Mortgage broker - ask me anything

haras_n0sirrah

lm1981 said:

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 

Thank you for your reply , my wife’s company has been purchased by another company and they are having a restructure/realignment into the bigger company...while job loses haven’t really been mentioned and nobody has been put at risk I panicked. There is always the chance there could be job loses so we have pulled out however if things are ok (we find out soon) then we would still like to move. 

If she is made redundant then you would need to declare if it happened prior to completion. If she hasn't been formally told then there is nothing to report 

haras_n0sirrah

cw182 said:

haras_n0sirrah said:

If cw182 said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Can you simply increase the term of the mortgage when you remortgage to either your current provider or to a new provider? I mean with a full remortgage application rather than just a rate switch. All the forms I've seen online only seem to ask what your existing mortgage term *is* rather than what you want it to be, whereas the mortgage amount always caters for adding more.

P.s. In MSE spirit my intention is to overpay to keep the term the same as it is anyway, but to allow flexibility should I need to easily reduce outgoings in future in this current climate.

If you are changing lender then you can change it to whatever you like. Some lenders will allow you to alter the term on a rate switch with no underwriting but others would then mean it was taken out of switching and into full underwriting territory.
Which lender?

I'm with HSBC currently. They recently put big increases on their previously very competitive 5 year fixes so my plan for a simple rate switch was scuppered. I figured if I have to go through a full application process with a new lender then I may as well increase the term (still well within retirement age) and have the flexibility. Waiting for the ERC period to end at the moment. Halifax 5 year fix with no fee at 1.58% is my current consideration.

A new lender would mean new underwriting but you can choose any term subject to affordability and lender criteria

haras_n0sirrah

mowgliisaG said:

Hi Sarah,

wonder if you know the answer - our HTB form was rejected as developer has not submitted forecast for year 20/21. They are registered with HTB and had forecasted for 19/20 but not 20/21...do you know when the deadline for them to submit a forecast is? Thanks 

Not something I have ever had happen I am afraid so I wouldn't know. Can you speak to help to buy?

haras_n0sirrah

misscaraxo said:

My mortgage broker has put in an application for me at Santander. We are ftb using htb so 75% ltv. My partner has a perfect credit history and our affordability is good. We only have 1 small loan between us with 2,000 left and no cc or overdrafts. The downside is I have 3 late payments in the last 2 years... most recent 10 months ago and the other 2 were from 2019. They are on the same store card and all just ‘1’ on credit file (not consecutive months) in your experience will this be declined by Santander? 

Santander aip are usually pretty sound
If you have an accepted dip you should be ok. 

longtimelurker2020

haras_n0sirrah said:

Some lenders will go to 4.75k on average salaries. To get 5x now you need a high salary 

2 questions @haras_n0sirrah:
a) what salary ranges would you / lenders define as ‘average’ and as ‘high’?
b) is the 5x multiple reserved for certain professions earning the high salary, or any profession with that level of earning would be considered for 5x? Thanks 

PCRebuzzi

haras_n0sirrah said:

PCRebuzzi said:

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.

There are lenders with a 15% deposit who will lend without permanent right to reside. Is that at all possible?

The max we can get to is 12% unfortunately.

PCRebuzzi

haras_n0sirrah said:

PCRebuzzi said:

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.

There are lenders with a 15% deposit who will lend without permanent right to reside. Is that at all possible?

I found this on the Barclays site , I understand us to qualify?

All mortgage applicants are assessed in terms of their rights to reside in the UK, and whether they are currently living in the UK.

	Living in the UK for more than 2 years	Living in the UK for less than 2 years
Applicant is UK citizen or has Permanent Rights to Reside (PRR)	Standard criteria applies	Maximum 90% LTV. Additional underwriter checks apply*
Applicant does not have Permanent Rights to Reside (PRR)	Maximum 90% LTV. Additional underwriter checks apply*	Available for Premier/Wealth qualifying customers. Maximum 75% LTV. Additional underwriter checks apply*

haras_n0sirrah

PCRebuzzi said:

haras_n0sirrah said:

PCRebuzzi said:

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.

There are lenders with a 15% deposit who will lend without permanent right to reside. Is that at all possible?

I found this on the Barclays site , I understand us to qualify?

All mortgage applicants are assessed in terms of their rights to reside in the UK, and whether they are currently living in the UK.

	Living in the UK for more than 2 years	Living in the UK for less than 2 years
Applicant is UK citizen or has Permanent Rights to Reside (PRR)	Standard criteria applies	Maximum 90% LTV. Additional underwriter checks apply*
Applicant does not have Permanent Rights to Reside (PRR)	Maximum 90% LTV. Additional underwriter checks apply*	Available for Premier/Wealth qualifying customers. Maximum 75% LTV. Additional underwriter checks apply*

Yes barclays criteria is up to 90% however they currently have no products over 85%

MP2609

Hi there, I am currently thinking of starting an eBay business which I hope to run in the evening alongside my full-time job. Now my salary would cover my mortgage application fine but would I disclose any sort of additional income to the broker if I can cover it with just my salary? 
I am just thinking of doing this as I want to ensure I can generate as many income streams as possible given the current situation? 
Many thanks in advance 

Gavin74

haras_n0sirrah said:

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?

It's a house, with a couple of small cottages as holiday lets.