Mortgage broker - ask me anything

Dinpraad

haras_n0sirrah said:

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

Thanks 

haras_n0sirrah

happy_2008 said:

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

They are one of the quicker ones for employed as long as no employers ref required

haras_n0sirrah

Tricky_Disco said:

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

I do a lot of shared equity but as I say I haven't done a lift one 
If same as other shared equity you have to put down 5% of the full market value, get an equity loan for the bit you are getting help with and get a mortgage for the rest. 
so if 100k property, the would be 20k equity loan (20%) 5k deposit (5%) and mortgage for 75k
You can't borrow more than 75k on the mortgage 

haras_n0sirrah

lt999 said:

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?

With adverse credit involvement I would say it is difficult to say without seeing a credit report as it will come down to how things are recorded.

JR27721988

haras_n0sirrah said:

JR27721988 said:

Looking to buy but have around 12k debt in credit card and 4K left on a loan. I will be clearing these all fully within the next month, how soon should I wait before applying for a mortgage? 

Also what is the likelihood of being approved with a 10% deposit at the moment? Was hoping to use help to buy but the builder isn’t accepting at the moment due to the scheme changing 

With the debt you don't necessarily have to clear it prior to application (some lenders it needs to be off credit report or they will include it, others as long as you can confirm you will clear it and evidence you have the funds to do so they will ignore it) so that would determine which direction we would go as a broker.
10% deposit is almost impossible at the moment I will be honest. TSB turned up last week for all of 24 hours.
There is a nifty way around it that works with some clients but I cant put about it on here.

We are using the mortgage broker recommended by persimmons, they haven’t expressed any concerns on 10% but don’t know how reliable they are to be honest! 

Any advice? Should we just go ahead and see what happens or try and save the extra 5%? 

haras_n0sirrah

JR27721988 said:

haras_n0sirrah said:

JR27721988 said:

Looking to buy but have around 12k debt in credit card and 4K left on a loan. I will be clearing these all fully within the next month, how soon should I wait before applying for a mortgage? 

Also what is the likelihood of being approved with a 10% deposit at the moment? Was hoping to use help to buy but the builder isn’t accepting at the moment due to the scheme changing 

With the debt you don't necessarily have to clear it prior to application (some lenders it needs to be off credit report or they will include it, others as long as you can confirm you will clear it and evidence you have the funds to do so they will ignore it) so that would determine which direction we would go as a broker.
10% deposit is almost impossible at the moment I will be honest. TSB turned up last week for all of 24 hours.
There is a nifty way around it that works with some clients but I cant put about it on here.

We are using the mortgage broker recommended by persimmons, they haven’t expressed any concerns on 10% but don’t know how reliable they are to be honest! 

Any advice? Should we just go ahead and see what happens or try and save the extra 5%? 

Do you know which lender you are using - they have nearly all withdrawn from 90% 

Wales2020

Is “underwriting”  as scary as it seems? Would you have got to the underwriting point if there was little chance of you being accepted? Thanks 

haras_n0sirrah

Wales2020 said:

Is “underwriting”  as scary as it seems? Would you have got to the underwriting point if there was little chance of you being accepted? Thanks 

Not for me but then it is my day job. Generally underwriting is checking that the income and expenditure is as declared so as long as everything was declared correctly then there should be nothing to worry about 

ACG

Penguin_ said:

I am in a DMP with Stepchange & am up to date with payments, working hard to try & bring it down & get it paid off as quick as possible but it won't be anytime soon. I currently have 22% equity in the house, based on Natwest's latest valuation but am thinking longer term will it be possible for me to get a new mortgage if me & my partner (who isn't on the mortgage) wanted to buy a house together?

It all comes down to how everything appears on your credit file. The more defaults and AR markers and the more recent the less likely it will be, but it also depends on how much that 22% represents on the new property. You might be looking at houses twice the value in which case it only represents 11%...

Best to get your credit reports and put them in front of a broker. 

gozaimasu

I used a broker for my last purchase and paid £399. They also got a fee from the mortgage provider. I re-mortgaged without the broker who sent me an email saying "why did you do that I told you that you wouldn't pay a fee if you stayed with the same provider?"

As a broker, if you do a re-mortgage to keep a client with the same mortgage company, do you a) get a fee from the mortgage provider, and b) get a deal where the client wouldn't pay a fee to the provider?

I had a £1495 re-mortgage fee which was added to the loan. Could my broker really have accessed a deal that stopped me paying this? Don't want to ask them direct. I thought they were telling me that I wouldn't have to pay their £199 re-mortgage fee, not the provider's fee!