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Help please - application problems

March 25, 2013, 3:34 pm
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Hi all

I'm a FTB going through the process of setting up a mortgage. Went through an independent broker who lead me to believe there would be no problems.

Well, I am having problems in the form of proving where I've lived for the last 5 years. I've had 4 addresses in that time. 2 of them they are saying there is no trace of me being at on voters. I know I was definitely on voters on 1 of the 2 as I remember getting my postal vote there.

The second I was renting a room so didn't pay council tax, and I cant remember voting there.

Mortgage company suggested using old bank statements. Unfortunately I ditched anything more than 18 months old so I don't have any. I called my bank to ask them for copies of the old statements with my old addresses on them.
They charged me £10 and sent my old statements... with my current address on them.

I really don't know what to do know or how I can prove I lived at those addresses? I don't have anything at all with the addresses on. I briefly thought of my pay slips but they all have my work address on them. Do you think DVLA could provide records, as I updated my licence each time I moved?

Any help would be so much appreciated. I am sitting here so worried we could lose our lovely first home :(
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Remortgage valuation; tips for extracting maximum LTV % i.e. 85%

March 25, 2013, 3:49 pm
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To cut a long story short we bought in December 2012 and ported our existing deal which runs out in July. When we bought the house was marketed for £125,000.00. We agreed to pay this and applied for a mortgage for 90%. The deal almost fell through when the mortgage survey said the property was worth £115,000 only. Eventually we got the vendor to reduce so the deal went through. However we disagreed with the valuation. The agent had various comparables. We have done a lot of work on the property in the last 3 months (spending about 10k). Had it valued today and the agent says £130,000.00 (OIRO) We want to try to get 85% LTV accepted when I remortgage in the summer as the rate drops dramatically from a 90% deal. What is our best strategy? Go with a different lender? Want to avoid esurv (who did the previous one) Which lender should we use? What are our chances?
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Assurance endowment: Sell, surrender or hold?

March 25, 2013, 4:56 pm
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Hi all.
Can anyone point me in the direction of online guidance (MSE or elsewhere) to assist me in what decision to make regarding an assurance endowment policy?

Thanks in advance.
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Got AIP based on misleading info

March 26, 2013, 2:57 am
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So mortgage adviser let me know that i've got the agree in principle for the full amount of 95% mortgage.
Now i need to prepare documents for the application. However i realised my girlfriend isn't actually fulltime employed by Santander as we told them before, she works as a contractor for Santander instead (for about 1 year so far). Do you think it is gonna be a problem? I rang my adviser but he is in Holiday at the momen :(
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Help Me Please!

March 26, 2013, 3:32 am
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Good Morning,

I am after some help desperately please. I will try and make this as short and to the point as possibly, but would really appreciate some help.

Just before the recession I bought a new build 2 bedroom flat with my ex girlfriend. Due to me going to university and my ex paying out two months rent whilst it was unoccupied I gave her the flat.

So for 5 years the flat has been hers and she has been looking after it and I have had no involvement in it. The only bad thing is that I kept my name on the mortgage.

She has now called me to tell me the house is in 4k arrears and that the flat is also in roughly 5-7k negative equity.

The mortgage is also on a variable rate and is not fixed and the tenant has just left yesterday without paying a months rent.

She has now informed me that I have to give her some money or provide a solution.

This is really unfair as she was happy when I gave her the flat and was due to sell it and make money. Now it has gone wrong she wants me to cough up or find a solution.

The sad thing is I have an appointment with the mortgage advisor booked for next Thursday, the plan was to get myself removed from the mortgage.

So what are my options:

>Take sole ownership of the flat and take on the debt ?

>Pay the 4k arrears and then fix the mortgage in both our names and take half the flat back (I don't think she will have a lot to put towards the arrears)

> Any other options ?

I have an evaluation booked in today with Quirks and also still have the appointment with the mortgage advisor next week.

Any help would be greatly appreciated as I really don't know what to do.

Thank you in advance
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Fixed term contract and mortgage application

March 26, 2013, 3:59 am
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Hi all,

I'm a first time buyer currently looking at the various mortgages available to me. I have perfect credit history and close to 10% deposit. However, the fact that I'm in a fixed term contract at work is an issue.

Mortgage brokers are always asking me if I am in full time employment - which I am. I then volunteer the information that it is fixed term contract and that changes my eligibility (to varying degrees, depending on the provider).

Here is my question - do I need to volunteer this information? Googling documents required for the application process just tells me I need payslips for the last 3 months. If I don't tell them I'm on contract, will they find out during the application process?

