Easier Mortgage Applications?

well, I applied directly to first direct, you cant apply to them through a broker.

i regret not using a broker. It was all simple but then a query came up.with the deeds, another bidder came into play and ive found myself gazumped... well nearly (it hasnt been confirmed).

i now really need advice on whether to increase my offer to meet the other bidder or what to do. i def should have went with a broker. hindsight is a wonderful thing!

i too am a ftb.

JaneKlue wrote: »

@DavidWhite, thanks so much for your reply.

As a mortgage advisor again I would like to ask if you know much about online mortgage advisors, I know that you are probably more of a traditional advisor, but it would be great to pick your brain and ascertain your thoughts on online mortgage applications and whether it's easier at all?

Hi Jane, I myself am an online mortgage broker and rarely see people face to face.

The advantages as I see it are that we are far more flexible and can work around a clients life. By that I mean you don't need to book an appointment to come and see someone like me as I'm always available via email and telephone.

Most of my clients either can't or don't want to dedicate a block of 2 hours out of their life to talk about a mortgage application so we communicate as and when appropriate.

As a broker I prefer it as well for similar reasons. Because I don't have appointments booked in a diary throughout the day I can dip in and out of multiple cases throughout the day which (if done properly) I find to be far more efficient.

The most obvious downside that I can think of is that some people simply like to sit down in front of someone and discuss their case which is totally fine.

I completely appreciate that for some people never meeting me is potentially a big risk as they don't know me and don't know I am who I say I am etc.

Food for thought

**Worth an edit after reading Kingstreet's post. Just to clarify there is no automation involved in what I do, it's all conducted by myself I just communicate via telephone and email rather than face to face.

JaneKlue wrote: »

Thanks so much for sharing this information @taw. I had looked into them before, but never actually made an enquiry. I just did some background research of the company to start. I am curious though about a few things (I realise that this might be sensitive information) and I hope you don't mind me asking:

a) What was the value of the mortgage you were approved for?
b) Was the mortgage approved instantaneously/how long did it take before you were approved?
c) Was there a ball park figure of the salary you need to earn p/annum to qualify?
d) What were your options in as far as the interest rates you were offered and opted for?
e) Did you need to pay habito anything?

Apologies for bombarding you with questions, but your feedback would be seriously appreciated!!!

Thanks,

Hi Jane

Sorry for the delay getting back to you.
Of course I can give you a rundown...

I had been debating for a while the whole house buying process, and to be honest, as a first time buyer, the thought of going to ‘see’ a mortgage broker filled me with dread.
As a FTB I am pretty clueless to a certain extent ( apart from the usual googling) regarding the actual process of getting a mortgage.

I had seen adverts on my Facebook feed for a while for Habito, so thought I’d bite the bullet and log on and see what it was all about. ( if anything, the fact it was ‘faceless’ was a bonus to me as I wouldn’t make a fool out of myself not knowing the process in front of someone face to face)

It started with a few automatic questions, all fairly basic about the price of property, length you wanted mortgage for etc...
This took about 5/10 mins, and then I was contacted via the online chat facility by a broker called Ash.

He has been nothing but brilliant the whole time answering question after question I have thrown his way.

He initially recommended Virgin Money, but then on closer inspection of my needs we swapped to Natwest due to me needing to take 100% of my commission into account.

In answer to your questions directly.

The property was £195,000 and I have £20k deposit, so mortgage approved was £175,000

I did an AIP with hard credit check, and the next day application went in. Including the 4 day easter weekend it took 9 days from application going in, to having the formal offer.
I received the ‘Yes’ brochure and ‘hard copy’ offer from Natwest through the post today. But had already been informed via email.

The figure of salary was all checked out initially via the AIP questions.
I earn approx £43k per year, of which £33k is basic, the rest is made up of monthly ‘commission’ I submitted my last 6 months payslips to prove it was paid monthly.

The broker emailed me with different Natwest products i.e. interest rates, cash back incentives etc and asked which I preferred, but also advising me of the ‘true cost’ of each option over the initial fixed period - as what looked cheaper actually worked out more when adding fee’s etc ( some had no fee, no cash back, or the other way around, or a mixture etc)

I did not pay Habito. On the breakdown they sent me, it clearly shows Natwest pay them £700 for arranging the mortgage.

As I said, I have had no issues, and the whole process has been extremely stress free.
I have not had to fill in form after form, literally all I have done is give them my details, and scan in payslips and bank statements.

Hope this helps, but if you have any other questions, please give me a shout.

Thanks:rotfl: