Mortgage broker - ask me anything

LDreader

Hi I’ve been waiting three weeks for Barclays to book a valuation. Application has been in nearly six weeks now! My broker has said it’s because the house was (most likely) repossessed.
“ They’re  having trouble getting the surveyor to book the valuation in due to the house being a repossession at some stage“.
 The current owners/sellers bought it at auction last year . But I don’t understand why this is an issue? Any advice? 
Thanks

Rach7379

Just a quick question. Once a mortgage has been confirmed how long does it take before money is sent to sellers solicitor ?

16hm

Hi - I currently have a. residential mortgage with HSBC.  If I was to get permission to let on this would a bank (any bank) be happy to give me another residential mortgage?  

haras_n0sirrah

16hm said:

Hi - I currently have a. residential mortgage with HSBC.  If I was to get permission to let on this would a bank (any bank) be happy to give me another residential mortgage?  

Yes - it is called let to buy. A 15% deposit for the onward purchase will be required and you will have the second stamp duty to pay 

haras_n0sirrah

Rach7379 said:

Just a quick question. Once a mortgage has been confirmed how long does it take before money is sent to sellers solicitor ?

The solicitor will apply for it once all the conveyancing is done. Usually a minimum 5 days draw down period is required 

haras_n0sirrah

LDreader said:

Hi I’ve been waiting three weeks for Barclays to book a valuation. Application has been in nearly six weeks now! My broker has said it’s because the house was (most likely) repossessed.
“ They’re  having trouble getting the surveyor to book the valuation in due to the house being a repossession at some stage“.
 The current owners/sellers bought it at auction last year . But I don’t understand why this is an issue? Any advice? 
Thanks

Surely the surveyor just needs to call the estate agent?

haras_n0sirrah

StuddedPunk said:

Hi, hope you are well.

Is there any chance you can look over this please? Me and my partner are very worried and we just cannot find any advise on the internet from anyone that has been in the same situation.

Many thanks.

What is the situation you need help with?

LDreader

haras_n0sirrah said:

LDreader said:

Hi I’ve been waiting three weeks for Barclays to book a valuation. Application has been in nearly six weeks now! My broker has said it’s because the house was (most likely) repossessed.
“ They’re  having trouble getting the surveyor to book the valuation in due to the house being a repossession at some stage“.
 The current owners/sellers bought it at auction last year . But I don’t understand why this is an issue? Any advice? 
Thanks

Surely the surveyor just needs to call the estate agent?

Well you would have thought so. But it seems Barclays have an issue with instructing the valuation. Last week I was told they couldn’t use Home Report valuation (Scotland) because that surveyor was ‘involved’ in the repossession and there was a conflict of interest. So they were instructing a valuation of their own  but even instructing that valuation seems to be an issue. It occurred to me that perhaps Barclays was the one to repossess the property last year but surely that wouldn’t cause this much of a problem? I guess I’m just going to have to wait and see what happens. 

16hm

haras_n0sirrah said:

16hm said:

Hi - I currently have a. residential mortgage with HSBC.  If I was to get permission to let on this would a bank (any bank) be happy to give me another residential mortgage?  

Yes - it is called let to buy. A 15% deposit for the onward purchase will be required and you will have the second stamp duty to pay 

Hi Sorry - no I understand that - what im saying is.  If I was keep my rent out my current house - where I live and got permission to rent on my current mortgage.  I would then move to lichee somewhere else.  Would I be ok getting another residential mortgage?  As I would effectively be running two in parallel.

haras_n0sirrah

16hm said:

haras_n0sirrah said:

16hm said:

Hi - I currently have a. residential mortgage with HSBC.  If I was to get permission to let on this would a bank (any bank) be happy to give me another residential mortgage?  

Yes - it is called let to buy. A 15% deposit for the onward purchase will be required and you will have the second stamp duty to pay 

Hi Sorry - no I understand that - what im saying is.  If I was keep my rent out my current house - where I live and got permission to rent on my current mortgage.  I would then move to lichee somewhere else.  Would I be ok getting another residential mortgage?  As I would effectively be running two in parallel.

Yes you can get another residential mortgage. You will need a 15% deposit for your onward purchase