Mortgage broker - ask me anything

haras_n0sirrah

Rach7379 said:

Rach7379 said:

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?

Hi don’t suppose you know how Santander work and that if the application was put in on the 8th Oct that that actually means the underwriter has it or if there is another queue to get the underwriter to look at it??

If it has been in since the 8th oct I would expect it to be near the front of the queue

haras_n0sirrah

gizmotitch said:

Hiya looking for some reassurance. 

We applied for a mortgage with NatWest 3 weeks ago. 

Partner is Self employed. I’m not employed but I have a teachers death in service pension for life ( death of previous husband). 

LTV is only 24%

Valuation was carried out a week ago. 

On the mortgage application tracker everything has a tick next to it. Is this a good sign? 

Mortgage broker is saying it will be another 12 working days before we hear. 

I’m stressing as I’ve been reading such bad things about NatWest and Self employed as a combo. 

Any advice? 

Could they still reject whole application? 

Thanks in advance 

Natwest would not be my first choice for self employed (it would be last) but if the case is well within affordability and the income has been checked off then it should be ok. 

gizmotitch

haras_n0sirrah said:

gizmotitch said:

Hiya looking for some reassurance. 

We applied for a mortgage with NatWest 3 weeks ago. 

Partner is Self employed. I’m not employed but I have a teachers death in service pension for life ( death of previous husband). 

LTV is only 24%

Valuation was carried out a week ago. 

On the mortgage application tracker everything has a tick next to it. Is this a good sign? 

Mortgage broker is saying it will be another 12 working days before we hear. 

I’m stressing as I’ve been reading such bad things about NatWest and Self employed as a combo. 

Any advice? 

Could they still reject whole application? 

Thanks in advance 

Natwest would not be my first choice for self employed (it would be last) but if the case is well within affordability and the income has been checked off then it should be ok. 

Thanks so much for your reply. 

Income - tax returns have been checked and have a tick next to them on the application checker. Does this mean they have “passed” it’s a good 30 grand Below what the AIP with them said. 

If they reject it do you think we have other options? 

My mortgage advisor is convinced the worst that could happen would be that they would reduce lending. ( we are ok with this to a point as have more savings we can use if necessary) I Naively thought that with such a huge deposit they wouldn’t even blink.  

Nowra

Went to a broker with 56% LTV asking for quotes on a 20 year mortgage. What came back were quotes for 2 and 5 year fixed term. The rate for the latter was 1.43%. It appears to me rates are relatively low and potentially worthwhile sticking with for longer, e.g. a 10 year fixed rate... but I was surprised this wasn't suggested by the broker. After asking fpr 10 years the quote was 1.99% fixed rate. Perhaps I'm overly optimistic about the state of the world in 5 years time but it seems to me 10 years is a good deal... or am I missing something??? Any perspectives welcome please...! :-)

haras_n0sirrah

gizmotitch said:

haras_n0sirrah said:

gizmotitch said:

Hiya looking for some reassurance. 

We applied for a mortgage with NatWest 3 weeks ago. 

Partner is Self employed. I’m not employed but I have a teachers death in service pension for life ( death of previous husband). 

LTV is only 24%

Valuation was carried out a week ago. 

On the mortgage application tracker everything has a tick next to it. Is this a good sign? 

Mortgage broker is saying it will be another 12 working days before we hear. 

I’m stressing as I’ve been reading such bad things about NatWest and Self employed as a combo. 

Any advice? 

Could they still reject whole application? 

Thanks in advance 

Natwest would not be my first choice for self employed (it would be last) but if the case is well within affordability and the income has been checked off then it should be ok. 

Thanks so much for your reply. 

Income - tax returns have been checked and have a tick next to them on the application checker. Does this mean they have “passed” it’s a good 30 grand Below what the AIP with them said. 

If they reject it do you think we have other options? 

My mortgage advisor is convinced the worst that could happen would be that they would reduce lending. ( we are ok with this to a point as have more savings we can use if necessary) I Naively thought that with such a huge deposit they wouldn’t even blink.  

If it has been ticked I should think you are ok.

Gavin74

haras_n0sirrah said:

Gavin74 said:

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.

Are the holiday lets on the same title?

Yes, all on the same title

wa1985

Good morning! I am wondering how this might look from a lender’s point of view. I took payment breaks on my two loans and mortgage at the start of lockdown as it looked like my job was going to be in trouble. Turns out it wasn’t thankfully. I also had my house on the market at the time. When I realised my job wasn’t at risk, I paid all of the money back towards the loans to make up for the missed payments. However, I paid the mortgage money towards one of the loans as well, as I had secured a buyer by then so my reasoning was the whole mortgage will be getting paid back from the sale anyway. 

Our plan was to wait and buy in 6 months to a year but a house has come up now that we really like. But I’m aware that the mortgage provider might view my actions as not paying my mortgage back to favour a different debt. My mortgage has now been cleared but only last week, so it’s still showing as open on my credit file for now. Will they likely be put off by this do you think? My broker has suggested HSBC for the mortgage.

wa1985

Also I should have said, I’ve now paid back one of the loans due to the above so I only have one left.

haras_n0sirrah

Gavin74 said:

haras_n0sirrah said:

Gavin74 said:

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.

Are the holiday lets on the same title?

Yes, all on the same title

Looking at the criteria guides there are potentially some lenders who would look at this but they seem to have a max of 4 properties under 1 title.

WP20

Good morning!

My post re. my situation hasn't yielded any results, so thought I'd come to you to see if you have any advice.

Long story short...

Me and my fiancé are first time buyers. Put in an offer, accepted and have mortgage in principle with Halifax. Very long down the line now, property searches and homebuyers report all done, due to exchange this month with any luck - however, we've not been asked re source of deposit until recently by our solicitor. Bulk of deposit is made up of our own savings and ISA funds.

However, £6000 is being gifted from my Mum, and £7000 gifted from her partner (not my biological Dad). Her and her partner have been together for 7 years, living together for 4 years, he has paid off his mortgage and very stable in job security etc. Both of these source of funds are gifts and not loans, super generous of them obviously.

My solicitor has a gifted deposit letter and certified documents from my Mum, and is now going to approach Halifax re my Mum's partners involvement, and said if needs be, will get him to sign a gifted deposit letter in the same vein as my Mum. The nature of the partners involvement is that he has gifted the funds to my Mum to gift to us, or this is how he has termed things (he deposited it into my Mum's savings account so there was a transaction history and she has transferred the funds to us ready to be sent to the solicitor). Our solicitor seems to be sure this won't be an issue, and my broker indicated a while back when discussing with us that it shouldn't be due to the nature of my Mum's partners relationship with both me and my Mum - whilst not a step-father, he is for all intents and purposes this to me but not in the eyes of the law, if that makes sense?

I'm a huge worrier and suffer badly with anxiety and am afraid that because my Mum's partner isn't my step-father that this will fall outside of Halifax's guidelines with gifted deposits and disqualify us from getting the mortgage outright.

My Mum's partner is of the opinion that if he has gifted the money to my Mum, and she is gifting that plus hers as a gift to us and signing to confirm it is in fact a gift and not a loan, then the bank shouldn't take issue with it - as my Mum is signing to confirm the monies are to be used towards the mortgage and she has no stake in the property etc, the bank are covered. What is your opinion/experience?

Thank you in advance.