Mortgage broker - ask me anything

ShannonEliseHall

Do all mortgage applications go to underwriters?

K_S

ShannonEliseHall said:

Do all mortgage applications go to underwriters?

@ShannonEliseHall Every mortgage case is 'underwritten' by one way or another, using a combination of automated systems and manual interventions by an actual person.

But when the broker or lender says that your application has been "referred", it usually means that it has been sent to an actual human being to review it manually. This does not necessarily mean that the application is less likely to be accepted as it could be due to any number of reasons, sometimes as simple as the automated system not being able to confirm an apartment style address or failing automated ID checks.

mowgliisaG

@haras_nosirrah

we got our approval from Santander today via our MB..he said though that they have agreed but will take a couple of days for offer due to backlog at admin dept at santander...does this sound right? I mean in terms of is there a backlog that would hold an agreed mortgage to offer??

Elwyn

When it comes to new builds, I’ve been reading a lot about needing to exchange contracts and pay the deposit within 28 days.
How do people do this if they have a property to sell and the new build won’t be ready for 6 months? Part of the deposit we would be putting down would come from equity in our current home.

jicms

I have approached all five of the MSE listed fee-free brokers without success for an unencumbered retirement mortgage using property equity. 
Initially they sound very optimistic and say we pass the financial and credit checks and with flying colours.  They all take me through the lengthy application process before the computer saying no. 
We have been offered a two year fix on a repayment basis but the repayments are very high based on a 10 year term so we're looking for interest-only.  We only intend to hold the loan for a few years.
Is there any point trying a fee charging broker or is the outcome likely to be the same?

chullbulla

Hi,
I have exchanged on last Friday and Completion on coming Friday, I have a mortgage with Barclays, due to Covid situation and Christmas in a few weeks, I decided to go for Virgin Media for a new place as a new customer for a future date on 18 Dec. I am aware of avoiding new credit before Completion, I asked the Virgin media rep twice and he mentioned it will be a soft search, long story short for some reason order didn't go through so I processed again on 21 Nov over the phone.
Now I login to Clear score by chance and saw two hard searches by Virgin Media dated 18 Nov & 21 Nov, I tried contacting Virgin but no help.
Now I am very worried if Barclays check file before Completion, even though it is broadband so no extra cost since its £38.99 a month from £32 from my current provider.
Overall my debt reduced since taking mortgage back in August as I was paying monthly, I am very worried and stressed now for worst outcome.

K_S

chullbulla said:

Hi,
I have exchanged on last Friday and Completion on coming Friday, I have a mortgage with Barclays, due to Covid situation and Christmas in a few weeks, I decided to go for Virgin Media for a new place as a new customer for a future date on 18 Dec. I am aware of avoiding new credit before Completion, I asked the Virgin media rep twice and he mentioned it will be a soft search, long story short for some reason order didn't go through so I processed again on 21 Nov over the phone.
Now I login to Clear score by chance and saw two hard searches by Virgin Media dated 18 Nov & 21 Nov, I tried contacting Virgin but no help.
Now I am very worried if Barclays check file before Completion, even though it is broadband so no extra cost since its £38.99 a month from £32 from my current provider.
Overall my debt reduced since taking mortgage back in August as I was paying monthly, I am very worried and stressed now for worst outcome.

I personally wouldn't worry about it. Plenty of people have to apply for utilities like broadband when moving home and I can't say I've come across a lender revoking an offer due to a hard credit check associated with the same.

lancunian

Hi,
Hopefully a mortgage broker can help with this one.
We purchased a property 18 months ago to renovate, the mortgage lender knew this and were fine with it as it would bring the house up to date etc...
We had repairs carried out on the roof and had new electrics fitted to the house as per survey recommendations.
We proceeded to strip out the old bathroom and kitchen and old plasterboard.
Then unfortunately Covid-19 hit and tradesmen were impossible to find.  We have now found reputable tradesmen but they are unable to start until May/June next year.
This also happens to be the time the fixed rate on the mortgage runs out.
There will be no bathroom or kitchen fitted by then so a remortgage is unlikely.
What options, if any,  do we have when the fixed rate runs out?
According to the mortgage statement, the LTV is 80%.
Obviously this is inaccurate.
I doubt a self build mortgage will be obtainable but I am willing to look into options.
Thanks.

haras_n0sirrah

lancunian said:

Hi,
Hopefully a mortgage broker can help with this one.
We purchased a property 18 months ago to renovate, the mortgage lender knew this and were fine with it as it would bring the house up to date etc...
We had repairs carried out on the roof and had new electrics fitted to the house as per survey recommendations.
We proceeded to strip out the old bathroom and kitchen and old plasterboard.
Then unfortunately Covid-19 hit and tradesmen were impossible to find.  We have now found reputable tradesmen but they are unable to start until May/June next year.
This also happens to be the time the fixed rate on the mortgage runs out.
There will be no bathroom or kitchen fitted by then so a remortgage is unlikely.
What options, if any,  do we have when the fixed rate runs out?
According to the mortgage statement, the LTV is 80%.
Obviously this is inaccurate.
I doubt a self build mortgage will be obtainable but I am willing to look into options.
Thanks.

I would do a product transfer with your existing lender. No underwriting or valuation required 

haras_n0sirrah

chullbulla said:

Hi,
I have exchanged on last Friday and Completion on coming Friday, I have a mortgage with Barclays, due to Covid situation and Christmas in a few weeks, I decided to go for Virgin Media for a new place as a new customer for a future date on 18 Dec. I am aware of avoiding new credit before Completion, I asked the Virgin media rep twice and he mentioned it will be a soft search, long story short for some reason order didn't go through so I processed again on 21 Nov over the phone.
Now I login to Clear score by chance and saw two hard searches by Virgin Media dated 18 Nov & 21 Nov, I tried contacting Virgin but no help.
Now I am very worried if Barclays check file before Completion, even though it is broadband so no extra cost since its £38.99 a month from £32 from my current provider.
Overall my debt reduced since taking mortgage back in August as I was paying monthly, I am very worried and stressed now for worst outcome.

Nothing to worry about. This is something expected. Loans and credit cards are different