Mortgage broker - ask me anything

Durban

If an application is going through the Halifax , has passed underwriters and everything else, but,  due to survey , the lender either won't lend or buyer pulls out because of the survey. Or the seller pulls out , can the buyer then transfer that application to a new property?

Or will the Halifax make the buyer start a new application from scratch again and go through all underwriting etc even if the price of the new house is the same as the old one?

KQM

We are interested in using the First Home Fund available in Scotland which is currently running until March 2021.  You can only apply when you have made an offer or reserved a new build so I have limited info on the scheme.  Do you know if this means I can still apply to the scheme in March 2021 or if we need to have completed etc by March 2021?

haras_n0sirrah

zobo1993 said:

Do you know how harsh HSBC will be with late payments? They are over 50 months old. I had a 1, 2 and 3 on a vodafone contract in 2016 and a '1' and a '1' on a mail order in 2014. Everything has been perfect since. No defaults, no CCJS, no IVAS etc. Score is 999 on Experian, although I know this doesn't matter. We have a phonecall with them at 5.30 pm tonight for 90% LTV. 

At 90% they will be strict however that long ago they may well be ok. Missed payments tend to make less of an impact after 3 years

haras_n0sirrah

Durban said:

If an application is going through the Halifax , has passed underwriters and everything else, but,  due to survey , the lender either won't lend or buyer pulls out because of the survey. Or the seller pulls out , can the buyer then transfer that application to a new property?

Or will the Halifax make the buyer start a new application from scratch again and go through all underwriting etc even if the price of the new house is the same as the old one?

A new property would be a new application but if the underwriting is recent they may well be ok with just updated payslips and bank statements 

haras_n0sirrah

KQM said:

We are interested in using the First Home Fund available in Scotland which is currently running until March 2021.  You can only apply when you have made an offer or reserved a new build so I have limited info on the scheme.  Do you know if this means I can still apply to the scheme in March 2021 or if we need to have completed etc by March 2021?

I am on the south coast so about as far away from scotland but if first home is the same as help to buy then it would be completed by march 21

Dinpraad

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

With Natwest using a hard search for DIP what are the chances of getting accepted with a mortgage after a full application is submitted ? Also what is the timeline for Natwest at the moment from DIP to full offer??

It depends a little on whether it is self employed or employed.
Most lenders are around 3 weeks for assessment and it will largely depend on when the valuation is done
As long as everything has been imput correctly and there are no bad debts with the natwest group in the closet then no reason it shouldn't be accepted subject to valuation

Well in this case its employed. 
No valuation yet since submission. 

@ha@haras_nosirrah so 3 weeks is a normal timeline for the likes of Natwest I guess from DIP to offer ?

happy_2008

Is Halifax one of the quicker mortgage companies or the slow boat to china?

haras_n0sirrah

Dinpraad said:

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

With Natwest using a hard search for DIP what are the chances of getting accepted with a mortgage after a full application is submitted ? Also what is the timeline for Natwest at the moment from DIP to full offer??

It depends a little on whether it is self employed or employed.
Most lenders are around 3 weeks for assessment and it will largely depend on when the valuation is done
As long as everything has been imput correctly and there are no bad debts with the natwest group in the closet then no reason it shouldn't be accepted subject to valuation

Well in this case its employed. 
No valuation yet since submission. 

@ha@haras_nosirrah so 3 weeks is a normal timeline for the likes of Natwest I guess from DIP to offer ?

most lenders are around 3 weeks to the underwriter. It depends on how fast the valuation can be done and if the application is packaged correctly as to whether it would go straight to offer at that point or as to whether more questions are asked

Tricky_Disco

Hi, the scheme is a shared equity (but it is called LIFT in Scotland).  My financial adviser first said that even though I only needed to borrow £93, that i'd have to pay the deposit based on the £155000.  At this point he thought it would be no trouble to ask for more on the mortgage, just for some essentials, based on LVT.  But he came bask and said that I wouldn't be allowed to borrow any more, but that he had found someone who would take the 5% of the £93,000.  I really just want to check this before I commit to any lender.  Many thanks

lt999

Hi,

Me and my partner are first time buyers looking to borrow around 4 x annual salary with a 20 % deposit.

My partner has a debt relief order which is about to fall off her credit file so I’m hoping this won’t have an impact, however she also has 2 missed payments on a utility bill 15 months ago, which were 5 and 6 months late. She also had a single payday loan taken in January 2018 and settled in June 2018 without no missed payments.

I have no negative information on my credit report and we have no debt. Given the above do you think we will need to use an adverse credit lender?