Mortgage broker - ask me anything

bell2020

haras_n0sirrah said:

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

Okay, thank you

caspre12

@haras_n0sirrah Hey got a DIP from Lender but my MA has gone through packager Brightstar, they are quering partners income as he's part time, does overtime and gets enhanced pay when he is management. His work contract doesn't evidence the enhanced pay so they are ignoring it. They say he only earns £7k a year in their eyes rather than the £12k we put on application. So far this business year hes earned £8k but they don't see this, very stressful should we change MA see if there is another adverse lender that they or we can deal with direct rather than going to packager ? 

haras_n0sirrah

caspre12 said:

@haras_n0sirrah Hey got a DIP from Lender but my MA has gone through packager Brightstar, they are quering partners income as he's part time, does overtime and gets enhanced pay when he is management. His work contract doesn't evidence the enhanced pay so they are ignoring it. They say he only earns £7k a year in their eyes rather than the £12k we put on application. So far this business year hes earned £8k but they don't see this, very stressful should we change MA see if there is another adverse lender that they or we can deal with direct rather than going to packager ? 

Which lender are you dealing with? Is it someone like bluestone?

caspre12

haras_n0sirrah said:

caspre12 said:

@haras_n0sirrah Hey got a DIP from Lender but my MA has gone through packager Brightstar, they are quering partners income as he's part time, does overtime and gets enhanced pay when he is management. His work contract doesn't evidence the enhanced pay so they are ignoring it. They say he only earns £7k a year in their eyes rather than the £12k we put on application. So far this business year hes earned £8k but they don't see this, very stressful should we change MA see if there is another adverse lender that they or we can deal with direct rather than going to packager ? 

Which lender are you dealing with? Is it someone like bluestone?

Yeah Bluestone 

haras_n0sirrah

caspre12 said:

haras_n0sirrah said:

caspre12 said:

@haras_n0sirrah Hey got a DIP from Lender but my MA has gone through packager Brightstar, they are quering partners income as he's part time, does overtime and gets enhanced pay when he is management. His work contract doesn't evidence the enhanced pay so they are ignoring it. They say he only earns £7k a year in their eyes rather than the £12k we put on application. So far this business year hes earned £8k but they don't see this, very stressful should we change MA see if there is another adverse lender that they or we can deal with direct rather than going to packager ? 

Which lender are you dealing with? Is it someone like bluestone?

Yeah Bluestone 

Guessed as much - Bluestone only deal with packagers. I do know that they are only using basic at the moment unless you are deemed an essential worker by the government (I have a client earning 100k a year in commission which he has had all through lockdown - not interested)
Do you have to use bluestone as a lender?

caspre12

haras_n0sirrah said:

caspre12 said:

haras_n0sirrah said:

caspre12 said:

@haras_n0sirrah Hey got a DIP from Lender but my MA has gone through packager Brightstar, they are quering partners income as he's part time, does overtime and gets enhanced pay when he is management. His work contract doesn't evidence the enhanced pay so they are ignoring it. They say he only earns £7k a year in their eyes rather than the £12k we put on application. So far this business year hes earned £8k but they don't see this, very stressful should we change MA see if there is another adverse lender that they or we can deal with direct rather than going to packager ? 

Which lender are you dealing with? Is it someone like bluestone?

Yeah Bluestone 

Guessed as much - Bluestone only deal with packagers. I do know that they are only using basic at the moment unless you are deemed an essential worker by the government (I have a client earning 100k a year in commission which he has had all through lockdown - not interested)
Do you have to use bluestone as a lender?

Ah makes sense. Were both classes as essential workers as we work in a supermarket. Bluestone is the only lender the MA put us through to in July as it has to be an adverse credit lender due to an outstanding DMP

caspre12

haras_n0sirrah said:

If you want me to have a look at credit files let me know. Is it help to buy? 

Yeah ill DM you, and yes HTB loan

cosh25

Hi just out of interest is there any providers offering mortgages and taking furlough into account? I have been back at work from June until the start of lockdown 2 and I’m due to go back on the 3rd Dec. I live in Sunderland so lucky that I benefit from very low property prices. I’m FTB purchasing (or was) a £89k property with a 15% deposit and earn £18k salary. Any advice appreciated!

Bfg2020

Hi
I’m anticipating that our buyer’s lender asks for an ews1 form following their valuation survey. We are thankfully getting the form done soon (I’ve seen the new guidance released today on the forms but don’t anticipate the reforms will happen soon enough to affect us/suspect we will need the form in spite of the new guidance anyway). Do you know how our buyer’s mortgage be issued? Will they be told that once they have a satisfactory form the mortgage will be issued because all other underwriting will have been carried out? And once we have the form (assuming it’s all fine) do you know how roughly how long it will take to get the mortgage confirmed? Unhelpfully I don’t know their lender. We have a tight timescale so just trying to work out what might happen...

haras_n0sirrah

Bfg2020 said:

Hi
I’m anticipating that our buyer’s lender asks for an ews1 form following their valuation survey. We are thankfully getting the form done soon (I’ve seen the new guidance released today on the forms but don’t anticipate the reforms will happen soon enough to affect us/suspect we will need the form in spite of the new guidance anyway). Do you know how our buyer’s mortgage be issued? Will they be told that once they have a satisfactory form the mortgage will be issued because all other underwriting will have been carried out? And once we have the form (assuming it’s all fine) do you know how roughly how long it will take to get the mortgage confirmed? Unhelpfully I don’t know their lender. We have a tight timescale so just trying to work out what might happen...

Generally it will be a £0 valuation until the surveyor has seen and approved the ews1