Mortgage in Principal

[Nutkins]

Oh sorry I assumed the htb scheme was a separate application to the government lending bods!! Good luck and I look forward to hearing how it's all going

[luluj]

To give reassurrance once record is clear people like Ryan and Shaun should be able to get you a good high street producted.... we gave gone from a 9% apr to a 3.19% apr by waiting for all defaults to disappear and record totally clean ..thanks to Ryan and his team.

[Irishrams]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj

To give reassurrance once record is clear people like Ryan and Shaun should be able to get you a good high street producted.... we gave gone from a 9% apr to a 3.19% apr by waiting for all defaults to disappear and record totally clean ..thanks to Ryan and his team.

That is what we are hoping to be honest. My IVA is gone and my partners defaults are around 4 years old so by the time we finished paying a 2 year fixed rate at higher interest the defaults will have dropped off and both our files will be totally clean and also boosted by 2 years of clean Mortgage payments so should be able to then get a better rate.

[Irishrams]

So not much of an update but have now filled in the expenditure form and sent back to equity last night so hopefully that goes through quick as I presume with this information they will prepare and send off the Mortgage Application.

We now have our wage slips and bank statements ready, money for deposit and fees in hand.

Also just waiting for a quote from the Solicitor that Equity is recommending.

So all looks likes it is going in the right direction at the moment

[Struzzo39]

Good luck from us

[Irishrams]

So no further update apart from looking at Solicitors quotes etc.

However I have just been reading some FAQ's on Precise Mortgages and saw one question in particular with an answer that could ruin our chances of getting this house. It asked about do Precise consider New Build properties and the answer being they do not consider any house less than 5 years old or to be lived in for the first time.

Now ours is a new build as buying it through Miller homes which from the above would advise it will not be considered.

I will speak with our Equity guy on Monday and I am hoping all is okay as he has been really good and helpful so far and advised it should not be a problem it is a new build and not lived in yet when mentioned this to him last week.

Think I will give up all together if this stops us now

[Irishrams]

Just read this and am hoping my fears are not needed

http://www.moneymarketing.co.uk/precise ... 48.article

[TzeKin]

I am curious who the bank(s) is lending behind precise mortgages? Brokers use quotes from high street banks and building societies.

yes, the new build acceptance by PM is a good sign indeed.

The conditions of lending from the article is fairly typical

Caution: Some House builders/Housing Associations may not accept less than prime mortgages. In my case the sellers wanted a 'prime mortgage offer'.

Beware also that high Ltv lending comes with high interest.It is always better to go in with as large a deposit as possible.

Overall, it is a positive omen Irish rams!

Your success will galvanize those looking for a broker for post iva mortgage.

Reading around the varies articles from your link about PM, the Halifax is still the one to beat on rates!

"For that little extra" yes in deed.

[Irishrams]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TzeKin

I am curious who the bank(s) is lending behind precise mortgages? Brokers use quotes from high street banks and building societies.

yes, the new build acceptance by PM is a good sign indeed.

The conditions of lending from the article is fairly typical

Caution: Some House builders/Housing Associations may not accept less than prime mortgages. In my case the sellers wanted a 'prime mortgage offer'.

Beware also that high Ltv lending comes with high interest.It is always better to go in with as large a deposit as possible.

Overall, it is a positive omen Irish rams!

Your success will galvanize those looking for a broker for post iva mortgage.

Reading around the varies articles from your link about PM, the Halifax is still the one to beat on rates!

"For that little extra" yes in deed.

Thank for the response Tzekin.

I am not sure on the bank behind Precise as I do not know how these things work as in where Precise are getting their money etc.

My heart almost fell out of my a**e when I read an article saying they do not do New Builds only to find a new article saying they do [:)]

I was not aware that the builder would be bothered who you borrowed off as long as you pay them but may be a good point you stated. I did speak to their financial adviser before we reserved and she asked a few financial questions and also asked who our Lender was and I said Precise and at the end she said everything is fine so hopefully that answers that question.

In terms of the higher rates I am fully aware of this as we are getting an 85% LTV and the rate compared to high street lender is indeed higher but I expected that due to our situation. My main aim was to get on the ladder even if it was a high rate which we could still afford and the property/area we were going to live in was not ideal.

