Mortgage broker - ask me anything

K_S

greenpanda said:

How long should it take for my mortgage broker to get back to me with a deal? We've sent in our documents and I don't want to chase too soon.

@greenpanda When you say "deal", do you mean a recommendation, application or actual mortgage offer?

Assuming you mean a recommendation (specific product from a named lender) -

For straightforward cases, I go back to the customer with a recommendation the same day or within 24 hours. For cases which require me to call around a few lender BDMs it can take a day or two.

I've also worked at larger firms where brokers deal with a huge number of cases and aim for a turnaround time of 2 working days.

In any case, your broker should have given you a clear indication of when you can expect them to come back with a recommendation. If they haven't, then there's no harm in asking for one.

Shoppadolley

Hi do you know when Accord book in valuations? Is it when everything has been accepted or straight away? This is for a buy to let mortgage! Thanks

greenpanda

K_S said:

greenpanda said:

How long should it take for my mortgage broker to get back to me with a deal? We've sent in our documents and I don't want to chase too soon.

@greenpanda When you say "deal", do you mean a recommendation, application or actual mortgage offer?

Assuming you mean a recommendation (specific product from a named lender) -

For straightforward cases, I go back to the customer with a recommendation the same day or within 24 hours. For cases which require me to call around a few lender BDMs it can take a day or two.

I've also worked at larger firms where brokers deal with a huge number of cases and aim for a turnaround time of 2 working days.

In any case, your broker should have given you a clear indication of when you can expect them to come back with a recommendation. If they haven't, then there's no harm in asking for one.

Thank you! I'll pick up the phone in the morning to get an idea of where things are.

scoey8

What would win in a fight, A horse sized duck or 50 duck sized horses? 

Meh123

scoey8 said:

What would win in a fight, A horse sized duck or 50 duck sized horses? 

It depends on criteria 😂😂😂😂

clare19811

clare19811 said:

We’re trying to get everything in order ready for a mortgage application next Spring/Summer. I’ve already had a great conversation with one of the brokers on here but had a couple of questions I forgot to ask.

My income is partially self employed. I will have three years accounts by the time we apply. But I don’t have a business bank account, most of my transactions go through PayPal and I then withdraw to our joint current account. I have also always done my own accounts rather than use an accountant. Will either of these be an issue?

Thanks in advance!

Just following on from this, another potential issue has been worrying me.
A chunk of my self-employed income gets paid (via PayPal) in foreign currency, mainly USD. I obviously pay UK taxes and have been resident in the UK since birth. All employed income is UK based and paid in GBP.
How much of an issue is this likely to be? 
Thanks in advance.

K_S

clare19811 said:

clare19811 said:

We’re trying to get everything in order ready for a mortgage application next Spring/Summer. I’ve already had a great conversation with one of the brokers on here but had a couple of questions I forgot to ask.

My income is partially self employed. I will have three years accounts by the time we apply. But I don’t have a business bank account, most of my transactions go through PayPal and I then withdraw to our joint current account. I have also always done my own accounts rather than use an accountant. Will either of these be an issue?

Thanks in advance!

Just following on from this, another potential issue has been worrying me.
A chunk of my self-employed income gets paid (via PayPal) in foreign currency, mainly USD. I obviously pay UK taxes and have been resident in the UK since birth. All employed income is UK based and paid in GBP.
How much of an issue is this likely to be? 
Thanks in advance.

@clare19811 This will most likely reduce the pool of lenders available. How much of an issue it will be depends on the specifics.

alex864

Hi, I have received my NW mortgage offer on 5th November and fingers crossed due to complete in 2 weeks’ time. In the meantime, I had to use £1100 on my credit card which I paid back in full but not before they issued the last statement. I also had to open a Starling current account because my deposit was in euros and couldn’t transfer it in my Barclays current account as I was losing £600 in fees. The new account shows on both my Transunion and Clearscore ratings. When I applied, Clearscore was excellent but it went down to good mostly because of the hard credit search carried out by NW and Transunion is still good. Can NW pull out? I am now being as worried as before having the offer issued. 

K_S

alex864 said:

Hi, I have received my NW mortgage offer on 5th November and fingers crossed due to complete in 2 weeks’ time. In the meantime, I had to use £1100 on my credit card which I paid back in full but not before they issued the last statement. I also had to open a Starling current account because my deposit was in euros and couldn’t transfer it in my Barclays current account as I was losing £600 in fees. The new account shows on both my Transunion and Clearscore ratings. When I applied, Clearscore was excellent but it went down to good mostly because of the hard credit search carried out by NW and Transunion is still good. Can NW pull out? I am now being as worried as before having the offer issued. 

@alex864 There's nothing in there I see to be particularly worried about. You paid off the cc in full and the Starling current account app is a soft check (unless you opted for an OD along with the application).

A lender can pull an offer at any time, but there's nothing in your post makes that a distinct possibility.

All the best, you're almost there!

rgwhunter

Is the ltv based on the purchase price or the home report valuation? My wife and I have had an offer accepted for less than the home report valuation (Scotland)