Mortgage broker - ask me anything

strawb_shortcake

We are starting to think about moving in the New Year, I'm not in a rush but Husband is getting itchy feet.
I have a modest salary, circa £34k, 3 children and a husband is in year 1 of 4 at uni and we have no debt.
With the equity from our house we should have around £180k to put towards a new home, we could add to this with savings but would prefer not to use the bulk of it, maybe upto £20k  
I tried to get an idea from Halifax, they said they wouldn't lend, Barclays with less detail said upto £153k. 
We did RTB for our current home so no idea how to get a ball park figure of what our budget is without going down AIP route. 

We've paid quite a bit off the mortgage and reduced down from 32 to 15 years in 5 years, so I really don't want to go back up to 25 years. 
I think we would need to borrow £120k to get to the next house. But I just don't know how to start.


Thank you 

jo_london_mum

haras_n0sirrah said:

jo_london_mum said:

We have a very small mortgage (42k) on a property worth £700k that we bought 3 years ago.

We would like to add to the mortgage to make the total owed to £100k

The reasons for this are: £18k car loan, £25k credit card debt, £15k wedding.

Current lender is Nationwide, who we are happy to stay with, they are offering 1.54%

Question is, how likely are they to give us this further loan, bearing in mind our favourable LTV, but the fact its mostly for loans/debt?

Not sure the best way to play it? we dont want to be turned down and then this hinders us going for another deal? We also have the option of a financial advisor we have been recommended, who we have been assured could "easily sort that out", but we like the idea of just staying with Nationwide and doing it by ourselves.

lenders can be a bit funny with debt consolidation - Nationwide aren't known for being very happy with it
Try them first but I would be prepared to change lender

Just to report back, Nationwide have approved the further loan, so all good, Thanks for advice.

haras_n0sirrah

annabanana82 said:

We are starting to think about moving in the New Year, I'm not in a rush but Husband is getting itchy feet.
I have a modest salary, circa £34k, 3 children and a husband is in year 1 of 4 at uni and we have no debt.
With the equity from our house we should have around £180k to put towards a new home, we could add to this with savings but would prefer not to use the bulk of it, maybe upto £20k  
I tried to get an idea from Halifax, they said they wouldn't lend, Barclays with less detail said upto £153k. 
We did RTB for our current home so no idea how to get a ball park figure of what our budget is without going down AIP route. 

We've paid quite a bit off the mortgage and reduced down from 32 to 15 years in 5 years, so I really don't want to go back up to 25 years. 
I think we would need to borrow £120k to get to the next house. But I just don't know how to start.


Thank you 

Best thing to do is to speak to a broker. If you don't have one you can approach a broker who posts here by pm. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help

haras_n0sirrah

jo_london_mum said:

haras_n0sirrah said:

jo_london_mum said:

We have a very small mortgage (42k) on a property worth £700k that we bought 3 years ago.

We would like to add to the mortgage to make the total owed to £100k

The reasons for this are: £18k car loan, £25k credit card debt, £15k wedding.

Current lender is Nationwide, who we are happy to stay with, they are offering 1.54%

Question is, how likely are they to give us this further loan, bearing in mind our favourable LTV, but the fact its mostly for loans/debt?

Not sure the best way to play it? we dont want to be turned down and then this hinders us going for another deal? We also have the option of a financial advisor we have been recommended, who we have been assured could "easily sort that out", but we like the idea of just staying with Nationwide and doing it by ourselves.

lenders can be a bit funny with debt consolidation - Nationwide aren't known for being very happy with it
Try them first but I would be prepared to change lender

Just to report back, Nationwide have approved the further loan, so all good, Thanks for advice.

glad it worked out

haras_n0sirrah

Rach7379 said:

Not sure if this  has already been covered, but we are currently selling a property and are being told that the buyers are waiting on the underwriters and being told it is delayed to 12 - 16 weeks due to covid 19 is this true do you think or do you think we are being given the run around?

12-16 weeks is a long time. Do you know which lender?

haras_n0sirrah

penino said:

What are Natwest like with regards to use of PDL’s? Last use was just over 2 years ago so hoping all will be fine now?

Natwest at the moment are being quite picky - do you need to use them?

haras_n0sirrah

Nile_E_Coyote said:

On natwest online tracker. Does a tick on payslips and bank statements mean they're checked and okay?

We had an update asking for proof of deposit and saying they've instructed the valuation. Ticks beside the rest.

yes that should mean they are fine

haras_n0sirrah

johndoe67812 said:

Hi All

I'm doing some research into getting a mortgage as a first time buyer. Just want to get some thoughts on whether I could potentially get a 210-215K mortgage ~90% LTV. Here's my background:

1. In permanent employment with income of 43K
2. have two dependents (2 and 4 year old)
3. Will have deposit of around 25-28K
4. Am debt free

It seems that there is a rule of thumb of not more than 4.5x salary, if this applies could only get around 190K. Does this mean there will be no way for this to be stretched by another 20-25K?

Thanks

at 90% you are looking at 4.49x. If you can get a 15% deposit you can get a bit more

NHB2020

Hello, hoping someone can help (possibly put my mind at ease anyway!) 
Situation - I am buying a house with my partner, he's selling his house and we're going to buy together (I am a FTB) but he's going to port his mortgage. We've had a DIP approved with Nationwide (15% deposit) and we've had an offer accepted on a house that is a lot less than our DIP. 
I previously had an adverse credit history (due to my young stupidity!), I was in a DMP which finished 2 years ago, I am now debt free and earn 35k (partner earns slightly more). My credit history does show old payday loans which are satisfied, some have been removed following affordability complaints. I do also have old defaults - some due to drop off soon. My Experian and Clearscore scores are both in the Fair/Good bracket. However, I am really stressing myself out about our appointment for the mortgage and whether my past will have a detrimental effect to us getting a mortgage together. 
Any advice? 

pinklady3333

have mortgage applications calmed down a bit recently or is it still mega busy? Less houses seem to be coming on the market near me so wondered if it was having an effect. 

Thanks