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Thread: Mortgage Woes

  1. #11
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    Quote Originally Posted by marius123 View Post
    We've been through my Experian report (and the wife's) with a fine tooth comb. They both have the delightfully high(!) score of '999'.

    I have a reasonable amount of open credit because it's convenient and allowed me to have lots of free cash for the expected move. I made it clear a couple of months ago to the broker that if that was a problem I could pay lots of it off. That's something else they said was unnecessary and I guess is too late now.
    Dependent upon who the lender is, this could make a massive difference. I haven't looked at the Nwide but ran my other half's 300 mth car repayment through the HFX website and what she could borrow with or without it was quite significantly different I. E. Not just a few thousand.

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    Quote Originally Posted by GB9 View Post
    Dependent upon who the lender is, this could make a massive difference. I haven't looked at the Nwide but ran my other half's 300 mth car repayment through the HFX website and what she could borrow with or without it was quite significantly different I. E. Not just a few thousand.
    It seems that things like this make a huge difference, yes... It also sounds like I should have repaid some of the credit that I have outstanding (been speaking to someone else about this all). As you say a few thousand quid of outstanding credit seems to take tens of thousands or more off your lending amounts.

    I'm also told that Nationwide are far far more stringent on affordability than even Halifax.

  3. #13

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    The maximum that a lender will advance will still only be a percentage of the value of the property you're buying.

    225k against a 300k property isn't bad imho.

    445k would be against a much more expensive property.

    Or am I missing something here?

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    Quote Originally Posted by Churchill View Post
    The maximum that a lender will advance will still only be a percentage of the value of the property you're buying.

    225k against a 300k property isn't bad imho.

    445k would be against a much more expensive property.

    Or am I missing something here?
    Yes. He said he wanted a mortgage of 300k, he didn't state how much the property was.

  5. #15
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    I recently added myself to partners mortgage when her ex came off it. No additional funds were being raised and it was a ruddy nightmare. So you have my sympathies.

    In this case the lender was Santander and the mortgage is not even 6 figures. It's actually less than my annual salary, but they needed convincing about affordability.

    The basic problem was that they take:-

    1. Income.
    2. Expenditure.

    Then if the mortgage payment is more than 40% of the difference it's tough, not affordable.

    Lots of discussions with a real live person in underwriting eventually got it through but we were stymied for a while by:-

    Lots of holidays = lots of expenditure (because it's affordable and comes from capital)

    I have a number of credit cards. They are paid off in full each month. But they regard it as a recurring commitment.

    Different providers have different rulesets, but they are guided by government policy and it is down to affordability. So with a big income and an expensive lifestyle (which you may curtail a bit) it makes it difficult.

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    The Broker never makes you an offer. A relatively small PCP can make a huge difference in the AIP, since they take the repayment amount into account.
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    As someone mentioned it's a 300k mortgage, it's on about a 370k house. I can manage if I get about 275k.

    I wouldn't have got the car if I knew it would screw things up like this. It's like 220/month I still can't see how it makes such a difference but a lot of people are saying this to me now. I'm really disappointed that the mortgage broker despite knowing my situation in detail warned me about none of this.

    There's an application with Halifax going in tomorrow and I've agreed to pay off a credit card and a loan to improve the affordability.

    Will see what happens. I spoke to the main competitor of this broker today and they seemed much more knowledgeable and confident about what we would need to do to get the mortgage I need. May have to switch..

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    I went through a broker last summer, years of accounts however I had one tulipty year and it ballsed things up, they had to base it on my day rate (which wasn't too bad, but was annoyed by that one crap year where the gigs were a bit thin on the ground)

    Anywho I was granted MIP from Halifax (seems the only one who will touch us contractor scum) up to 450k, however we were never looking at something that high. In the end I have a mortgage of 160k (and a house beyond our expectations - thanks to previous owner's son and his philandering ways! ) and only small credit card bills, car was paid off in January. Does seem strange why the car PCP would mess things up and a 300K mortgage seems high to me but YMMV.

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    Perhaps if you had been more honest with the figures and reduced your borrowings it would have been easier.
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    Try Martin @ as-financial, he's got me two mortgages in the last five years off my day rate. Can't rate him highly enough.

    AS Financial | Independent Mortgage Brokers | London
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