Mortgage broker - ask me anything

haras_n0sirrah

Monik2510a said:

My husband is taking a shared ownership mortgage (just in his name due to my adverse credit history). There will be three of us living in the property: my husband, myself and our 2 year old son. The original mortgage application was with Leeds Building Society, applied on the 22nd September and after submiting additional information twice, we have been told today by our MA that Leeds all of a sudden has reduced the amount they are willing to lend by nearly 20k, we won't be able to get that much deposit. Our MA tried to find another lender, who would be willing to do mortgage in just my husbands name, without me being classed as financially dependent. He said he is struggling to find a lender thag would be able to do 90LTV and that the majority of lenders now only do 85LTV, is this right? 
He has suggested to go with Santander as we fit the criteria and we should be ok. Would you recommend Santander in our case?
Also, my husbands dad will be gifting him money towards deposit - I know that he will be taking out a loan, which we will not have to repay, his dad will be paying off the loan as he promised that he will help when we decide to buy a house. Are we likely to have any issues with the source of deposit? 
Thank you

What is the adverse? Is it not possible to do a joint application?

haras_n0sirrah

AyrshireMark said:

Hiya, firstly thanks for the offer of advice.... Much appreciated. My query relates to buying a second home. We're due to pay off our mortgage in a few year's time and are thinking of buying a second home.... A flat, originally for our kids whilst they're at uni, but then for us to use. Our plan is to remortgage our home (I think that might technically be an unencumbered mortgage) to give us around £180k (60% LTV on £300k House, repayment at £855 pcm at 1.34% over 20 years). We would use this as the deposit for an interest only second home mortgage (£150k on a 300k flat, 20 years at 2.69%, £365 pcm). The £30k balance would cover transaction costs. Affordability wise, we'd be paying roughly what we're paying just now, and our combined income is around £100k. For the interest only, we'll have around £100k in our LISAs by then. What I'd like to know is A) are there any problems with what I've suggested above? E. G. Would either lender have an issue? and b) is there a better way of doing this? 

It sounds ok. The most important thing is the interest only and second home criteria and making sure it fits the criteria. A broker can help you here if you aren't sure of your options 

haras_n0sirrah

Rach7379 said:

Rach7379 said:

haras_n0sirrah said:

Rach7379 said:

Not sure if this  has already been covered, but we are currently selling a property and are being told that the buyers are waiting on the underwriters and being told it is delayed to 12 - 16 weeks due to covid 19 is this true do you think or do you think we are being given the run around?

12-16 weeks is a long time. Do you know which lender?

Unfortunately I do not know who their lenders is, all I know is that they are going through their huge backlog and they should have an answer soon. Just do not feel like we are being told everything 

Have found out that they are trying to get a mortgage through Santander and that the forms were submitted on 8th October and have still not heard anything 

Santander is on the 8th oct today 

Monik2510a

haras_n0sirrah said:

Monik2510a said:

My husband is taking a shared ownership mortgage (just in his name due to my adverse credit history). There will be three of us living in the property: my husband, myself and our 2 year old son. The original mortgage application was with Leeds Building Society, applied on the 22nd September and after submiting additional information twice, we have been told today by our MA that Leeds all of a sudden has reduced the amount they are willing to lend by nearly 20k, we won't be able to get that much deposit. Our MA tried to find another lender, who would be willing to do mortgage in just my husbands name, without me being classed as financially dependent. He said he is struggling to find a lender thag would be able to do 90LTV and that the majority of lenders now only do 85LTV, is this right? 
He has suggested to go with Santander as we fit the criteria and we should be ok. Would you recommend Santander in our case?
Also, my husbands dad will be gifting him money towards deposit - I know that he will be taking out a loan, which we will not have to repay, his dad will be paying off the loan as he promised that he will help when we decide to buy a house. Are we likely to have any issues with the source of deposit? 
Thank you

What is the adverse? Is it not possible to do a joint application?

Hi. Thank you for coming back to me. I have CCJ's and defaults and no regular income at the moment (I have set up a company in Augusy but not taking out salary at the moment). Just been wondering whether Santander is the lender that we should go with ? And would you be able to advise on the deposit query please? Thank you so much.

Rach7379

haras_n0sirrah said:

Rach7379 said:

Rach7379 said:

haras_n0sirrah said:

Rach7379 said:

Not sure if this  has already been covered, but we are currently selling a property and are being told that the buyers are waiting on the underwriters and being told it is delayed to 12 - 16 weeks due to covid 19 is this true do you think or do you think we are being given the run around?

12-16 weeks is a long time. Do you know which lender?

Unfortunately I do not know who their lenders is, all I know is that they are going through their huge backlog and they should have an answer soon. Just do not feel like we are being told everything 

Have found out that they are trying to get a mortgage through Santander and that the forms were submitted on 8th October and have still not heard anything 

Santander is on the 8th oct today 

Does that me they should get a confirmed offer very soon or that it’s gone in a queue to the underwriter?

