Do Start Mortgages ever refuse applications

Hi all

Just wondering if anyone can advise me on the above, we are waiting on mortgage approval, going through a broker. We know we have to go sub prime, and i have read alll the previous postings on them. Do Start mortgages and similar accept all cases, our broker not that helpful, says just wait and see what they come back with, but she has all our information a week now. There is a bid gone in on the house we are trying to buy, so time is of the essence, we have deposit ready and all other costs factored in.

I would be grateful if anyone could advise us.

sw girl

I'm sure they do-how bad is your credit record? Are you both in secure employment?

Yes they do but mainly on affordability grounds not on missed payments / previous credit problems.

Thanks for the replies, guys, record poor enough, they have all the details but we are both in permanent employment now, mortgage is for €238,000.

sw girl

Of Course they do. They have a book like any other lender and must protect their investors.

I would say they decline one case in every six or seven. This is mainly due to LTV restrictions which will be lower the worse the credit history. Also if the income doesn't add up, obviously they'll refuse.

If you had all your information in with me at 11am this morning, we would have an aip by 4pm. Start have a turn around time of 5 hours for online apps, so your broker has no excuses.

swgirl said:

Thanks for the replies, guys, record poor enough, they have all the details but we are both in permanent employment now, mortgage is for €238,000.

sw girl

Click to expand...

As bad as your record is; have you tried the Bank of Scotland/Halifax? They offer 100% mortgages over a 40 year term. Lending criteria is based on how much disposable income you have as opposed to multiples of salaries. As far as I know it provides the loosest lending criteria you can get without going sub-prime.

The broker said she would try all avenues, so I'm hoping she will, however it is not very encouraging that she has no answers for us really, on friday evening she said she had AIP but was waiting on the rate, yet today when we eventually got to talk to her she said she could'nt be rushing the lenders for an answer!!

Thanks again for all the replies!

sw girl

Strange, i had approval within a day. put offer in house anyway if you think you might loose it. If you don't get mortgage just pull out. untill contracts are signed your not bound to an offer.

Thought about putting offer in but felt it would be unfair, if mortgage does'nt come through, I know people do it all the time, but i would hate to have to withdraw it again.

swgirl

swgirl said:

The broker said she would try all avenues, so I'm hoping she will, however it is not very encouraging that she has no answers for us really

Click to expand...

That doesn't exactly fill me with enthusiasm.

This is the biggest purchase of your life. Surely it would be wise to make your own enquiries to the banks rather than to put your trust into the mortgage advisor. Perhaps having a deposit, 2 stable salaries, etc, may mitigate against any previous bad credit history.

You should have got confirmation back within 24hrs. I've just sent you a private message.

Thanks

Paul

Thanks for the replies.

As our application is by no means straightforward, we thought a broker would be our best option. I don't know what the delay is really, and she is not taking our calls. All we want is a simple answer really.

sw girl

Hi,

I just bought a house, it is amazing the delays involved.


Paperwork for mortgage approval took me a further 2 weeks to find and get it, Looking for where i put my p60's , and having to get an accountants reports etc.
Getting the figure in principle took about 2 weeks
Once I won the bid getting the loan took another few days.
1 week for surveyor and one week for valuer to come out etc etc...
getting the life insurance took me 3 weeks.
Then signing papers, and drawing down the loan etc


You are leaving it in the hands of others, I understand your frustrations.

I started bidding before I got my figure in principle too so no worries, they will wait if they smell a bidding war.

It took me ages about 4 weeks from meeting broker to actually complying to all the banks credit check documentation/requirements.
Its amazing how long it takes to find them pay slips and bank statements
Then 4 weeks to sign papers, and a few weeks to finish off the rest


I think 1 week is fine, when its 2 weeks start hassling the broker.

Regards,

Gerry

Thanks Gerry, was it with Start you were approved. Really fed up with the estate agent now, we left our final bid with him on Friday, he rang today and it turns out he has'nt told the buyer of this bid yet or the one before it. Only that i really want this house i would tell him where to go, we know him as well which makes it awkward.

sw girl

Hi,

It was with BOS, but I have friends with Start, Ulster bank, IIB, Permenent TSB and the story is the same with all.

I really think its just been moved from desk to desk and lies around for days befor work is really done on it etc.

Gerry

Really fed up with the estate agent now, we left our final bid with him on Friday, he rang today and it turns out he has'nt told the buyer of this bid yet or the one before it. Only that i really want this house i would tell him where to go, we know him as well which makes it awkward.

Click to expand...

Does the EA know that you don't have approval yet, if so he is right not to go to the vendor with your bids cause you can't back them up, yet.

We did'nt put our bid in until we got approval, have deposit ready, really annoyed now. Vendor not too approachable either which is worse!

sw girl