blonde poker forum

Currently looking at houses with view to buying first house...

Do mortgage advisors check bank statements? Obv I have lots of deposits to betting sites, also to staking people. Could be hard work explaining?

Had a look online, can't find a definate answer, imagine people on here have been in similar situations

With the MMR changes last year, lenders will look at all aspects of a bank statement and can take regular outgoings (hair salon, nails, clothes shopping) and class them the same as council tax etc and comes off your affordability.

You are better off cleaning that stuff off your statements for a few months to avoid question so if you have a diff acc to us just take the negative stuff to there.

They will probably want to see evidence where deposit has come from also, so get that settled in an account now you can print off a statement from easily later if you haven't already.

Having moved recently all I can add is they are a lot more picky and want to see more evidence of stuff than they were pre-financial crisis.

To be very blunt, as a first time buyer with the new MMR regulations, you could be fked with your current statements.

I got scrutinized last year for having a £10 deposit to the national lottery website.

The mortgage advisors themselves are fine, will look and ask but little else. The mortgage underwriters however will go through everything.

As woodsey and eso stated, if you have time try and get clean statements.

Jesus christ, that's ridic. In what way scrutinised if you dont mind me asking? As in you got a lower eligibility rating, or did they actually question you about it?

I'd also echo the clean statements. My mate who is a pro horse racey trader betfair fella had to do that.

Yeah basically got asked how often I did the lottery as had a couple of £10 deposits on there.
Was told by an estate agent last week that a first time buying couple got turned down for a mortgage because they had paid a mobile phone bill late!! 

Thanks for the help guys, stressing me out all this grown up stuff ha. Gonna just keep a clean account from now and try fade getting mortgage for 3 month.

I would echo what people have already said about the statements....I'm an IFA and one of the main issues is that there is no definitive answer as to what lenders ask for. They tend to have different requirements depending on your credit rating, amount of deposit and multiple of salary you are borrowing.

They don't tend to ask for more than 3 months statements but be prepared for them to query entries on there especially if the loan to value is over 80%.

Payments on any credit card , loan ,mortgage, mobile phone or catalogue need to be up to date with no missed or late payments in at least the last 12 months....it doesn't mean you won't get a mortgage if you're credits not as good but it's likely that a high street lender won't touch you...

To be honest (and I know you'd expect me to say it!) most people would be better off going through an independent broker in all but the most straight forward of cases...

Maccer

Probs worth you checking your credit score/history while you are at it. Can get it free if you go through a 3rd party. Even if you are sure your credit is fine, worth checking that there isn't any errors on your file. If there are it gives you time to get them amended.

Spot on advice with the credit history. Also make sure you're registered to vote or you've got no chance.

Just read this and do everything he says: http://www.moneysavingexpert.com/mortgages/boost-mortgage-chances

Managed to get a mortgage in principle for the amount I want to borrow. Atleast now I know roughly what their willing to lend and can just focus on cleaning my accounts up over next few month. Aware that currently the mortgage in principle isn't worth a carrot with my current bank statements but it's good to know.

Thanks again for the help everyone

MMR is pretty bad for borrowers but in short as long as your not living in your overdraft every month then we're not paying that much attention to your bank statements. 

What we are looking at is undisclosed outgoings, standing orders etc. 

Large payments in and out may suggest money laundering but a plausible explanation and you should be fine. 

The big problem is we're not allowed use common sense. 

Who did you get the Decision in Principle through mate?

My agreement in principle is with Halifax, they sent it today, said they'll offer me much more than I asked for :/ is this normal or has there been a mistake ?

Also it says once I'm ready to apply in full, I just need to provide name verification, address verification and two week payslips for my girlfriend and 6 week payslips for myself. Doesn't mention bank statements :/

They testing me ha ?

Yeah the max they are willing to lend you is pretty standard.

They don't appear to be asking for much at present, just go with it for now, you might get lucky and not get asked for much more

Name and address id is generally requested if your not found on voters roll or if there are formatting issues with the address. 

6 weeks payslips suggests you are wanting to use overtime? 

I sent you a PM have a look at that. 

Hi mate will reply to pm now.

Erm Ive voted at my old address (mums house) but not from where I've lived last two year.

Yea I have gtd overtime everyweek so will be for that

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

Ah, this is a thread right up my street, been trying to get a couple of questions answered about a couple of things, would highly appreciate someone helping out.

Situation with Dad

I've been living with my Dad on and off for around 3-4 years, but I only choose to stay here because he's not in all that great nick, he's not on deaths door, but I stay here to keep an eye on him and he's 70 soon. He's lived in a house that is owned by a housing association for around 20 years.

The house is not in great nick, he's at the time of life where he doesn't want to spend money on it for what he hardly uses (upstairs, he can't climb the stairs) and I don't think I would want to really throw any money at it either with it not being owned by us. However the house was previously council owned and probably not worth that much and I am potentially interested in buying the house (without a mortgage), but I am worried if I can get the discount. I have been told I would get the discount, but if my Dad passes away with 7 years, then I have to pay the difference.

Maybe best to approach HA?

An actual mortgage

Away from the above situation, even though I am worried about my Dad, I have to get on with life and have looked at houses in and out of my home town of Sheffield.

My credit rating is satisfactory at the last look and I am very confident that I will not be able to get a mortgage. However I could potentially buy a house out of my own pocket without, BUT, of course this wouldn't be a mansion and would instead be a small house/flat to get me started. But I know my complete maximum of price I would want.

But a question, if the bank knows I have the money in the bank to say I can buy a house twice or three times over, would they potentially help me out, by saying they could give me some sort of mortgage?

Also wondering if people would actually rent instead?