[Deleted User]

haras_n0sirrah said:

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

Thanks 

Its a pension guaranteed for life ( permanent and cannot be reviewed )  due to a permanent injury being caused by the employer, so its tax free. 

Mckenna1992

Hi , my girlfriend and I are currently in the process of buying our first property , we have received an offer from NatWest on the 17th September 2020 .  We thought we were close to exchanging this week however on 2nd glance NatWest valuers realised that our EWS1 form was signed off by a “unqualified” RICS individual,  Despite the individual being a qualified fire engineer and having over 17 years experience with cladding.  I am now completely aware of the shortage of recognised qualified RICS members there are to sign off EWS1 form . 

The Flat we are in the process of buying is a new build ( August 2020) and is 1 of 20 in the block of flats . 10 residence have moved in since August (2 With NatWest as a lender already) and 5 are expected to exchange this week . The building is 17 meters in height and materials used on the external wall system have been given A1 rating and are identified as non combustible . (Fire engineer has signed off)  

In the valuation report it states :
Regulation S1 2018/1230 required prior to lending . If this is not available the lender requires EWS1 form signed by appropriate person . 

As stated before our building is under 18 meters and the external wall system is A1 rating both of which meaning it complies with the S1 2018/1230 regulation therefore one would assume that the EWS1 form is not required . 

NatWest are currently discussing with surveyors on this issue . Has anybody experience this or has anybody got any advice ? 

Monik2510a

haras_n0sirrah said:

Monik2510a said:

My husband is taking a shared ownership mortgage (just in his name due to my adverse credit history). There will be three of us living in the property: my husband, myself and our 2 year old son. The original mortgage application was with Leeds Building Society, applied on the 22nd September and after submiting additional information twice, we have been told today by our MA that Leeds all of a sudden has reduced the amount they are willing to lend by nearly 20k, we won't be able to get that much deposit. Our MA tried to find another lender, who would be willing to do mortgage in just my husbands name, without me being classed as financially dependent. He said he is struggling to find a lender thag would be able to do 90LTV and that the majority of lenders now only do 85LTV, is this right? 
He has suggested to go with Santander as we fit the criteria and we should be ok. Would you recommend Santander in our case?
Also, my husbands dad will be gifting him money towards deposit - I know that he will be taking out a loan, which we will not have to repay, his dad will be paying off the loan as he promised that he will help when we decide to buy a house. Are we likely to have any issues with the source of deposit? 
Thank you

What is the adverse? Is it not possible to do a joint application?

How can I get hold of you please?

haras_n0sirrah

Monik2510a said:

haras_n0sirrah said:

Monik2510a said:

My husband is taking a shared ownership mortgage (just in his name due to my adverse credit history). There will be three of us living in the property: my husband, myself and our 2 year old son. The original mortgage application was with Leeds Building Society, applied on the 22nd September and after submiting additional information twice, we have been told today by our MA that Leeds all of a sudden has reduced the amount they are willing to lend by nearly 20k, we won't be able to get that much deposit. Our MA tried to find another lender, who would be willing to do mortgage in just my husbands name, without me being classed as financially dependent. He said he is struggling to find a lender thag would be able to do 90LTV and that the majority of lenders now only do 85LTV, is this right? 
He has suggested to go with Santander as we fit the criteria and we should be ok. Would you recommend Santander in our case?
Also, my husbands dad will be gifting him money towards deposit - I know that he will be taking out a loan, which we will not have to repay, his dad will be paying off the loan as he promised that he will help when we decide to buy a house. Are we likely to have any issues with the source of deposit? 
Thank you

What is the adverse? Is it not possible to do a joint application?

How can I get hold of you please?

You can pm me with contact details

Monik2510a

haras_n0sirrah said:

Monik2510a said:

haras_n0sirrah said:

Monik2510a said:

My husband is taking a shared ownership mortgage (just in his name due to my adverse credit history). There will be three of us living in the property: my husband, myself and our 2 year old son. The original mortgage application was with Leeds Building Society, applied on the 22nd September and after submiting additional information twice, we have been told today by our MA that Leeds all of a sudden has reduced the amount they are willing to lend by nearly 20k, we won't be able to get that much deposit. Our MA tried to find another lender, who would be willing to do mortgage in just my husbands name, without me being classed as financially dependent. He said he is struggling to find a lender thag would be able to do 90LTV and that the majority of lenders now only do 85LTV, is this right? 
He has suggested to go with Santander as we fit the criteria and we should be ok. Would you recommend Santander in our case?
Also, my husbands dad will be gifting him money towards deposit - I know that he will be taking out a loan, which we will not have to repay, his dad will be paying off the loan as he promised that he will help when we decide to buy a house. Are we likely to have any issues with the source of deposit? 
Thank you

What is the adverse? Is it not possible to do a joint application?

How can I get hold of you please?

You can pm me with contact details

Done