Mortgage broker - ask me anything

g4eva11

The_Posh said:

I'm a 58 year old looking to take out a mortgage (first time here - moved back from the USA a few years ago). Any suggestions for banks or buildings societies to try?

Do yuo still have US income? I have this and applied with hsbc. 59 yo but stable income from investments. 

Chimcess93

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

We went direct to NatWest on the advice of my father. He seems to have a bit of an issue with brokers 😂. But whilst it has gone smoothly this time, I think when we move in the future I would definitely go with a broker, I think it takes a lot of the stress off of you. The idea of having someone who knows what they’re doing and which lender will accept what sounds like heaven to me! But I’d definitely pick one with a good rating (probably one recommended by someone I know) and whose price wasn’t extortionate

FTBMish

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

We just went with who the housebuilder suggested. We knew we wanted a broker as we do feel it needs a specialist. In all honesty the process has been fine although we do get emails from different people everytime and haven't really heard from the original Advisor since the application was submitted. Hasn't seemed to stop progress so for now I am not complaining.

simone82

Wonder if you can advise....Does a HP or PCP car loan have a negative impact on my chances of getting a mortgage.  At rhe moment it looks like my total debt is high because I have an 15k car loan (HP) on my credit file.  My intention is to (like previously) is to get to halfway through the agreement and then return the car and take out another HP which leaves the account as settled in full etc.  Will banka etc be aware that this is not a true reflection of my debt? As aside from this my total debt is £3k?

haras_n0sirrah

PoppySoper said:

Anyone know of any 10% JBSP mortgages available at the moment? 

I am afraid you would need 15% at the current time 

haras_n0sirrah

Chimcess93 said:

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

We went direct to NatWest on the advice of my father. He seems to have a bit of an issue with brokers 😂. But whilst it has gone smoothly this time, I think when we move in the future I would definitely go with a broker, I think it takes a lot of the stress off of you. The idea of having someone who knows what they’re doing and which lender will accept what sounds like heaven to me! But I’d definitely pick one with a good rating (probably one recommended by someone I know) and whose price wasn’t extortionate

Most brokers are around £250 to £500 (I charge £399 on full offer for straightforward to a max of £599 for complex cases)
I think we are worth it provided we give a good service (answering calls and emails, hand holding, giving updates as that seems to be where the large fee free brokers fall down)
I have just helped someone from this forum who tried to diy. Signed up to a lender at 3.89% variable with £595 fees and a paid for valuation. Got declined so contacted me. I have got him approved at 2.59% 5 year fix with no fees and a free val. That decline will save him a fortune.
I think the whole endowment era has led to a distrust which is a real shame. Things are so tightly regulated now the chatlatons are long gone.

haras_n0sirrah

simone82 said:

Wonder if you can advise....Does a HP or PCP car loan have a negative impact on my chances of getting a mortgage.  At rhe moment it looks like my total debt is high because I have an 15k car loan (HP) on my credit file.  My intention is to (like previously) is to get to halfway through the agreement and then return the car and take out another HP which leaves the account as settled in full etc.  Will banka etc be aware that this is not a true reflection of my debt? As aside from this my total debt is £3k?

The full amount would be factored into the full picture however the monthly payment would be what is factored into affordability. The only time it can make a difference is some lenders have a max debt to salary ratio.

ChristopherMM

Hi, we're close to repaying my mortgage on our first home. When it's paid off, we'd like to get a new mortgage to move to a new property (and live in the new property) but keep our existing property (current home) to rent out. What types of mortgages are available to us for buying the second property as we don't seem to fit BTL/LTB (forgive my ignorance if we do!)?

haras_n0sirrah

ChristopherMM said:

Hi, we're close to repaying my mortgage on our first home. When it's paid off, we'd like to get a new mortgage to move to a new property (and live in the new property) but keep our existing property (current home) to rent out. What types of mortgages are available to us for buying the second property as we don't seem to fit BTL/LTB (forgive my ignorance if we do!)?

This would be a let to buy. A number of lenders will allow this but you are looking at a 15% minimum deposit for onward purchase. Depending on your onward deposit may depend on whether you are better getting a mortgage on the original property under btl (tax advantages) or on the new property. That is where speaking to a broker can help 

Bm1937

Hi
Within the next couple of months my boyfriend and I will be applying for a mortgage with help to buy. We will be using 10%(£19100) of our own money and 20% (38000) from the government to purchase our £191000 new build. 

We chose to do this because of issues over the past year in trying to get a normal mortgage due to COVID.

I work as a full time as a veterinary nurse and pay is 23.5k, his 27k. However, I have recently started a part time postgrad masters degree which will last 5 years, I have been given a maintenance/loan or grant to help with paying course fees and general things for uni such as books. Will this affect my mortgage? It is roughly £1500 paid directly to my bank account every 3months. I will not be leaving work or reducing hours as this is an online course to help further my career. I don’t pay anything at the moment on previous student loans but I know that if I was to earn £23.5k it would be around £3 a month! I have already told the broker about my previous loans and that I don’t pay anything, but I only just found out about the maintenance one today. I don’t want lenders to see this money as boosting. 

This will not be contributing to the deposit, fees or mortgage in anyway. We already have the deposit plus an extra 2k and our fees set aside and have regular savings set aside of approx £800 a month between us.

does anyone have any info on this, I’m just really hoping it won’t affect us. I will literally be putting the money into savings as we are planning on using some of it to pay off the help to buy loan in the future as well as books and things I need for uni.

thank you