Mortgage broker - ask me anything

Gavin74

Hi.
I'm thinking about buying a property which would be both our family home and a property letting business.
Where do I even start with mortgages for that sort of arrangement?

sammibo

I have a couple of questions! I currently have a DRO and am waiting for the moratorium to end. 

My husband has recently received a sum of money for inheritance and we are considering buying a house. I know I can't borrow money at the moment.

We've found a property that is £115,000. He has £21,000 (not all inherited). 

My question is this : if my husbands applies for a mortgage on his own, can we include the money I contribute to the ongoing household costs? I contribute aprox. £500 p/month so it it not an insignificant amount towards this mortgage.

If you could also offer some insight on how hard it is getting a joint mortgage with one person having a DRO, I would really appreciate it. Brokers apparently are much more likely to be able to help than High Street lenders.

Toyo_86

Hi Haras,

Quick one- i’m due to complete in less that 2 weeks. Based on my visit to the property, I know my mobile provider has no service in the house and is totally useless. Can I switch before completion or is it safer to wait till after completion?

Thanks

lm1981

Hello,
I was recently getting to exchange and we had an issue with my wife’s job which we are trying to fix. The solicitor had the funds in the account ready to exchange (days away). It looked like we had to pull out so solicitor sent funds back  as wasn’t going ahead.

Fast forward a few hours later and we are trying to fix the personal issue which caused the change of direction, if I contact the mortgage company in morning is my mortgage cancelled and would I have to reapply? 

Thank you 

davetherave85

Santander are now asking for the above. Applications that are at offer issued stage - will Santander come back and ask for these or is this just for new applications?

Also, it says applications submitted on Introducer Internet - are they referring to broker applications only here? 

Thanks!

haras_n0sirrah

Gavin74 said:

Hi.
I'm thinking about buying a property which would be both our family home and a property letting business.
Where do I even start with mortgages for that sort of arrangement?

I am not 100% sure what you mean. Do you mean a letting agent below and a flat above to live in?

haras_n0sirrah

sammibo said:

I have a couple of questions! I currently have a DRO and am waiting for the moratorium to end. 

My husband has recently received a sum of money for inheritance and we are considering buying a house. I know I can't borrow money at the moment.

We've found a property that is £115,000. He has £21,000 (not all inherited). 

My question is this : if my husbands applies for a mortgage on his own, can we include the money I contribute to the ongoing household costs? I contribute aprox. £500 p/month so it it not an insignificant amount towards this mortgage.

If you could also offer some insight on how hard it is getting a joint mortgage with one person having a DRO, I would really appreciate it. Brokers apparently are much more likely to be able to help than High Street lenders.

Your income would not be able to be counted unless you are also on the mortgage. I am looking into DRO's for someone else on monday so should have more than an idea then. You won't be able to borrow while in a dro but I can see how long after you may be able to get a mortgage

haras_n0sirrah

lm1981 said:

Hello,
I was recently getting to exchange and we had an issue with my wife’s job which we are trying to fix. The solicitor had the funds in the account ready to exchange (days away). It looked like we had to pull out so solicitor sent funds back  as wasn’t going ahead.

Fast forward a few hours later and we are trying to fix the personal issue which caused the change of direction, if I contact the mortgage company in morning is my mortgage cancelled and would I have to reapply? 

Thank you 

What has the solicitor told them? If the solicitor has told them that your wife has been made redundant (or whatever the issue is) then they may have cancelled the application. If the solicitor returned the funds then it is possible they can re request them
What is the issue?

haras_n0sirrah

davetherave85 said:

Santander are now asking for the above. Applications that are at offer issued stage - will Santander come back and ask for these or is this just for new applications?

Also, it says applications submitted on Introducer Internet - are they referring to broker applications only here? 

Thanks!

I have interpreted it as new applications. Everyone is doing the 3 month bank statements request. The reference from the accountant is not the same with most lenders but makes sense the longer this all drags out

PCRebuzzi

haras_n0sirrah said:

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

Yeah, so we have lived in UK for 4 years and 2 months. My husband is an EU citizen (Italian) or EEA national and I have an EU Residence Permit (I am a South African Citizen) since 2018. I'm more confused at the fact that this wasnt seen as an issue from Mortgage advisor, until after AIP.