We have got a mortgage

[bubble222]

we are in a rented house and wanted a house of our own so we could settle, between us we got 1 CCJ and 5 defaults.

 

We have been given a mortgage in prinicple they said they are happy with things have given some id just waiting for some other things to come before we can get things started.

 

I'm just worried something will go wrong i spoke to my adviser and she said everything was fine and things would only fall if they found something dodge on the bank statments not sure what she meant there!!?

 

Will the mortgage company do another credit search or is that it, i have tiredto get a copy of my credit file and had a letter today to say they wanted id from me.

[Under Siege]

Hi Bubble,

 

Who is the lender?

[bubble222]

hi

 

i think they are called Approved, they are for people with bad credit

[Under Siege]

Approved? Do you mean Preferred?

[bubble222]

Approved? Do you mean Preferred?

 

 

sorry for late reply yes you are right they are called preferred have you heard of them?

[Newborn]

Preferred Mortgages are well known in the bindustry and specialise in the 'sub-prime' market and, like all lenders, do a credit check before 'approving in principle'. As long as you told them the truth and were up-front with them you should not have a problem. They work on the 'affordability model' not a strict income multiple.

Their product selection (ie the rate you are given) is dependent on what they find on you during their credit search.

On a technical note, their rates are NOT based on the Bank of England but on the London Interbank Offer Rate (LIBOR), but that doesn't matter until the end of the fixed rate (if that's what you're taking).

Preferred only operate through brokers, who should be able to steer you successfully through this.

 

Newborn

[bubble222]

Preferred Mortgages are well known in the bindustry and specialise in the 'sub-prime' market and, like all lenders, do a credit check before 'approving in principle'. As long as you told them the truth and were up-front with them you should not have a problem. They work on the 'affordability model' not a strict income multiple.

Their product selection (ie the rate you are given) is dependent on what they find on you during their credit search.

On a technical note, their rates are NOT based on the Bank of England but on the London Interbank Offer Rate (LIBOR), but that doesn't matter until the end of the fixed rate (if that's what you're taking).

Preferred only operate through brokers, who should be able to steer you successfully through this.

 

Newborn

 

hiya,

 

yes we were honest with them, our advior didnt ask about our outgoings we are going for shared ownership, i think its for £42,500 i'm just a bit worried as we got a car loan that comes out weekly andthey didnt ask anything about that i dont want anything to go wrong!

[Newborn]

Hi again,

 

Hhmmmm, advisor should have asked at some stage I would think.

Don't want to turn this into a mortgage forum and I have to be very careful as there are regulatory implications, which require certain licences and qualifications.

But on a general note, as part of this process were you asked to provide 3 months payslips and 3 months bank statements or proof of earnings?

If not then you will almost certainly be asked to provide them later. Before handing over any cash you should seriously consider telling your advisor about the outgoings. As any money you do hand over may be non-refundable if it all goes wrong.

 

Newborn

[bubble222]

Hi again,

 

Hhmmmm, advisor should have asked at some stage I would think.

Don't want to turn this into a mortgage forum and I have to be very careful as there are regulatory implications, which require certain licences and qualifications.

But on a general note, as part of this process were you asked to provide 3 months payslips and 3 months bank statements or proof of earnings?

If not then you will almost certainly be asked to provide them later. Before handing over any cash you should seriously consider telling your advisor about the outgoings. As any money you do hand over may be non-refundable if it all goes wrong.

 

Newborn

 

hiya

 

yes there have asked for bank statements and paysilps, still waiting for the bank to send the statements, i will get my husband to ring our advior and find out from her.

[bubble222]

hiya

 

yes there have asked for bank statements and paysilps, still waiting for the bank to send the statements, i will get my husband to ring our advior and find out from her.

 

 

rang them today and was told they didnt need to know the outgoings as its for only shared owenership, was told not to worry. thanks for your help