Mortgage Application Query

ReformedShopper

Just a quick query about an existing mortgage query. My mortgage application has stalled at underwriting stage as I'm waiting for a requested document to send to the Lender, however the lender has issued some new changes which will put my application in a more favourable light.

Can I ask my broker to pull or amend my existing application to reflect the more favourable light, which will be a lower interest rate; and a Lengthier mortgage term? How difficult is it to get a new KFI, if the app is pending final underwriting, and the valuation has already been done?

I know I should really direct this query to my broker, but I just want to know where I stand, as he has already had a moan about keying new figures in, and I wouldn't want him to fob me off just to obtain a quick offer and wash his hands off the case.

Any help would be much appreciated

kingstreet

With most lenders, changing term and mortgage amount, as long as they don't impact affordability negatively are a simple admin process.

Changing products may involve a fee, if you have paid a booking fee upfront.

BTW, the broker works for you. You tell them what you want them to do. It's tough if they have to do extra work. It goes with the territory.

ReformedShopper

Thanks! I haven't paid the product fee yet, as it was to be added unto the loan. It's for the same LTV, so I'm hoping it won't involve a fee, but will discuss with broker as the changes would actually improve the affordability. I get the feeling he is sometimes overwhelmed

Last query, if the original KFI states that the fixed terms ends in 2 years, and puts the end date as 30/06/2014. But your mortgage ends up starting in August, will the fixed term end in June 2016 or August 2016?

kingstreet

Some rates have an expiry date, some run for a fixed period from completion. It depends on the lender.

What yours will do is set out on your key facts illustration. If it says the expiry date is 30/06/2016, it will expire on 30/6/16 regardless of your eventual completion date.

If your product is two years from completion, you will get two full years from completion.

amnblog

ReformedShopper wrote: »

I get the feeling he is sometimes overwhelmed

He sounds like a clown

ReformedShopper

kingstreet wrote: »

Some rates have an expiry date, some run for a fixed period from completion. It depends on the lender.

What yours will do is set out on your key facts illustration. If it says the expiry date is 30/06/2016, it will expire on 30/6/16 regardless of your eventual completion date.

If your product is two years from completion, you will get two full years from completion.

Thanks,

I just had a look at my original KFI and it states that the expiry date is 30/06/2016, so I'm guessing that it will there'll be some extra keying and some moaning headed my way!

ReformedShopper

amnblog wrote: »

He sounds like a clown

I can't technically call him that as yet, as I want to get my mortgage , but it is frustuating when I can't get a hold of him to discuss certain things which I think will benefit my application, and which I would expect as MY broker, he would want to be advising me of some of these facts anyway...