Fast track mortgage application...broker needed?

kcmatt

Hi, I'm new here and just after a bit of advice.

My partner and I are remortgaging and doing a transfer of equity (to put me on the mortgage). We originally went to our current lender (Nationwide) but they don't deal with transfer of equity and an outside solicitor will cost us between £400-£500 fee.

Anyway, as I was talking to one of the financial advisors he informed me that if you borrow less than 75% LTV (which we are) then you can get a fast tracked mortgage (no income evidence required) and they pay your legal fees. The Halifax would also give us a better rate at 4.39% instead of the 4.99% through Nationwide. Sounds great.

The only thing he wasn't sure about was whether you need to go through a broker. Does anyone know? Halifax are shut now and I really wanna know!! If I do go through a broker (which I don't mind doing) I will ring the guy back as he was so helpful.

Any ideas?

Thanks - kcmatt

herbiesjp

A fast track mortgage does not guarantee a lender will not ask for proof of income - they can ask at any time for you to provide payslips P60 etc.

Also, when re-mortgaging, the free legals package offered does not include the transfer of equity - the cost could be in the region of £200.

The 4.39% Halifax deal is no longer available

HTH

MortgageMamma

Why dont you get the forms from the land registry and do your own transfer of equity it should save you a bomb.

failing that i have a solicitor contact who could do your TOE much much cheaper than this.

I would Remortgage with a lender offering free legals, but do your transfer of equity seperately as it can work out cheaper. all that will happen is the solicitor you instruct with correspond with your lenders solicitor (the one you get free) over this small segment of the legal work. In the past when I've done remortgages like this with halifax, their own conveyancers have only charged £160 additional fee for the TOE. on top of the free legal work, get your advisor to check this out properly.

AndrewSmith

It is also not unheard of for evidence to be asked for in certain cases even on self certify if the lender is not satisfied that the application is plausable.

By signing the declaration you are giving the lender authority to take up any references it deems necessary to satisfy itself of your suitability for the mortgage.

Andy

kcmatt

Thanks guys. I don't have any problem with them asking for income proof etc. I just thought it sounded like a good deal. Thinking it might be best to see an IFA after all...

kcmatt

Sorry, how do I do my own TOE?