Appreciate any help here :)

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Have you seen OTB play poker? The more money you can keep away from him the better! ;)

Thanks Doobs. I know mine is a lot better, I have worked really hard to fix it. Ticked all the boxes. The plan is to try mortgage in my name and Deed in both. Worry is council will look into this closely. They want to avoid people buying houses cheap using others to obtain discounts. I hope marrying someone might prove genuine :)

I also know my bank makes no sense without hers as I pay next to no bills and keep very little. I have the credit union as back up. They love me, as I save loads and use them a lot.

Ps lesser of two evils possibly. Her debts were more sensibly racked up than mine :) fun though

That's not an unusual situation Doobs.  Pretty standard, especially when one applicant earns enough to cover the affordability, it can speed  things up to do it that way, also happens when there is an older person in the relationship and the term takes them to retirement and as you mentioned when one applicant is self employed.  

The scenario mentioned above if I am reading it correctly is that OTB's Mrs is in a trust deed or some other type of repayment vehicle for credit she took out and had problems paying back, if thats the case that sort of stuff follows you, for the duration.  More often than not, the credit file isn't updated until the repayment plan is completed so from that date onwards it will either show as missed payments/defaults etc on the credit report.  

Scoring wise it is always good to have a look at experian but lenders also have their own internal scorecards were the credit referencing score is taken into account but is not the be all and end all.  

:)

RTB's with any poor credit history are notoriously difficult to get through mate, as lenders want to be able to see that you have coped in the past.   The best way of getting it through is if you have a pretty low LTV.  Your best bet would probably be speaking to a broker who specialises in RTB, I generally don't advocate brokers because I'm yet to be convinced of their worth to the application although I am currently studying for my CEMAP ;-)  My opinion of them might change then, but for RTB's there are a number of specialist firms in Scotland who know the best lenders to place these types of applications with. 

I've been speaking to a none high street lender today. They usually deal with high end stuff and commercial property but somehow ended up talking to me.

They do 25% deposits and 3.5x salary as there lending terms (basically) for one residential property.

Then 40% deposit for a commercial property which you can prove you can either pay back for a long period or make the money out of the property, business plan etc past history works great here.

I'm not an expert by any means but as you may be looking at two properties you may get a better deal by doing them both with the same bank/linking the deal in someway which could give the bank more comfort, no idea on the first problem.

Much would depend on your scoring mate, for the majority of lenders the fact you have money in the bank isn't always the main concern.  We want to see that you are capable of repayng credit over a period and that you pay regularly ontime.  The more you put in of your own money the less the risk, the lower the LTV the more wiggle room you have with credit scoring etc.  Bet to do a DIP with whatever lender you decide is best and then discuss with them, do it via your bank or building society as they may be able to give you a bit more info if the application is declined on what you can do to sort issues out for the next time you apply.  

As for rending over buying, was never a consideration for me, the thought of paying someone elses mortgage makes me sick.  I'd rather struggle and buy outright/mortgaged within my means than pay towards someone elses retirement.  

She has lived here 12 years so gets max discount. That's 15k off, with house only valued at £55k-£60 (love fife). The mortgage will be less than our rent at that level.  I have no defaults/CCJs etc.  Surely they aren't going to get too messy on that? Both been in same job for 3+ years. Strong regular income. On electoral roll. Going to have to have a close look I sense. I can probably pay her DMP off within 2 months if need be. Don't particularly want to as credit frozen so better places to put money.

Any views on credit unions? I know they will lend me as back up. Worst case I will start hustling and buy it with cash in a farm foods bag

Some of the bgger credit unions offer mortgages and the rates aren't too bad.  I considered it as an option for my old dear under RTB as she is on incapacity benefit.   

She lives in a property values at Market value circa £75 - 80k, council rebuild value £44k, discount 70% so she could pick up hers for £13 - 14k and me and the other half own the house above her so it would be a great long term investment for me

Ah thanks for the replies, thought I am not completely sure on your abbreviations KMAC.

It's quite weird really, I actually have an existing loan with the bank, but never thought of a mortgage, but I don't think I could do both properties tbqh

LTV - Loan to Value
DIP - Decision In Principle.

Update


Found a home.. Got mortgage advisor supplied, was advised either of the following mortgages on a 75% mortgage;

2 year fixed rate at 2.19%
3 year fixed rate at 2.79%
5 year fixed at 2.89%

She suggested there's not really a right desicion.


Is there a slightly better option here ?

Not a mortgage expert other than having one but if you can afford the 5 year deal then I would go with that.

Probable that 5yr fixed rate mortgages will go up by more than 0.7% in the next 2-3 years (from the 2.89% you're offered)

Any 2 or 3 year deal is likely to end in a rising rate market.

At 75% LTV there are currently some 5yr fixed deals on the market at better than 2.89%.

Using help to buy?  With no product fee and £500 cashback

Spent a good few hours searching after advisor left and couldn't find much better that I was eligible for

Yeah, my bad.

You're buying rather than remortgaging, sorry.

 :)

Ha no worries did it myself a few times thought I'd found a much better deal, I hadn't

;D

According to a source at the Bank of England there intention is no greater than .25% rises yearly. Not sure how that affects this. I would probably take the 5 year fixed rate as I dont believe it.

Depends how tight your affordability is. Security is always nice. The financial market assumes base rate will be 2.5% in 5 years. That's what's currently priced in, however in last 5 years they have been wrong every year. In a volatile market I would take stability of 5 years personally but unless you have a strong view on rates not sure there is a right wrong answer just inevitable buyers regret

(If it makes you feel better I am 5.75% as my Mrs has credit jacked us 😢)