Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • JaneKlue
    • By JaneKlue 3rd Apr 17, 12:24 PM
    • 15Posts
    • 3Thanks
    JaneKlue
    Easier Mortgage Applications?
    • #1
    • 3rd Apr 17, 12:24 PM
    Easier Mortgage Applications? 3rd Apr 17 at 12:24 PM
    We’re really keen to get onto the property ladder, and have been shopping around for mortgages. It all sounds quite complex and we’re looking for alternatives that are a bit simpler to understand and require the minimum paperwork. Recently we’ve seen some articles about online mortgages… has anyone had any experience with them? Are they reliable to use?
    We’d love a second opinion on this.
Page 3
    • Torfoxwell
    • By Torfoxwell 20th Apr 17, 5:53 PM
    • 88 Posts
    • 30 Thanks
    Torfoxwell
    I used my local broker at my financial advisers and he was very good , ( i am a bit of a supporter of small businesses) , best thing to do is get someone who is recommended by a friend or family member
    • JaneKlue
    • By JaneKlue 20th Apr 17, 5:59 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    Online Mortgage Brokers
    If you are set up to do face to face, you have to do exactly that.

    If you are set up for face to face and start doing remote, your network needs to know to ensure your anti-fraud processes are robust.

    Normally, as a minimum you have to obtain two lots of ID and two lots of proof of address where one of each is typical for F-F.
    Originally posted by kingstreet
    @kingstreet thanks so much for your feedback!

    Could you elaborate on how to get your anti-fraud processes more robust?

    It's not that I'm not interested in a face to face, but it seems that there are online options available, I was however wondering if you've vetted any of them and what your thoughts on them were as a trusted advisor, you may have some expertise on the subject? Thanking you in advance.
    • JaneKlue
    • By JaneKlue 20th Apr 17, 6:05 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    You would be surprised what the knowledge gap is like out there.

    Personally I think schools should be teaching basic finance skills such as how an overdraft, credit card, mortgage works etc

    I have spoken to a huge amount of people that struggle to get their head around obtaining their credit reports let alone a mortgage application.
    Originally posted by David White
    @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?
    • Shauna85
    • By Shauna85 20th Apr 17, 6:40 PM
    • 15 Posts
    • 1 Thanks
    Shauna85
    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
    • By JaneKlue 20th Apr 17, 11:05 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    I used my local broker at my financial advisers and he was very good , ( i am a bit of a supporter of small businesses) , best thing to do is get someone who is recommended by a friend or family member
    Originally posted by Torfoxwell
    Yes I was rather hoping for a clear cut recommendation and I have received a few, just trying to pick the best of the bunch really.
    • David White
    • By David White 21st Apr 17, 3:00 PM
    • 849 Posts
    • 367 Thanks
    David White
    @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?
    Originally posted by JaneKlue
    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.
    Last edited by David White; 21-04-2017 at 4:01 PM. Reason: Clarification
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 21st Apr 17, 3:43 PM
    • 32,207 Posts
    • 17,249 Thanks
    kingstreet
    @kingstreet thanks so much for your feedback!

    Could you elaborate on how to get your anti-fraud processes more robust?

    It's not that I'm not interested in a face to face, but it seems that there are online options available, I was however wondering if you've vetted any of them and what your thoughts on them were as a trusted advisor, you may have some expertise on the subject? Thanking you in advance.
    Originally posted by JaneKlue
    We don't do non-face to face so nothing to add.

    My response was aimed at Conrad who was talking about an advisor doing non-face to face when they weren't set up for it.

    AFAIK "online" is all done electronically using roboadvice where there is no human interraction. Most of what is being discussed here is dealing with humans on a non-face to face basis.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • TAWBristol
    • By TAWBristol 21st Apr 17, 11:12 PM
    • 10 Posts
    • 5 Thanks
    TAWBristol
    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,
    Originally posted by JaneKlue
    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
    • JaneKlue
    • By JaneKlue 22nd Apr 17, 3:45 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    Thank you TAWBristol, this is extremely helpful.

    We have a 50K deposit and are looking at properties to the value of 300K plus, so I'm hoping we'll be as successful, as you were.

    I'll give Habito a try and see what happens, the snag is that I work as a consultant, so I don't have a permanent job, however my banking statements should be in good order.

