Mortgage broker - ask me anything

fingersallcrossed2020

haras_n0sirrah said:

fingersallcrossed2020 said:

haras_n0sirrah said:

fingersallcrossed2020 said:

haras_n0sirrah said:

fingersallcrossed2020 said:

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? 

Nationwide is very very slow due to them being one of the only 90% lenders around. Are you buying at 90%
I am advising my clients not to use them unless we have no choice as this is the timescale they are currently offering

Thanks for the quick reply. We are 85%. Sold our house last year, currently in rented accommodation. We are so desperate to move!

I have to be honest - at 85% I would have swerved nationwide. Is there a reason it is taking so long? Do they keep asking for documents? 
I have one in with them which is approved subject to valuation and that was submitted 21st oct - are you self employed?

Really? Who do you think we should have gone with? No neither of us are self employed. 

Anyone would have been faster to be honest. Most mortgages with other lenders are approved in between 2 and 10 working lenders if you are employed. I had one  client who was from this site - decline by nationwide and she had an approval with another lender within 48 hours of our first phone call.
At 29 working days you need to get an idea of where your application is. Is it approved and the valuation is the delay? If so then carry on. If they are still asking for documents then I would consider switching 

Our broker just said that we are just waiting on the docs to be assessed so I’m assuming it’s the bank statements I sent. I think they must have done a desktop valuation on the same day i received a text so I don’t think it’s that that’s holding everything up. 

PCRebuzzi

haras_n0sirrah said:

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?

Hi thank you for your reply. I just don't understand how our advisor or lender didnt pick this up before?

Our lender for the AIP is Post Office.

[Deleted User]

Are there normal interest rate lenders that lend on net income not gross ? 

One of my pension income’s of £76,000 pa is tax free by legislation. Plus a £6000 normal taxable pension. Plus £6,000 self employed income ( so both within my personal allowance). So effectively I dont pay tax on £88,000 ( monthly net £7335) so equivalent of having to earn £146,000 in the real world. 

The multipliers on £146k are far greater than on £88k 
perfect credit history 
Thanks 

Mimi06

What is the timeline for Leeds Building Society BTL? Submitted the application 16th October and had the valuation on Tuesday. Thanks

haras_n0sirrah

PCRebuzzi said:

haras_n0sirrah said:

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?

Hi thank you for your reply. I just don't understand how our advisor or lender didnt pick this up before?

Our lender for the AIP is Post Office.

I have copied the below

Post Office Money does not accept applications from foreign nationals that DO NOT HAVE indefinite leave to remain.

We require confirmation that the applicant has the right to live and work in the UK. The applicant will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history, this is normally a minimum of three years.

The following applicants can apply up to our maximum LTV:

• European Economic Area (EEA) Nationals. Switzerland is not in the EEA but has the same status for immigration purposes and is therefore included in this category
• Non-EEA Nationals with ‘indefinite leave to remain’
• Applicants who are born in a non-EEA country but who have received UK naturalisation

haras_n0sirrah

Densol said:

Are there normal interest rate lenders that lend on net income not gross ? 

One of my pension income’s of £76,000 pa is tax free by legislation. Plus a £6000 normal taxable pension. Plus £6,000 self employed income ( so both within my personal allowance). So effectively I dont pay tax on £88,000 ( monthly net £7335) so equivalent of having to earn £146,000 in the real world. 

The multipliers on £146k are far greater than on £88k 
perfect credit history 
Thanks 

There are some lenders who have a box for non taxable income (usually used for benefit income) - I can check if pensions can be used under this. What ltv and what loan amount?

haras_n0sirrah

Mimi06 said:

What is the timeline for Leeds Building Society BTL? Submitted the application 16th October and had the valuation on Tuesday. Thanks

If on the old system then 15 working days
some of us are on a pilot with their new system (I am) and that one is about 3-4 working days

Mimi06

haras_n0sirrah said:

Mimi06 said:

What is the timeline for Leeds Building Society BTL? Submitted the application 16th October and had the valuation on Tuesday. Thanks

If on the old system then 15 working days
some of us are on a pilot with their new system (I am) and that one is about 3-4 working days

Thanks! Is that from the valuation? As it’s been 15 working days already. 

[Deleted User]

haras_n0sirrah said:

Densol said:

Are there normal interest rate lenders that lend on net income not gross ? 

One of my pension income’s of £76,000 pa is tax free by legislation. Plus a £6000 normal taxable pension. Plus £6,000 self employed income ( so both within my personal allowance). So effectively I dont pay tax on £88,000 ( monthly net £7335) so equivalent of having to earn £146,000 in the real world. 

The multipliers on £146k are far greater than on £88k 
perfect credit history 
Thanks 

There are some lenders who have a box for non taxable income (usually used for benefit income) - I can check if pensions can be used under this. What ltv and what loan amount?

Oh thank you 

I have £450k equity and want to borrow £600k ish to get a house around £1 mill (keep under 60%LTV )
My partner also earns £46k but house in just my name. 

haras_n0sirrah

Densol said:

haras_n0sirrah said:

Densol said:

Are there normal interest rate lenders that lend on net income not gross ? 

One of my pension income’s of £76,000 pa is tax free by legislation. Plus a £6000 normal taxable pension. Plus £6,000 self employed income ( so both within my personal allowance). So effectively I dont pay tax on £88,000 ( monthly net £7335) so equivalent of having to earn £146,000 in the real world. 

The multipliers on £146k are far greater than on £88k 
perfect credit history 
Thanks 

There are some lenders who have a box for non taxable income (usually used for benefit income) - I can check if pensions can be used under this. What ltv and what loan amount?

Oh thank you 

I have £450k equity and want to borrow £600k ish to get a house around £1 mill (keep under 60%LTV )
My partner also earns £46k but house in just my name. 

I would need a bit more info to look at it (why is the pension non taxable for example) - if you want to contact me please send a pm