Mortgage broker - ask me anything

haras_n0sirrah

ChilliBob said:

I'm looking to port my mortgage, add my partner to it and increase the size of it. My lender, Scottish Widows, tells me this is pretty standard stuff and any broker should be able to assist.

Do you think this is true?! Most online stuff seems to be for new mortgages or remortgages, this feels a bit different. 

Can the commission only type brokers assist with this or am I in chargeable territory?

I've pinged Trinty and am half way through Habito application! 

It would depend on the size of the mortgage as to whether a smaller fee free broker would do it. 

ACG

LRmortgage said:

ACG 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

Will you call Platform for me tomorrow please? 

Hahaha ACG, my admin is getting fed up of me getting her to sit on hold for me so I can get on with other stuff... 

Our final case has finally gone to offer with them.
Nothing else is going into them now until they sort themselves out. 

ChilliBob

haras_n0sirrah said:

ChilliBob said:

I'm looking to port my mortgage, add my partner to it and increase the size of it. My lender, Scottish Widows, tells me this is pretty standard stuff and any broker should be able to assist.

Do you think this is true?! Most online stuff seems to be for new mortgages or remortgages, this feels a bit different. 

Can the commission only type brokers assist with this or am I in chargeable territory?

I've pinged Trinty and am half way through Habito application! 

It would depend on the size of the mortgage as to whether a smaller fee free broker would do it. 

Thanks, between us we would clear 550 or so in equity from the property sales of my partner and me. Property is about 800

vimto456

I have a mortgage broker however am receiving quite slow replies. 
I am just wondering which lenders have the quickest average timeframes from application to offer?
Are First Direct a good option? the interest rates and fees are much lower with First Direct than Natwest who my broker has recommended. Ideally I would like to follow my brokers advice however I am part of a chain and the estate agents have rang quite a few times to see whether my mortgage application has been submitted so I feel under pressure to get things moving. 

Also thanks to all the brokers for taking the time to answer the questions on this thread

Countyourblessings123

My oh and I are looking to buy a home together. The plan is I sell mine while he keeps his, so his grown up sons can remain living there, paying rent to him. What are my partner's options for raising cash against his existing property to put down on our new one, or for him getting a joint mortgage with me? Thanks in advance for any advice.

ChasingtheWelshdream

We are 12 weeks into a re-mortgage with Natwest, which I understand is due to partial income through self-employment (established business, not Covid affected and a side-hustle alongside permanent day jobs). We were supposed to be progressing to 'offer stage' this week but everything has gone silent and no explanation forthcoming to our broker (who are equally frustrated).  I am now really concerned we will be declined due to the blackout. Is this usual for the final stages with Natwest? I am conscious of becoming a pain asking our broker for too many 
updates if there is nothing they can do.

If we are declined, do lenders give specific reasons as to why, so we can decide if its worth pursuing an alternative lender?  Is this timescale usual should we decide to try again elsewhere? (No adverse credit, just modest incomes requesting a minimal mortgage amount to fund some home improvements).

Thanking you anxiously in advance.....

haras_n0sirrah

vimto456 said:

I have a mortgage broker however am receiving quite slow replies. 
I am just wondering which lenders have the quickest average timeframes from application to offer?
Are First Direct a good option? the interest rates and fees are much lower with First Direct than Natwest who my broker has recommended. Ideally I would like to follow my brokers advice however I am part of a chain and the estate agents have rang quite a few times to see whether my mortgage application has been submitted so I feel under pressure to get things moving. 

Also thanks to all the brokers for taking the time to answer the questions on this thread

I wouldn't know about first direct as brokers can't use them.
As to who is the fastest it does depend on circumstances especially whether employed or self employed and whether income is straightforward. Underwriting wise probably Halifax are fastest but then there is a long wait for the survey with them so swings and roundabouts 

haras_n0sirrah

Countyourblessings123 said:

My oh and I are looking to buy a home together. The plan is I sell mine while he keeps his, so his grown up sons can remain living there, paying rent to him. What are my partner's options for raising cash against his existing property to put down on our new one, or for him getting a joint mortgage with me? Thanks in advance for any advice.

Subject to the affordability fitting that can certainly work. It wouldn't be a let to buy as you wont be letting the first property but it would be going down the regulated dependents mortgage route. As long as the figures stack up then it is certainly something we brokers can help you with.

haras_n0sirrah

ChasingtheWelshdream said:

We are 12 weeks into a re-mortgage with Natwest, which I understand is due to partial income through self-employment (established business, not Covid affected and a side-hustle alongside permanent day jobs). We were supposed to be progressing to 'offer stage' this week but everything has gone silent and no explanation forthcoming to our broker (who are equally frustrated).  I am now really concerned we will be declined due to the blackout. Is this usual for the final stages with Natwest? I am conscious of becoming a pain asking our broker for too many 
updates if there is nothing they can do.

If we are declined, do lenders give specific reasons as to why, so we can decide if its worth pursuing an alternative lender?  Is this timescale usual should we decide to try again elsewhere? (No adverse credit, just modest incomes requesting a minimal mortgage amount to fund some home improvements).

Thanking you anxiously in advance.....

From our side of the desk this is probably the most frustrating time ever I have been a broker in 14 years. Wheras before the lenders used to take 2-3 days, you could call them and get through in 10 mins, you could speak to your bdm, you knew the criteria and whether something would go through (self employed especially) it is now a situation where it takes 3-4 weeks to hear something, you can spend 2 hours on hold and the criteria is whatever the underwriter makes up on the day 
Natwest and self employed are not great together if you have been affected by covid. Probably the worst. They will want 3 months bank statements showing you are back to normal and if you got an seiss grant they will only base your income off of that regardless if you are back to normal or not. It will depend on affordability but I am swerving natwest now for anyone self employed after some frankly baffling decisions they have made.
If you have not been affected by covid and they said it has been passed to offer stage then you should be ok but ask the broker to contact the bdm to get an update if they can.

winogronek

I would like to ask if there's any circumstances in which bank could be persuaded to speed up the process once all the documents have been submitted or is it basically just " send and wait"?  

Second question, my application is with Nationwide. I haven't been on furlough but my partner did, she returned to full time work in mid June. How fussy is Nationwide in regards to the documents ( payslips, bank statement etc).

 Also, I'm EU national with settled status but my partner have only lived in the UK for about a year and a half so she has been granted pre settled status. How likely is it that we will be offered a mortgage in such circumstances?