    I've found that lenders are not too fond of lending to people that are not in full time/permanent jobs. But my husband is employed in that capacity, so I hope that it's enough.

    The banks have just been hard work thus far which is why we're looking at alternative options.

    When I googled "online mortgage broker", Habito actually came up as one of the top results.

    Wish me luck and thank you for the detailed information .
    • JaneKlue
    • By JaneKlue 22nd Apr 17, 3:52 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    We don't do non-face to face so nothing to add.

    My response was aimed at Conrad who was talking about an advisor doing non-face to face when they weren't set up for it.

    AFAIK "online" is all done electronically using roboadvice where there is no human interraction. Most of what is being discussed here is dealing with humans on a non-face to face basis.
    Originally posted by kingstreet
    That makes more sense, I am aiming to keep human interaction to a minimum. Which is why I was exploring the online option.

    Thanks for your feedback all the same, this post has been really useful to me, and it's down to people like you contributing and sharing and for that, I thank you.
    • kingstreet
    • By kingstreet 22nd Apr 17, 5:02 PM
    • 32,207 Posts
    • 17,249 Thanks
    kingstreet
    then I was contacted via the online chat facility by a broker called Ash
    Originally posted by TAWBristol
    So once again, "online" actually involved the action of a human being. You may have interracted with them remotely, but how does this differ from an exchange of emails, or phone calls?

    Surely, the idea here is to get totally automated advice where there is no human interraction and the service remains advised and not execution-only.

    Was the service you accepted "advised" or "execution-only?"

    So far, all we're seeing is degrees of non-face to face, where humans remain involved?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 22nd Apr 17, 5:08 PM
    • 32,207 Posts
    • 17,249 Thanks
    kingstreet
    I work as a consultant, so I don't have a permanent job
    Originally posted by JaneKlue
    So you want your borrowing power based on your daily contract rate and not on your accounts, or HMRC statements?

    That's usual for a contractor.

    Lenders aren't going to accept your income from bank statements alone. Those who are CIS contractors (construction industry) can get their borrowing power based on a minimum of three months invoices, backed-up with three months bank statements.

    If we take a step back from the gist of this thread, people need quality advice from experienced brokers, regardless of how this is delivered. I don't want your business, or anyone else's from here, but to use us, all you commit to is our £250 fee (if you don't buy from one of our panel builders) and one face to face meeting to hand over your documentation where we will come to you at a time and place convenient to you.

    Hundreds of people each year can live with that...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • JaneKlue
    • By JaneKlue 24th Apr 17, 3:29 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    I did not pay Habito. On the breakdown they sent me, it clearly shows Natwest pay them £700 for arranging the mortgage.
    Originally posted by TAWBristol
    this is truly interesting, so the bank that the mortgage is approved with - pays them...
    • JaneKlue
    • By JaneKlue 24th Apr 17, 3:30 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    Lenders aren't going to accept your income from bank statements alone. Those who are CIS contractors (construction industry) can get their borrowing power based on a minimum of three months invoices, backed-up with three months bank statements.
    Originally posted by kingstreet
    I was hoping my husband's documentation would be fine, but inevitably I believe we will place the house in my name. If we use his details will that still work? What happens when one works through the panel builders re the fees to be covered?
    • TAWBristol
    • By TAWBristol 24th Apr 17, 8:00 PM
    • 10 Posts
    • 5 Thanks
    TAWBristol
    this is truly interesting, so the bank that the mortgage is approved with - pays them...
    Originally posted by JaneKlue
    Yes, the bank/lender pays them.

    On the Virgin Money illustration I had sent first, before Natwest it showed that they would pay them approx £800, so I guess they have different relationships/ commissions with different lenders - but I personally thought I got a great service ( which to be honest, I wouldn’t have minded paying for) but the fact it was free was a huge bonus!!

    You’ve nothing to lose by giving them a whirl and seeing what happens I guess?

    Good luck!
    • Irenita
    • By Irenita 9th May 17, 10:29 AM
    • 5 Posts
    • 1 Thanks
    Irenita
    Hi Jane,

    I have been following this thread as I am also looking for easier online mortgage application options. I was just wondering if you had any luck with your application? Who did you decide to work with in the end and what the process was like?

    I'm hoping that you'll share some positive insights into this when you can.

    Thanks!

    Ciao
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,682Posts Today

6,960Users online

Martin's Twitter