I appreciate why contracts aren't ideal for mortgage providers, but I have very good job security and if my contract isn't renewed, I know I could get a permanant job very easily - I don't have to take contract work, I choose to. So this is very frustrating....

Thanks for any help!
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Requesting Mortgage funds

March 26, 2013, 3:59 am
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Hi

How long does it take for mortgage funds to be transfer to the solicitors account. Is there anyway that we could speed this up.

We are want to try and complete on the 5th April but are awaiting on some enquiries from then vendors solicitors.

However as it is Easter this weekend that doesnt leave us with a huge amount of time to play with.

Cheers
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First Direct 5 Year Fixed of 2.64%????

March 26, 2013, 4:04 am
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Hi there,

I have recently come off a FD 5 year fixed rate offset of 4.99% onto SVR of 3.69%.

I didn't consider the Britannia recent 5 year fixed of 2.79 as I really like being with FD. However I am really tempted by their new 5 year fixed of 2.64% with fees of £1399. My question is should I hold out and hope for an even better rate in the new future or grap this one while I can.

I currently have an offset mortgage with them which under their new rules I would no longer qualify for, however I like fixing for at least five years which they no longer seem to offer with their offset mortgages anyway.

Anyone got any advice????

Thanks:)
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Valuation stage of buying repossession

March 26, 2013, 4:26 am
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Hi folks

Ok so i'm currently in process of buying a repossession (im a FTB) so far so good, valuation being done this morning, does anyone know the time between valuation and exchange of contracts?

Increasingly nervous of getting gazumped :(
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Virgin Money Mortgage Process

March 26, 2013, 4:39 am
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Has anyone any experience of Virgin Money for a mortgage?

I started of with a referral which quickly got approved, they then asked for last 2months payslips, P60, passport, utility bill and details of current landlord/solicitor, with that i got my AIP.

Valuation due to happen this morning, which ive paid for and this morning i forwarded letter signed by sister re:deposit gift.

The house is a repossession and staying on open market until contracts exchanged, does anyone know whats next in the process and time frame to contract exchange?
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Timeframe

March 26, 2013, 5:51 am
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Hi everyone

Am I being impatient or is it taking too long?

I was told last Wednesday by my mortgage broker that my application was with the underwriters and I should be getting a decision/offer in 24-48hrs.

Asked him Friday and he was told they have a large work load and there was a delay.

Yesterday he chased them and was told on the phone everything was ok with my application although he had nothing official but was just waiting for the offer.

Now Tuesday and still nothing? Must admit I'm getting a tad annoyed now.

Is it quite normal to take so long? If so I'll just sit back and hold on but can't help feeling at the moment it's just dragging on a bit.

In total it's about 2.5 weeks since the allocation went in. Survey and valuation was done 3 days later. So all initially moved pretty quickly.

Thanks for the advice everyone.
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Benefits and needing a mortgage

March 26, 2013, 8:05 am
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In simple form

1. I am a single parent not working and on benefits after recently having to give up my work after an accident
2. I am retraining to go back into work hopefully in September.
2. I have a monthly income in total of £850 made up of benefits and child maintenance from my ex.
3. I own my 2 bed flat outright to the value of £65000
4. I want to move to another larger 2 bed house of £75000 as we are cramped and I have ASB problems with my neighbours
5. I would need a mortgage of £10,000
6. I will be able to make payments up to £80 per month without requiring help to make the payments (a mortgage calculator says that it will need to pay £80 a month.

Here goes

1. Will anyone give me a mortage and how much could I get
2. I have a large percentage of equity
3. I can afford mortgage payments of £80 and should not require benefits to pay the interest only part. I can cut back spending to do it.
4. Is there any help for me.

Thanks for anyone who can help.
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Buying with a friend - part mortgage part cash

March 26, 2013, 8:31 am
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HI There, I am looking to buy a house and mentioned this to a friend who is also in the same boat. We realised that if we clubbed together, we could afford a much larger house, enabling us to rent out some of the rooms.

She is in the fortunate position to be able to supply her half of the property cost outright (having sold an inherited property), whereas I would need a mortgage to have my share.

Is there a way to have the house split 50-50 so that I could only have a mortgage for my share - sort of like an asset in which I want to buy in to? What if we set up the house as a company and owned 50% shares in each? Would I still be able to get a mortgage for my 50%?

cheers
N
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in your opinion, which lender lends most?

March 26, 2013, 8:44 am
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Referred to mortgage underwriter - advice please!

March 26, 2013, 9:26 am
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Hi,

After the opinions of those more learned/experienced than myself!

