Mortgage broker - ask me anything

K_S

tiger1957 said:

Thank you for your replies. Would you advise stopping this process, and  pursuing through my current mortgage provider then? Thats not been proposed by my MB, as yet.  Thank you again 

@tiger1957 As a mortgage broker, due to compliance requirements, I'm afraid I can't provide anything that may be construed as advice as I know nothing of your particular circumstances besides the very limited information in your post.

Your broker has all the information and if they are whole of market and have done a decent job, the options they have presented are probably what's available and appropriate for you.

tiger1957

Thank you for your help. 

lancunian

Thanks to the mortgage advisers who answered my previous posts.
With regards to product transfers mentioned previously, do Skipton Building Society offer preferential rates to brokers or can anyone get their best rate from them?

K_S

lancunian said:

Thanks to the mortgage advisers who answered my previous posts.
With regards to product transfers mentioned previously, do Skipton Building Society offer preferential rates to brokers or can anyone get their best rate from them?

lancunian I don't know what the direct PT rates are, but as an example the standard intermediary one for a 2 year 75% fix is 1.91% no-fee.
Tbh lenders offering different direct and intermediary PT rates is by far more the exception than the norm.

jonny411

Hi guys,

I was wondering if anyone has had any recent experience with Kensington mortgages? We are going to submit an application with them in the next couple of weeks and I saw from another thread that they are asking for proof of savings to cover 3 months mortgage payment. 

I currently pay £850 per month into savings account and a further £200 into a HTB ISA. This total amount would be more than the monthly mortgage repayment amount so would evidence of these savings be enough to cover the 3 months mortgage payments or do they want to see the lump sum of 3 months worth of mortgage payments?

All the money we have is going on the deposit as we now need to put in more equity however we will have money left over that would cover the 3 months mortgage payments once we receive the HTB bonus. Will this be enough to satisfy the request?

Thanks in advance for any help!

simseys

Hi,
I'm hoping you can give me some advice ref mortgage.  My wife and I have a mortgage and are looking to move.  We have just accepted an offer on our house to sell and we want to use the equity to pay off all our debts, and reinvest the remainder in a new property whilst allowing ourselves to upscale.  Just to give an overview of my situation, I have quite a lot of credit and have never missed any payment on anything and we overpay on our current mortgage, and actually score high on my credit file.  With the sale of our house I will pay off all of my debtors in full.  My wife has racked up some bad debt and has 2 X CCJs in early 2019, but is almost debt free herself now having paid everything off.

I want to apply for the new mortgage myself and purchase the new house myself, as we understand my wife's situation wasn't good, and certainly isn't good currently.
 
My wife has consented to the equity in our sale to be used as a deposit on a new house.  However I had a mortgage in principle with Halifax in September 2020, but that has expired and now they have with drawn the offer as I was told they have "adjusted their scoring" which now means I fall outside.

What I would like to know is this - are there any lenders out there which would provide me with a mortgage without linking me or taking into account my wife's situation as she is on the deeds to our current house but will not be on them on the new house?

Interested in you comment on our situation.

Many thanks in advance.

Sazo90

Hi there,
i’m currently selling my flat and am after some reassurance....my buyer started their mortgage process 6 weeks ago and are buyIng to let. On 11/11/20 valuation took place and I was told last Wednesday, 25/11/20, it had been approved. My estate agent then tells me on Saturday that my buyers broker has asked for more documentation from them. Estate agent says they have no concerns but I’m worried as to why the lender is asking for further info when they’ve supposedly agreed the valuation. Is this normal and should I be expecting bad news? 

Thanks!

jevans1998

Hi, i hope this is the correct thread for my question, i'm new to the forum so please bare with me. 
 Currently i do not own any property (I am 22 years old) however I am in a position where i am able to put a deposit down on a flat of which i would be looking to rent out. Am i allowed to do this? i was informed by someone i would need to apply for a buy to let mortgage and that i wouldn't even be considered being as this would be my first property. However i was also informed by someone else that i am able to do this but it just depends on my lender and the size of my deposit. 
Any clarity on buying to let as a first time buyer would be much appreciated. 
thanks!

K_S

Sazo90 said:

Hi there,
i’m currently selling my flat and am after some reassurance....my buyer started their mortgage process 6 weeks ago and are buyIng to let. On 11/11/20 valuation took place and I was told last Wednesday, 25/11/20, it had been approved. My estate agent then tells me on Saturday that my buyers broker has asked for more documentation from them. Estate agent says they have no concerns but I’m worried as to why the lender is asking for further info when they’ve supposedly agreed the valuation. Is this normal and should I be expecting bad news? 

Thanks!

@Sazo90 It's not uncommon to have follow up queries with regard to the security (your flat). But in that case, the valuation (which confirms that the property is adequate security for the mortgage) is still not finished.

Anything in particular that you are worried about - such as cladding or something else? Your EA should be able to tell you exactly what they asked for and that should indicate what the concerns are.

K_S

jevans1998 said:

Hi, i hope this is the correct thread for my question, i'm new to the forum so please bare with me. 
 Currently i do not own any property (I am 22 years old) however I am in a position where i am able to put a deposit down on a flat of which i would be looking to rent out. Am i allowed to do this? i was informed by someone i would need to apply for a buy to let mortgage and that i wouldn't even be considered being as this would be my first property. However i was also informed by someone else that i am able to do this but it just depends on my lender and the size of my deposit. 
Any clarity on buying to let as a first time buyer would be much appreciated. 
thanks!

@jevans1998 To put it concisely, you *may* be able to get a BTL mortgage but your pool of potential lenders will be fairly small because you will be a -

- first time landlord

- non owner-occupier

A large deposit will be helpful to your case. Expect the broker or lender to review plausibility of the case to make sure you're not just looking for an interest only mortgage for a place to live in ie a backdoor resi mortgage.