Mortgage broker - ask me anything

haras_n0sirrah

chullbulla said:

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. 

I think you are over the line now. Enjoy your new home 

jicms

haras_n0sirrah said:

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 

No definitely not equity release. We've recently repaid our main residence mortgage but now want to borrow against the equity. There seems to be confusion between the terminology.  

K_S

@jicms I think what you're looking for is a RIO (retirement interest only) product which you can source either directly from a lender or a specialist broker.

I'm really surprised the mainstream brokers recommended by MSE took you all the way to the application stage as I wouldn't expect them to advise on these.

There is a decent range of RIO products out there now across a handful of lenders. Unfortunately (though understandably) the compliance requirements for advising on such products is very high so a lot of brokers (including myself) don't do it.

If you're struggling to find a broker, might be worth talking to Nationwide or L&G directly, both of whom offer RIO products.

https://www.nationwide.co.uk/products/mortgages/borrowing-in-later-life/retirement-interest-only

https://www.legalandgeneral.com/retirement/retirement-interest-only-mortgage/

Sarah0093

Hello! 

We were due to hear back on our mortgage offer yesterday (valuation happening on the 7th) with NatWest. 

When I emailed the broker to see if they had heard anything, they said that NatWest had asked for extra information regarding our deposit and that they had uploaded it for a full underwriter assessment. I asked what extra information they were after but didn’t get a direct answer. What sort of extra information would they need that the broker already had and didn’t need to get from us?
Im a FTB so this process is very new to me!
Thank you!

haras_n0sirrah

Sarah0093 said:

Hello! 

We were due to hear back on our mortgage offer yesterday (valuation happening on the 7th) with NatWest. 

When I emailed the broker to see if they had heard anything, they said that NatWest had asked for extra information regarding our deposit and that they had uploaded it for a full underwriter assessment. I asked what extra information they were after but didn’t get a direct answer. What sort of extra information would they need that the broker already had and didn’t need to get from us?
Im a FTB so this process is very new to me!
Thank you!

With natwest they have a packaging checklist that they want on the case. While the broker will get all the documents the lender may not ask to see them so it wouldn't have been sent in. It looks as though natwest have come back for proof of deposit (it isnt a standard document they ask for on every case) which your broker has now uploaded 

Filo25

In spite of being on reduced income, in a heavily affected COVID sector, with a bit of debt (although offset by cash), and my wife's income being ignored as she is on a 12 month fixed term contract, I somehow managed to get a remortgage offer.

Delighted to be honest, really did not think that was likely at one stage.

K_S

Filo25 said:

In spite of being on reduced income, in a heavily affected COVID sector, with a bit of debt (although offset by cash), and my wife's income being ignored as she is on a 12 month fixed term contract, I somehow managed to get a remortgage offer.
Delighted to be honest, really did not think that was likely at one stage.

 @Filo25 That's great to hear, congrats! Was this a remo to another lender or a product transfer staying with the same one?

Filo25

K_S said:

Filo25 said:

In spite of being on reduced income, in a heavily affected COVID sector, with a bit of debt (although offset by cash), and my wife's income being ignored as she is on a 12 month fixed term contract, I somehow managed to get a remortgage offer.
Delighted to be honest, really did not think that was likely at one stage.

 @Filo25 That's great to hear, congrats! Was this a remo to another lender or a product transfer staying with the same one?

New lender, to be fair the numbers still just about worked, but I was worried the underwriters may take a dim view of my sector (which really is devastated by COVID), but while they had questions to my broker about debt they were fine when he showed evidence of the offsetting cash.

Probably helped that the market around here has somehow been pretty buoyant in the last 5 years so my LTV was a lot less risky than previously and actually less risky than I expected

fizzgog

Hi, thanks for this thread, Just had a hard search by Halifax on myself today, but not my wife? Is this normal? Thought I'd have received an email with a decision by now, is it usually after they've done the number,s or via letter?

Got an awful feeling it been declined :-(

zippy08

Fix or not?

That question again! What is the current thinking on this thread - is it worth fixing for 5+ years at this time, or go with a cheaper 2-year fix, betting on not much advance in the BoE Base Rate in that timeframe?
I'm on a 2.1% SVR interest-only deal and 24% LTV, and would ideally like to switch to a repayment mortgage.