My Girlfriend and I are in the process of buying our first house. Agreement in principle in place, offer on the house accepted, solicitor instructed, full mortgage application submitted.

The mortgage we have applied for is the Britannia Graduate product with a 10% Deposit. We're lucky enough that the monthly payments won't stretch us being only a little more than our current rent.

Got a call today from Britannia to ask a couple of questions as they have referred our mortgage to the underwriter.

The lady asked about a missed payment on a credit card from November last year. I had made a balance transfer ~12 months previously for my brother (there was a 0% offer for balance transfers) and he was making monthly payments by direct debit to the account. His November payment didn't go out as for one reason or another he was paid late by his work, I only found out when the statement came through stating a missed payment. Spoke to the card issuer and explained and they agreed to wave the late fee. I subsequently cleared the balance myself and my brother is paying it off direct to me. I didn't realise at the time that a mark would be left on my credit score.

They also asked about a couple of old credit cards being registered to an old address (my parents). I explained that these haven't been used for a while and date back to when I was living at home with my parents - she said this was no problem.

I asked whether it was a person or a computer that makes the decision and she said it was a person so I'm hoping they'll understand.

Bit concerned as to how this may affect the decision. Aside from that missed payment my credit history should be squeaky clean. Clear my credit card bill in full each month, all other household bills are by direct debit including council tax.

We're due to hear by Thursday but the waiting is killing me!

Anyone have any thoughts as to which way this may go? Thanks for any words of wisdom. :)

Matt
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Self employed - first time buyer!

March 26, 2013, 12:11 pm
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My BIL is 42 years old and self employed and currently renting a 3 bed terrace. Business is currently making a modest profit.

2 questions really, is there certain deposit amount you need when self employed? can he still have a 25 year mortgage?

Many thanks
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Need Help Please....

March 26, 2013, 1:33 pm
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Hello peeps,

Having declined by (halifax) yesterday, for discrepancies in my paperwork (?) which obv they didnt disclose, we have decided not to go ahead with the mortgage application elsewhere (apart from Lloyds TSB which I have applied online, coz am banking with them)

This post is for my OH, whos credit history is bad. He has no personal loans/mortgages in the past, all he has are credit cards - loads of them (like 12-13) and has many defaults on them the oldest being 2007 and the latest 2009. He did pay for a few months witht he CCCs but credit-crunch and lost his job in 2008... he managed to pay till 2009 and he then completely stopped taking their calls.

I know, he wont get a mortgage at any circumstances, but my question is... now coz we are not going ahead with buying the house, I am more than happy if he uses the deposit money to settle his accounts. He did say he will do them.
Will his defaults be cleared ? Will his credit history improve?
I am more interested in the long term implications rather than hurriedly buying a house tbh (must have thought abt the same before applying for mortgage I know!!! ) He is currently in his permanent job of 60k in an insurance company.

Kindly advice.
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Is it worth trying? FTB/Mortgage worries

March 26, 2013, 2:32 pm
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I think I've got the usual FTB worries and concerns about post university credit rating carnage!

I spoke to Halifax (I bank with them) about the possibility of taking out a mortgage. I've always been really concerned as in the past my credit rating has been less than glowing. However, I've been working hard at it, previous defaults have been paid and dropped off and the scores are slowly but surely creeping up again.
On top of a recent healthy promotion at work and a deposit from a family member ready and waiting I thought I'd finally get on and do some real investigating.

Halifax were able to offer me a decision in principle on the phone (was on the phone for about an hour or so) and sent all the paperwork through. Initially I was just stunned at being accepted (in principle) for anything.
I was in the process of renting a new flat at the time so the mortgage was to go on the back burner for a year or so, I was happy to use the time to build up my rating some more, however, the rental has fallen through!

So, what to do? There are a few properties I'd love to view but don't want to get my hopes up, or waste anyone's time, putting offers in, only to fall at the full application stage.

To break it down...
Current income 34k
Deposit 25k
Looking at buying in the 165k range
1 default from 2009 still on my file - defaulted and settled on the same day due to being made redundant - £72
Small authorised overdraft, rarely used
1x credit card, paid in full

Sorry for waffling! :)
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Repayment vehicles for offset mortgages?

March 26, 2013, 3:26 pm
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Apologies if this is a really silly question, but if you apply for an interest only offset mortgage, what do they accept as a repayment vehicle? Is it enough to say how much you are planning to offset each month, and if so, how are you expected to prove it?

Thanks!

Dragonrider
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proof of income

March 26, 2013, 4:48 pm
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When applying for a mortgage, what does the bank require as proof of your job and income?
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