Mortgage broker - ask me anything

haras_n0sirrah

pinklady3333 said:

I was wondering how often you see a mortgage declined after an AIP? 

Thanks 

Personally- not that often. As long have things have been declared and income calculated correctly  (and lender criteria met) then it should go through (as long as no issues with survey).

Ready_To_Roll

haras_n0sirrah said:

Ready_To_Roll said:

Hi, thanks for doing this. I’m interested in buying a house (85% LTV), but my DIP ran out (1.53%) while waiting for my property to sell and the only deals my broker can find now are 2.9% and up. Could I potentially accept the higher terms to secure the house but then change my mortgage if rates start to come down in the new year (before completion)? I’m guessing not but best to check. 

Rates have shot up. Some lenders allow a change of product. Others dont and would require a new application so you would need to factor this into your lender choice 

Thanks for the quick reply. Given the current situation, are there any lenders you advise avoiding at the moment? My first AIP was with Halifax so may try them again (depending on whether a change of product is allowed). 

Rickydewitt

@haras_nosirrah @ACG

Is it known for lenders to speed up or for the client to escalate their application should the client get a letter from their solicitor sent to the lender confirming the clients could loose the property if an offer isn’t issued soon?

JessePinkman26

I keep hearing stories about mortgage brokers who specialise in bad credit mortgages. For example someone I work with recently managed to get a 95% mortgage to buy a 2 bedroom apartment in the city centre which to me seems ridiculous when you consider his credit file in his words is 'atrocious'. I asked him who he went to and he just said his parents organised it for him. The guy is 21 years old.

I've searched high and low of the internet to find brokers who specialise in bad credit and I can't seem to find any.  So my question is where would I find someone like this? 

haras_n0sirrah

JessePinkman26 said:

I keep hearing stories about mortgage brokers who specialise in bad credit mortgages. For example someone I work with recently managed to get a 95% mortgage to buy a 2 bedroom apartment in the city centre which to me seems ridiculous when you consider his credit file in his words is 'atrocious'. I asked him who he went to and he just said his parents organised it for him. The guy is 21 years old.

I've searched high and low of the internet to find brokers who specialise in bad credit and I can't seem to find any.  So my question is where would I find someone like this? 

There are no 95% mortgages whether for someone who has good credit or bad - it must have been help to buy or shared ownership. This is currently the only way of getting a 95% mortgage. If it is one of the schemes then brokers can help you - if you don't have a broker then you can pm those of us who post here and we are allowed to respond. We just can't approach posters first

haras_n0sirrah

Rickydewitt said:

@haras_nosirrah @ACG

Is it known for lenders to speed up or for the client to escalate their application should the client get a letter from their solicitor sent to the lender confirming the clients could loose the property if an offer isn’t issued soon?

Usually the solicitor would have to confirm completion is due within 5 days for it to make a difference. Unfortunately the timescales are what they are at the moment and lenders are very reluctant to escalate

Moonstar101

I spoke to my broker, who said he requested the figure for the valuation from Santander last week but they haven't responded. I am going to ring them to find out the value. Is it the Mortgage Centre I need to call? 

dejl123

Hi,

Recently applied for a mortgage with Santander. AIP all ok, but a week after the proper application went in they said they would only lend a lower amount. 

Our MA suggested we try another lender (Platform), which I was happy to do. However, after reading about Platform on here, I now think I’ve made the wrong decision, as they seem to be taking several months to issue mortgage offers, which wouldn’t work for us. 

My question is, would it be possible to re-open the original Santander application, if it’s been cancelled by the MA? 

Appreciate any advice that can be offered.

haras_n0sirrah

Why has it come back lower with Santander? Was something imput wrong?

dejl123

Apparently it was because of my monthly pension payments and the fact that my wife isn’t working. They were aware of both of these factors from the start though, as the application was only ever based on my wage and they had payslips from me as well. Santander did this before though - for our current mortgage - so I wasn’t that surprised.