Hi everyone I'm new here. I got into a bit of trouble with credit cards and loans a couple of years ago and I am now on a DMP paying them off. I do not have any CCJ's but had alot of defaults in 2006 before I went on DMP. I have never missed a mortgage payment. I am self emp an have applied to First National through a broker. Does anyone have any idea how long it will take to get an offer?

Hi....FN are much better lately in getting offers out but it will depend on how well the case is packaged. Most brokers will use a packager to check that the case is complete with all required documentation, references and all the awkward questions answered in a way that they are acceptable to FN's criteria. Once the case is with the FN underwriter we have been getting offers within 5 days, much better than it used to be:) Does it mention on the key facts who the packager is or is the broker applying direct.

---

Regards

Ian

Hi thanks for your quick reply. The KFI says BDS Packaging. I'm usually quite calm and easy going but with this mortgage business I feel like I'm going to blow a gasket!

Hi...BDS are a large packager and so long as the broker responds to their requests quickly the case should take less time than it used to. All depending on your self employed status it will help if you can be found on yell.com as a business otherwise you may need letter heading or some serious proof of your status.

---

Regards

Ian

Hi Ian thanks that's made me feel a bit better. I am indeed on Yell.com!!

Hi Ian I wonder if you can shed some light!! I got a call from the broker yesterday. He says that First National have changed their lending citeria again and now will only offer me 70% of the property vauation. The property is £125000 and they have now dropped it to £87500 rather than the £100000 they offered before. Is this usual practice just now? The broker say that it's jsut about guaranteed to go through at the new offer. They have also said that the valuation report I sent in is not acceptable as they use specific valuers. Seems like a bit of a con.

Hi Ian I wonder if you could advise me. As per above post I have agreed to go with 87500 with the extra coming as loan from my dad. They have now requested a 2nd valuation. If this valuation is ok, what do you think my chances are off getting an offer from them? I'm really crapping myself now!!

HI....I would put the Kleenex supersoft on hold as the packager will have already assessed the new criteria and with the house being valued again this should not pose a problem. Fingers crossed for you.

One last observation and not knowing why you were put with FN, but if the LTV is now 70% maybe Beacon homeloans may offer a better rate, just ask them.

---

Regards

Ian

Hi Ian awe thanks for putting my mind to rest a wee bit! I was put with FN because of my adverse credit history. I have a DMP and several defaults from a few years ago but no CCJ's and no missed mortgage payments. The FN product is the light to medium one and the rate is 3 year fixed for 8.34% which is steep . I'll ask the broker about Beacon homeloans anyway. Thank you!

Hi Ian

I got an update yesterday. I have been asked to confirm some details such as where I'm getting the extra deposit from etc. Also they've requested some more ID and confirmation of my August mortgage payment. I have instructed another valuation so hopefully that will be fine. The mortgage panel are called Igroup. Are they part of First National? The broker says I should have a offer about a week after I've sent all the info they've requested.

Hi....I Group and FN are both part of GEMoney, just different funding for each lender. It will say what product you are on is it GEM 1 or 2??

---

Regards

Ian

Hi Ian is doesn't say if it's GEM 1 or 2. It says LTM something other other!!! The property has been surveyed again and everything is fine. I've sent everything else off so they're just waiting on the valuation. I need to exchange on 1st October so I'm really feeling quite sick, but hopefully things should be ok.]

Mandy

Hi Mandy....it seems that things are on course then?? Just make sure your solicitor is geared up and ready to move at full pelt once the offer is issued. What rate have you opted for, is it fixed or a tracker??

---

Regards

Ian

Hi Ian it's 8.34% fixed for 3 years. I know, not the greatest but will have to do just now!

Hi Mandy....I understand that a fixed rate gives you some security but the tracker rate with FN is about .5% lower and the expectation is for the base rate to drop, but it is a risk. Beacon have a fixed rate below 8% but with a £400 more expensive arr.fee. You gotta keep your options open and I know that you are a month away from completion, but speak to your broker to make sure they have explored all the avenues properly??

---

Regards

Ian