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    • Noobie2011
    • By Noobie2011 7th Jul 18, 10:51 AM
    • 272Posts
    • 53Thanks
    Success Story and almost over the line
    • #1
    • 7th Jul 18, 10:51 AM
    Success Story and almost over the line 7th Jul 18 at 10:51 AM
    Right so some people have probably seen my posts on here around the nightmare (like many others) we have faced in getting a Mortgage due to many circumstances being our fault and also a very very poor broker in my opinion.

    To give a Summary the situation we were in was:

    House Price: 260k
    Using HTB so needed: 195k
    Deposit 5%: 13k

    Personal Situation
    Earnings: 79k
    CC/Overdraft Debt: 22k
    Credit Conduct: a couple of missed payments in previous 24 months, high utilisation of CC/Overdrafts
    New Job for myself just as we got into applying for a mortgage

    So with the above we went through a few pain staking weeks or trying the below lenders and getting declined for one reason or another. Bear in mind the below reasons are all what our broker said and after discovering how poor they were late on I suspect some may not have been true or caused by himself as well as us.

    Halifax: Too much Debt
    Natwest: Accepted on DIP and through Valuation only to be declined after 4 weeks at final stage due to the broker entering our names wrong so the positive up to then was all false
    Precise: No as needed 3 months payslips
    Kensington: Same as above
    Aldermore: No as too much Debt

    So it was at this point we realised we needed to get rid of the debt so we juggled finances around and managed to pay everything off bar my 5k Credit Card. We then went back through Halifax and got accepted and was all going fine until 2 things happened.

    1. Stupidly I stuck 5k of our deposit on an overdraft to clear thinking I could still use it but I found out I could not as even though it was money from the sale of our previous house it was now classed as the banks money rightly so. Now I know this was a stupid thing to do but I did ask the broker and they advised no issue doing this until when we actually did it, they checked with Halifax an boom we had now lost 5k of our deposit. So to get around this we have to get a gift from our parents of this sum which sorted it and big lesson learnt.

    2. Again after our broker telling us that living with our parents after the sale of our house will not affect anything he finally turned around and said he had entered our parents address on the Electoral roll and the AIP came back with less amount to lend us making it impossible to move forward.

    So we were now in a situation where he was going to approach 2 more lenders the following Monday being Ipswich and Mansfield. Now I was very sceptical as to why the address would impact so much and did a bit of research and seemed to me he was getting it wrong or doing something wrong. Also alongside this I had researched Ipswich and spoken to them and found they do not do HTB anymore so why did the broker not know this.

    All this and a long conversation with the wife that night about what we do as the developers were one the verge of pulling the house reserve made us decide to go to Halifax direct and explain the situation. At the same time told the broker and said we did not want to deal with them anymore and on a conversation with them it divulged that it may have been their process that was causing the address issue which really annoyed me but at this point just wanted rid of them.

    So the next day we went online to Halifax and the progress was:
    - AIP Accepted 9th June
    - Phone conversation with an MA to confirm there will be no issue with new address or that the debts we have paid off have not shown on credit reports as he can adjust that. He did this and was fine and also we decided to do a full application and it flew through fine and only needed 1 payslip each
    - 11th June: Valuation booked for the 22nd June
    - 22nd June: Valuation done and was fine
    - 27th June: Received Mortgage Offer
    - 6th July - Contracts Exchanged
    - Completion of house: Aug/Sept

    So I hope some of the above helps anyone else suffering similar things and even though we have not got the keys in our hands yet we just cannot believe we are now potentially a couple of months away from getting this house.

    Also on positive is we have cleared our debts, have learnt a lot more about the Mortgage Process and Credit assessment etc.

    I think one thing I would always recommend looking back is if you are not in a straight forward situation then use a broker but be very careful who has just as a good broker can open doors you never thought possible a bad broker can close doors that should never be an issue in the 1st place. If this goes through we will have bought 2 houses and used 2 brokers and have experienced both sides now.
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