ElleW
I am after some advice if possible please!

I am applying for a joint mortgage of £178k for a property which is £498k (offer made and accepted). The mortgage will be split between my partner and I.

The issue for me personally is old payday loans (quite a lot of them) which are around three years ad three months old, and have been paid off. My partner has no payday loans. Neither of us have any 'adverse events' on our credit scores.

We have an agreement in principle from a high street lender.

So, my questions...
What are chances of our application being declined on the above issue?
Will anywhere give us a mortgage at a semi decent rate?
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Hayley@simplyadverse
Hi - given your deposit and the historic nature of the payday loans I would expect an application to be successful.

Much will be dependent on the lender selected and understandably cases are being underwritten slightly more stringently in these unusual times..


As always best to be upfront with any lender/broker as and when questions get asked....


All the best
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ElleW
Hi Hayley,
Thanks for your response.
An application has been submitted [today] via our broker. I have noticed a hard search appear on my credit report. However, haven't heard anything since. How long does it take and would they have got in touch if there had been an issue? It is quite worrying not knowing what is happening.

I have answered all questions I have been asked honestly and openly, and submitted the requisite paperwork via the broker.
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David@SimplyAdverse

Hi Elle,

It's a hard question to answer as I can only refer to our own service standards here at Simply of which we try to keep a constant line of communication throughout an application.

If everything's been packaged correctly and the broker is experienced then you should be fine, I would give them a call if you've not heard anything though.

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ElleW
Hi David
Thank you for your reply. 
I sent a payment of £200 for valuation to broker yesterday, and not heard a thing since. Is it normal not to hear anything at this point?
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David@SimplyAdverse

From a service point of view I would have expected some form of communication however I wouldn't panic as there is unlikely to have been a significant update in that period of time.

I assume the lender in question is Halifax at which point whilst they used to be extremely prompt they have been effected by current events much like all other firms therefore you could see some delays because of this.

Fingers crossed and feel free to let us know if it doesn't work out as we'd be happy to help!

 

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ElleW
Hi there,
Yes, it is Halifax. I can see they have (1) done a hard search on credit file and (2) taken the £200 payment from my credit card. And now it has all fallen silent. 
Just wondering, in your experience, if there was any problems, would we have been contacted by now? Is this the normal thing to do? I am new to all of this so rather unfamiliar with the process, and the broker has gone quiet. 
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David@SimplyAdverse

It very much depends on the specific factors of your case as they will all be underwritten differently.

There is a high chance Halifax haven't even looked at the case yet so I wouldn't worry too much about not hearing, naturally your broker is in a better position to answer that question though.

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ElleW
Hi there, thank you for your response.
Our broker has been slow at responding. 
However, he did get back to query a code on a payslip (which was sick pay) as the underwriter wanted to know what it meant. This has been communicated to him, and now gone quiet again. So I still don't know what is going on. I like to think if there was a problem with my credit history etc, I would have been informed by now? I just don't know the process or timescales for these things so it is a bit worrying and confusing.
Many thanks.
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Hayley@simplyadverse
Hi Elle,

Whilst we are always keen to help where possible on this forum, we really cannot comment further on your specific case which has already been submitted to the lender.

You have to address these concerns with your broker as we would have typically established the detail on the sick pay before submission.

Most brokers are paid upon offer/completion so I'd expect them to be as motivated as you to get this through.

Unfortunately the level of contact/communication/reassurance you desire isn't necessarily what they provide if you go through one of the larger fee free mortgage brokers.

Best of luck
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