However if this all goes through we are in a position where we will be living in a lovely are in the country in a house which really I thought would be a possible 2nd home never mind a 1st and all we have had to sacrifice is getting a bigger deposit and paying a bit of money more a month compared to other rates. Also the possibility that in 2 years time our credit rating should be helped incredibly by the Mortgage payments and be in a position to go to a high street lender for better rates.

I do look at the lending criteria and may think it is unfair some things they say no to or ask you to provide but I believe I got myself into money trouble and an IVA and my partner got her defaults through her own fault so if we have to sacrifice things to get on the ladder then I am fully prepared to as it means someone is giving us a chance which they do not have to do and will rightly so ask for more deposit and higher rates to cover themselves.

[Nutkins]

This is really good news Irishrams and I am enjoying hearing your updates! Do you know what interest rate they are lending at? We are still going through the application process with the nationwide! When the magic button was pressed we were referred so not good or bad! We are just providing all the extras that they are asking for the underwriters and should have an answer within 7-10 days! I can't imagine them saying yes but that may be my negativity coming back following 5 years of hell during the iva

[Irishrams]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins

This is really good news Irishrams and I am enjoying hearing your updates! Do you know what interest rate they are lending at? We are still going through the application process with the nationwide! When the magic button was pressed we were referred so not good or bad! We are just providing all the extras that they are asking for the underwriters and should have an answer within 7-10 days! I can't imagine them saying yes but that may be my negativity coming back following 5 years of hell during the iva

Thank you Nutkins

Good luck with Nationwide. If I remember they accept people who have had an IVA but what let us down I believe was the stupid advice I received in getting out several paydays to help my credit which even though all paid back every month damaged my credit worthiness in the eyes of the high street lenders.

The Interest rate we have been quoted was 6.51% I believe which is high but well within our affordability and probably a correct rate for our circumstances.

Due to complete the whole application form early next week and then send off I presume for Precise to make their decision. Our Broker did say it is just really paperwork now in the way of getting the offer which I am hoping means unless we mention something now that Precise were not aware of when saying yes we should be fine fingers crossed.

[sponge]

I've been banging on about that type of credit does more harm than good against much opposition on this forum. It crosses my mind there's both good credit and bad credit and it sort of sticks

[Foggy]

True to a point sponge --- but I do think that payday loans ring louder alarm bells than a Vanquish card

[Irishrams]

So thought I would give a slight update and I am worried now I am going to be back in square one after a call I received from my broker yesterday.

We have filled out all the application form and are just awaiting to get it delivered to us in the post to go through it all and then send it off to be submitted to the lender.

Now we have informed our broker of everything credit history wise and he passed this onto the lender who advised they were fine with this.

But my broker rang me yesterday advising before we submit the application he wanted to make us aware that a recent application they had for someone who had taken out payday loans was rejected. Now I did not get exactly why as it might have been because this person had an outstanding one or was late paying etc which we are not.

He asked me the reason for the recent payday loan in February which I advised as I did before I was falsely advised these would improve credit rating so was getting them to bump my score up before applying for a Mortgage. He said that is fine and said it would not look good if we were say heavily into our overdraft and then getting payday which looks like we are borrowing to get out of trouble. I advised we don't have an overdraft and our bank had money in it when we took the loan out showing we were not borrowing it to pay a bill as we were skint for instance.

Now it might all be fine but what I did say also was as we were getting the payday's to improve credit and would be paying the interest back anyway we often spent the payday which I am now afraid will look like we needed it budget wise. The payday did not go on bills and looking at my accounts went on probably non essentials as all bills were already paid.

I know only the Lender can answer but does anyone think this is now going to be a big problem as the lender will just see us taking a payday and spending it and reject us regardless to the fact we were not skint, paid it back in full and it did not go to any bill.

Also by the time we apply for the Mortgage it will have been almost 3 months since we last had a payday showing we were not reliant on them.

[Michael Peoples]

Sounds like your broker is being thorough and trying to preempt any problems. I hope it all works out.