Mortgage broker - ask me anything

MovingSiren

Hi Haras - we moved out of the UK in 2017 to NZ and have been on a CTL since then. We're looking to remortgage onto a BTL and use some equity to buy another property in the UK. We plan to return to the UK in 2022. Any recommendations? 

annetheman

Q: Have you ever had a client who had their mortgage application cancelled due to inactivity have it reopened by the lender under any circumstances?

haras_n0sirrah

MovingSiren said:

Hi Haras - we moved out of the UK in 2017 to NZ and have been on a CTL since then. We're looking to remortgage onto a BTL and use some equity to buy another property in the UK. We plan to return to the UK in 2022. Any recommendations? 

I have looked for people living in Australia before but it wasnt possible due to the laws Australia have over non face to face advice which meant expat lenders wouldn't do it. I will check if New Zealand are the same.

haras_n0sirrah

annetheman said:

Q: Have you ever had a client who had their mortgage application cancelled due to inactivity have it reopened by the lender under any circumstances?

I have never had a case cancelled due to inactivity however I would have thought the first step would be for the broker to try to sort via their bdm. If it isnt possible then can you do a new application? (Are you the lady buying the flat with the delayed ews1)

annetheman

haras_n0sirrah said:

annetheman said:

Q: Have you ever had a client who had their mortgage application cancelled due to inactivity have it reopened by the lender under any circumstances?

I have never had a case cancelled due to inactivity however I would have thought the first step would be for the broker to try to sort via their bdm. If it isnt possible then can you do a new application? (Are you the lady buying the flat with the delayed ews1)

Thank you so much! Yes the delay is due to EWS1, survey done on 28th August and now 3 months delayed, no reason given as to why yet.

My broker has gone to the BDM, and has appealed stating that no warning was given that they would cancel, they just - to quote my broker - "pulled the rug from under us." 

I cannot do a new application because I applied pre-lockdown beginning of March, the product is no longer available and the ones for Shared Ownership at 90% have higher interest rates which reduce my affordability for Shared Ownership. 

Given this, do you think the BDM would consider reopening the application?

haras_n0sirrah

annetheman said:

haras_n0sirrah said:

annetheman said:

Q: Have you ever had a client who had their mortgage application cancelled due to inactivity have it reopened by the lender under any circumstances?

I have never had a case cancelled due to inactivity however I would have thought the first step would be for the broker to try to sort via their bdm. If it isnt possible then can you do a new application? (Are you the lady buying the flat with the delayed ews1)

Thank you so much! Yes the delay is due to EWS1, survey done on 28th August and now 3 months delayed, no reason given as to why yet.

My broker has gone to the BDM, and has appealed stating that no warning was given that they would cancel, they just - to quote my broker - "pulled the rug from under us." 

I cannot do a new application because I applied pre-lockdown beginning of March, the product is no longer available and the ones for Shared Ownership at 90% have higher interest rates which reduce my affordability for Shared Ownership. 

Given this, do you think the BDM would consider reopening the application?

I think it will be tricky as it has been going on for so long and the product will have expired (and as you say they are now significantly higher)
Definately need to beg the bdm via the broker

bell2020

Hi,
We currently have an application in with vida.. concessionary purchase mortgage. The case is subject to valuation.

How easy or is it even possible to completely change the property and use help to buy instead? With the same lender.... it'll be 133k mortgage instead of the 157750 we are currently applying for. We have upto 15k funds available as a cash deposit and then 20% h2b deposit (house will be 185k)

Is this possible? 🙈

Or what is the quickest adverse lender out there at the moment? Don't have time on our side to wait several months on another mortgage application 

Thank you

haras_n0sirrah

If you are changing lenders I would avoid Vida. Currently 26 working days for underwriter. There are other adverse lenders with similar criteria and rates - I got a mortgage offer out with one in under 2 weeks recently 

bell2020

haras_n0sirrah said:

If you are changing lenders I would avoid Vida. Currently 26 working days for underwriter. There are other adverse lenders with similar criteria and rates - I got a mortgage offer out with one in under 2 weeks recently 

We have already applied with them. Finished underwriting and had valuation done. Awaiting offer now. But we want to change the property and use help to buy now. I wondered if its either easier to "change" our application with Vida to the new property and use h2b.... or to just find another lender and start from scratch again!

haras_n0sirrah

I would first check if you would need to start again or if you can just change property