Hi, There are quite a few factors that go with the credit scoring process that impact lenders decisions, such as deposit amount. A "fair" credit score is potentially OK, with some lenders not really looking at your score but the overall conduct (i.e. are payments made on time, if not when were they missed). To be sure you ideally need to go through your entire situation with a broker who can then let you know the chances, and possibly even run an agreement in principle for you. If you need any help feel free to get in touch directly. Kye

Is it likely to be declined for both of us if it's not great

@@jamierogers6826 Hi, Both applicants have to pass the credit score, so if one fails the overall application fails (although depending on the situation you could apply in a single name). Kye

Hi, There are many factors that contribute to lenders deciding to lend so hard to say on it's own. Having no credit record can be tricky initially, but if you are putting down a good size deposit in relation to the property value then this may be no issue at all. Happy to look into your scenario specifically if you get in touch with us directly. Kye

Thrilled we could help you - Good luck with your research and let us know if you need anything!

Hello! Yes, you can use any broker with many being non face to face these days (as we also generally are). The key is finding a broker you like/trust. You don't need all of the funds before you start looking and if you can bank on the funds coming in October then this is ok as the process from finding somewhere can often take a few months. You may be asked by a lender to prove your deposit so if this is the case having something from your employer confirming may help. Hope that helps but feel free to reach out to us directly should you need anything more specific to you - www.crescentmortgages.co.uk Kye

There are professional mortgages occasionally, but generally they don't work out much (if any better). They are typically designed to have flexible criteria, rather than lower rates. Most brokers will have access to these mortgages alongside the everyday mortgages so when you reach out to a broker ask them if any professional mortgages would apply to you. Hope that helps! Kye

A new job with a 3 month gap in between can limit your options somewhat but there are also lenders out there who can generally lend in that scenario. Of course everyone has slightly different circumstances, so if you want to be sure it's best to reach out and speak to someone. We're more than happy to help if you want to reach out directly by heading over to our website, www.crescentmortgages.co.uk or email us on info@crescentmortgages.co.uk Kye

Hello Dylan, If you are a limited company director they will generally want SA302's and Tax Overviews - they don't typically ask for payslips or bank statements. As you are still considered self employed (assuming your shareholding is high enough) then they will want to look at the track record over the last couple of years, as opposed to the last 3 months. They may also ask for the accounts to check the company performance (i.e. you are not taking out more dividends than profit to ensure sustainability of income). Thanks, Kye

And I went to the bank they asked me to register to vote

Hi Aziz, Being able to register to vote is not a key element of a mortgage application, for most lenders. Your length of time in the UK, VISA status and length of time left plus deposit are often key for a mortgage, alongside the normal criteria that everyone else needs to meet. Hope that helps. Kye

Hello, There are a few key things to check, such as do they have access to all of the lenders on the market, and what is there fee charging structure. These can both vary wildly from broker to broker. Once you find one who searches as many lenders as possible, and either charges no fee, or what you feel is a fair fee then it is more down to how you feel with them. On top of that experience often is key too. There is no harm in speaking to multiple brokers and be honest with them that you are looking at multiple - after speaking to a few you'll likely get a feel for which you prefer. Your broker plays a big role in your purchase so your trust in them is important. And if you need to try someone feel free to reach out to us directly! Kye

We're always working on the presentation - hopefully you find the new ones a little better 😅 Lenders are generally ok with an increase in year two, and is better generally as it shows the business is improving. They would likely take an average of the two years income, and if the jump is high then may want an explanation to ensure it is plausible moving forward. Hope that helps, Kye

Thank you 🙌

If you're working with a Broker, they should be able to give advice on this, tailored to your purchase, but generally - yes! You should instruct the Solicitor right at the start of the process as they have a lot of work to get through. The legal work usually takes a lot longer than the mortgage application, so it's sensible to instruct the Solicitor as soon as possible once you've found a property. Good luck with it!

@@crescentmortgages thank you so much, yes going to speak to my broker right away 🤞🏻

Thanks Alana, you're very welcome!

Hello, A gifted deposit is absolutely fine and one of the most common sources of deposit. Each lender has a slightly different requirement for proof of this, but in short if it is a genuine gift most lender will simply want a templated letter (often provided by the lender) signed and dated from your parents. Hope that helps, Kye

Thank you for ypur reply​@@crescentmortgages

You certainly were! Thank you for subscribing! Yes, anyone in the country can get in touch as we give most of our advice over the phone. If you want to get in touch head over to our website and complete the contact form. Kye

Glad we could help Steve!

