Mortgage broker - ask me anything

kittyk65

I would be very grateful for some advice please.  I am just turned 64 years old and I would like to buy a house for myself and my son.  I am in full time employment salary of £39k, I also receive an annuity of £3.3k annual.  I have £150k as a deposit from selling our house to my exhusband.  Iam anticipating my retirement age at 70, so I realise that this limits me.  However, I would not retire until the mortgage is paid, so it could be a bit either side.  I would like to get a mortgage for at least £100k, but preferably somewhere around £125k.  I have completed mortgage gym and although I received a few acceptances from them, there was only one (West Brom) that offered over £100k (£109k).  Also, in 2 years I will be receiving my State Pension which is calculated on the HMRC site to be £250 per week.  My questions are what do you think the maximum mortgage I could possible get would it?  and is there anyway of including my state pension in calculations for years coming up?  I did think of the Leeds Part and Part, so that I could pay that for two years and then return to a repayment mortgage when I started receiving the pension, is that at all possible.  Thank you very much for reading my post.  Cathy

haras_n0sirrah

kittyk65 said:

I would be very grateful for some advice please.  I am just turned 64 years old and I would like to buy a house for myself and my son.  I am in full time employment salary of £39k, I also receive an annuity of £3.3k annual.  I have £150k as a deposit from selling our house to my exhusband.  Iam anticipating my retirement age at 70, so I realise that this limits me.  However, I would not retire until the mortgage is paid, so it could be a bit either side.  I would like to get a mortgage for at least £100k, but preferably somewhere around £125k.  I have completed mortgage gym and although I received a few acceptances from them, there was only one (West Brom) that offered over £100k (£109k).  Also, in 2 years I will be receiving my State Pension which is calculated on the HMRC site to be £250 per week.  My questions are what do you think the maximum mortgage I could possible get would it?  and is there anyway of including my state pension in calculations for years coming up?  I did think of the Leeds Part and Part, so that I could pay that for two years and then return to a repayment mortgage when I started receiving the pension, is that at all possible.  Thank you very much for reading my post.  Cathy

There are lenders who would go to age 80 as long as it is credible and you have a pension in place. This could allow you to go a little higher

kittyk65

Hi, thank you for replying so quickly.  I do have a pension but I took an annuity on it when I got divorced, which the annuity I mentioned in my post.  By the time I retire it will only be worth c£45k.

KnobbynrTam

Hi,
In the process of buying a house with a low EPC rating "F", conveyancer says most mortgage companies wont lend on this, however, looking online, it only mentions not lending to landlords if the EPC is this low.....I have a mortgage offer with HSBC, is my conveyancer right, or wrong ?
Thanks

haras_n0sirrah

KnobbynrTam said:

Hi,
In the process of buying a house with a low EPC rating "F", conveyancer says most mortgage companies wont lend on this, however, looking online, it only mentions not lending to landlords if the EPC is this low.....I have a mortgage offer with HSBC, is my conveyancer right, or wrong ?
Thanks

I have to be honest - never come accross this

you123l

Hey, do you know the approximate time frame for a Halifax application? We submitted ours on the 27th October and paid our valuation fees on the 29th. I work full time and my husband is self employed. We were contacted on the 3rd November for more documents which have all been submitted. Guess I'm a little impatient and hoping that no news is good news.

PCRebuzzi

Hi, Looking for clarity. My husband is an Italian citizen and I am a South African. I am residing and working here on an EU spousal visa. We have presettled status / limited leave to remain. We have been living in the UK for 4 years and 2 months. Are we eligible for a 90% LTV mortgage? This is the second time a mortgage advisor has assured us that our Limited leave to remain status wont affect our application and have provided an AIP. Our offer has been accepted on a house with our AIP so am hoping to find a solution! (Unfortunately we can't offer more than a 10% deposit).

fingersallcrossed2020

Hi

We are currently on working day 29 with our mortgage application with Nationwide. Is anyone able to advise why the timeframe is so long? The sellers estate agents are chasing me up. I feel so stressed out! Do you think after all this time it’s just going to be a no? Should we start another application with another lender? 

haras_n0sirrah

you123l said:

Hey, do you know the approximate time frame for a Halifax application? We submitted ours on the 27th October and paid our valuation fees on the 29th. I work full time and my husband is self employed. We were contacted on the 3rd November for more documents which have all been submitted. Guess I'm a little impatient and hoping that no news is good news.

Halifax is around 8 working days for self employed

haras_n0sirrah

PCRebuzzi said:

Hi, Looking for clarity. My husband is an Italian citizen and I am a South African. I am residing and working here on an EU spousal visa. We have presettled status / limited leave to remain. We have been living in the UK for 4 years and 2 months. Are we eligible for a 90% LTV mortgage? This is the second time a mortgage advisor has assured us that our Limited leave to remain status wont affect our application and have provided an AIP. Our offer has been accepted on a house with our AIP so am hoping to find a solution! (Unfortunately we can't offer more than a 10% deposit).

Without permanent right to remain you will need a 15% deposit I am afraid
Which lender is your aip with?