloans

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