Hi, If you find a broker who charges a fee and it good then that's great, although there are more and more fee free brokers these days who also offer fantastic service. The fee charging or not should generally not make a difference to the products you get, so it is all down to which broker you are most comfortable with. We are a fee free broker, so perhaps a little biased, but you shouldn't need to pay a fee to get great service (and feel free to reach out to us directly if you want any assistance). Kye

Hi, Once you're scheme has actually started it's rarely possible to change without penalty (unless you are on a product with no repayment charges). If you've applied and not yet completed on your scheme most lenders will allow you to change mid application. Kye

Glad you found it useful - good luck in your career to come! Kye

Hello, A common misunderstanding - It really does depend on the broker. An AIP from one lender is mainly just a credit score, and can easily be obtained online putting any figures in. That means that you could put in any income, get a much higher AIP but ultimately when it comes to proving this the AIP is then invalid. A good broker will ensure the figures are accurate, can check your credit score and ultimately has the best part of 100 lenders to then check your criteria with. As long as the broker is checking with the lenders, and possibly multiple lenders, this generally carries more weight than a lender AIP. On top of this you get advice from a broker, whereas banks often just carry out the transaction without being able to offer holistic advice. Note broker can also run a lender AIP if they feel it would be beneficial, so you have the best of both worlds. Kye

Mmmm, so a Broker’s AIP carries more weight than an AIP from the Lender who is actually going to lend the money!!🤔

Hello @@g.p616 Potentially yes - you can carry out an AIP direct with a lender and enter whatever figure you want online for your income, which would result in an AIP that wouldn't actually work going forward. As an example, this is common when people receive variable pay (bonus/commission/overtime) as some lenders only take half of this, or an average, and many people don't know how to do this directly, therefore making the lender AIP incorrect. A broker AIP can still be run with a lender, but entered by the broker, which will then ensure the information is correctly input and produce an accurate answer - so a good broker should always be better (important that it is a good broker of course!). I'd be interested to know others opinions, but in the thousands of mortgages I've done personally I've noticed many lender AIPs that are inaccurate, for many different reasons. Whenever you are in a position to look into your own AIP feel free to try both and see what you prefer 😃 Kye

I do mortgages in an America. This was very interesting to learn your terminology. Things are different. Although volume is not much different. With that being said I have never met someone who has done “thousands” of mortgages. That math doesn’t check out. You’d have to close 100 loans a year for 20 years straight with no falter to reach that as a truth.

@summitmortgage we have 23 years combined experience in the industry (we’re older than we look!) and previously worked for several years at a large brokerage who’s business model was high volume. Organising 100+ mortgages every year was very normal. Good luck with business on your side of the pond 👍

Hello, All brokers get paid by the lenders on completion - this is essentially for doing the lenders legwork for them and does not get factored into the rate, or products you get at all. Many brokers then decide to add a broker fee on top, although some are free and just take the initial lender fee noted above (such as ourselves!). Kye

Hello, You can certainly talk to a mortgage adviser prior, or whilst, saving for your deposit. This is generally a good idea as you then know exactly what deposit you specifically need. By the time you have an offer accepted on a property you want the bulk of the deposit available, although again you can be a little short, if its clear you can save the final portion during the mortgage process (often takes at least a few months). Kye

Hello, Dependants generally lower affordability, although as you say its very individual. The lenders algorithms all have different calculations for dependants, and they all ask if there is any childcare costs. This then gets factored in, on top of things like credit cards, car finance and loans. Feel free to get in touch if you're wanting to know how it impacts you specifically. Kye

We couldn't agree more Rahim!

@@crescentmortgages Thanks

Thanks for the lovely feedback!! 😊

Hello, There are many ways to get in touch with brokers around the UK - many are remote, such as ourselves, and you are able to call, email or send an enquiry through the website. Other brokers may exclusively be in person so you would then want someone close to your location. Hope that helps, Kye

Thanks Anna!

Hi, Generally speaking you would want 2 years tax calculations or accounts. It could be possible with one years, but very limiting. We've done a video for self employed sole traders a while back that would likely be applicable, but if you want anything specific feel free to get in touch directly. Kye

Dos that sound right, because ,remortgage first time

Thank you - we'll certainly take the feedback on board!

Hi! Whilst having some debt can be useful to build a credit score it isn't essential for a mortgage application. There are other factors that come into it, such as the level of deposit, how much you need to borrow and your employment situation (to name just a few). You will also likely still have some sort of credit profile through things like your current account and mobile phone contract. Applying for credit too close to a possibly mortgage application could be slightly damaging to your credit file, so to be sure for you specifically it would be better for you to get in touch with us. Getting on the electoral roll would certainly do no harm though. Kye

Unfortunately whilst a Mortgage in Principle is very helpful, it isn't iron clad and the Brokers own knowledge/skill is also vital. It could be for many reasons, which the brokers should be able to explain to you, but for some reason haven't. Just because you've been told no from a couple of brokers it doesn't necessarily mean you can't get a mortgage - you just may need to try another broker. Kye