Mortgage broker - ask me anything

haras_n0sirrah

jicms said:

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?

What do you mean by an unencumbered retirement mortgage? Is it an equity release? You may need a specialist retirement mortgage for this 

lancunian

haras_n0sirrah said:

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 

Thanks for that.
I always thought that another valuation was needed, even for product transfers.
So I can get in touch with the lender nearer the time and ask for the best deal?
Good to know.

K_S

lancunian said:

haras_n0sirrah said:

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 

Thanks for that.
I always thought that another valuation was needed, even for product transfers.
So I can get in touch with the lender nearer the time and ask for the best deal?
Good to know.

Absolutely. Even if your plan is to get a product transfer, do check with a broker as well, since some lenders offer better PT rates to customers going through brokers rather than direct.
Either way there will be no underwriting, affordability checks etc. 

haras_n0sirrah

K_S said:

lancunian said:

haras_n0sirrah said:

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 

Thanks for that.
I always thought that another valuation was needed, even for product transfers.
So I can get in touch with the lender nearer the time and ask for the best deal?
Good to know.

Absolutely. Even if your plan is to get a product transfer, do check with a broker as well, since some lenders offer better PT rates to customers going through brokers rather than direct.
Either way there will be no underwriting, affordability checks etc. 

And most brokers (myself included) don't charge to do product transfers

haras_n0sirrah

mowgliisaG said:

@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??

fantastic news - I saw your posts on the santander thread. If the val is done and ok it should be relatively quick

mowgliisaG

haras_n0sirrah said:

mowgliisaG said:

@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??

fantastic news - I saw your posts on the santander thread. If the val is done and ok it should be relatively quick

Thank you and thanks for all your help along the way too...
yeah valuation was done on application and came back fine...a few days you reckon?? Is that just there admin centre to type up paperwork etc??

K_S

haras_n0sirrah said:

K_S said:

lancunian said:

haras_n0sirrah said:

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 

Thanks for that.
I always thought that another valuation was needed, even for product transfers.
So I can get in touch with the lender nearer the time and ask for the best deal?
Good to know.

Absolutely. Even if your plan is to get a product transfer, do check with a broker as well, since some lenders offer better PT rates to customers going through brokers rather than direct.
Either way there will be no underwriting, affordability checks etc. 

And most brokers (myself included) don't charge to do product transfers

Indeed. One can often even get cashback on top (over and above any lender cashback) from the broker, on a sliding scale based on the mortgage size. Search for mortgages on cashback sites like TCB or Quidco to get an idea.

chullbulla

K_S said:

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.

Also, will Barclays do any other checks/verification before releasing funds? 2 days to completion and getting nervous, the solicitor didn't inform if they got funds from Barclays.

K_S

chullbulla said:

K_S said:

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.

Also, will Barclays do any other checks/verification before releasing funds? 2 days to completion and getting nervous, the solicitor didn't inform if they got funds from Barclays.

@chullbulla If it has been a significantly long time (there's no hard and fast rule) since the offer was made, they may make further checks prior to releasing funds such as a credit search or latest payslip, etc. But if you're completing on Friday they would have done that by now. I know it's easier said than done, but don't worry!

chullbulla

K_S said:

chullbulla said:

K_S said:

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.

Also, will Barclays do any other checks/verification before releasing funds? 2 days to completion and getting nervous, the solicitor didn't inform if they got funds from Barclays.

@chullbulla If it has been a significantly long time (there's no hard and fast rule) since the offer was made, they may make further checks prior to releasing funds such as a credit search or latest payslip, etc. But if you're completing on Friday they would have done that by now. I know it's easier said than done, but don't worry!

Thanks, my mortgage offer was on 4th September, so nearly 3 months, solicitor told me the funds from Barclays should be by close of business tomorrow.