Mortgage broker - ask me anything

K_S

IAMIAM said:

K_S said:

IAMIAM said:

What does this mean for Platform Mortgages......

We do not offer mortgages on a consumer Buy to Let basis:

Consumer BTL is a type of regulated business introduced by the EUMCD to provide enhanced protections where BTL customers are not acting for business purposes. 

It is the responsibility of the mortgage intermediary to determine if a case is Consumer BTL.

Remortgage applications will be defined as Consumer BTL, where any of the following apply;

• The applicant does not own any properties that are being let out on a rental basis (the property being remortgaged is sufficient to meet this rule if it is currently let out)
• The purpose of the loan is not wholly or predominantly for business purposes
• The applicant or their relatives have lived in the property in the last 2 years and will
  not be residing in the property at any point in the future.

Does this mean if I am an existing customer who wants to switch to BTL I am unable to and have to move lenders?

@IAMIAM Yes, if you were to want to let out the home you have lived in, a BTL mortgage for that purpose would fall under the CBTL bracket and are thus regulated by the FCA unlike other normal BTL mortgages (say you were to buy a flat for the purpose of letting it out).

So given that Platform doesn't offer CBTL products, you would need to find another lender that does. There are plenty that do, sp that's not really a huge barrier on its own. And even if your resi mortgage was with Platform, there's no advantage to sticking with Platform for your BTL as they'll still need to do a new rental affordability assessment, etc like a new application. You can't just switch products.

Mind you I'm not talking about consent to let, I'm talking about changing from a residential mortgage product to a BTL one.

From experience, which lenders do allow a switch from Resi to BTL without changing lenders?

@IAMIAM I've never done this for a client so I can't think of any. Sorry.

K_S

pinklady3333 said:

There is a typo in the address of my mortgage offer. Is it a quick correction to reissue it? Or will it take weeks to reissue? 

Issued by Santander. 

Thanks 

@pinklady3333 What kind of typo is it - A wrong house number/street name/post code, or a flat address being shown wrong? And is it a new build?

K_S

Alibear said:

Hi, not sure whether this is a question for a mortgage broker (I'm new to all this!), but would it be possible to remortgage my parent's house under my name instead of their's for the remaining amount? They have a small amount left to pay but not long in which to pay it, and I'd like to help them out. I'd just like to know if this is possible in theory... I plan to get some advice from an independent advisor, but grateful for any insights you have!

@Alibear A remortgage can only be done with the same borrowers. To take the mortgage in your name, they would have to transfer the house to you or at least add you to the deeds. Along with that, you *could* potentially mortgage it in your name (and anyone else on the deed).

pinklady3333

K_S said:

pinklady3333 said:

There is a typo in the address of my mortgage offer. Is it a quick correction to reissue it? Or will it take weeks to reissue? 

Issued by Santander. 

Thanks 

@pinklady3333 What kind of typo is it? A wrong house number/street name/post code, or a flat address being shown wrong? And is it a new build?

Not a new build. They have just put a double r in the street name when it should be singular r. House number is correct. Valuation report has it correct. 

K_S

pinklady3333 said:

K_S said:

pinklady3333 said:

There is a typo in the address of my mortgage offer. Is it a quick correction to reissue it? Or will it take weeks to reissue? 

Issued by Santander. 

Thanks 

@pinklady3333 What kind of typo is it? A wrong house number/street name/post code, or a flat address being shown wrong? And is it a new build?

Not a new build. They have just put a double r in the street name when it should be singular r. House number is correct. Valuation report has it correct. 

@pinklady3333 Ok, if it's just a minor typo the broker just needs to put in a request (or you need to call them if direct) and Santander will reissue the offer. How long it will take is anyone's guess as banks are all backed up to different levels due to the current situation.

In any case, unless all you're waiting for is the offer to exchange, this shouldn't hold up conveyancing and you'll get the offer reissued long before you hit any conveyancing deadlines. I hope that makes sense.

pinklady3333

K_S said:

pinklady3333 said:

K_S said:

pinklady3333 said:

There is a typo in the address of my mortgage offer. Is it a quick correction to reissue it? Or will it take weeks to reissue? 

Issued by Santander. 

Thanks 

@pinklady3333 What kind of typo is it? A wrong house number/street name/post code, or a flat address being shown wrong? And is it a new build?

Not a new build. They have just put a double r in the street name when it should be singular r. House number is correct. Valuation report has it correct. 

@pinklady3333 Ok, if it's just a minor typo the broker just needs to put in a request (or you need to call them if direct) and Santander will reissue the offer. How long it will take is anyone's guess as banks are all backed up to different levels due to the current situation.

In any case, unless all you're waiting for is the offer to exchange, this shouldn't hold up conveyancing and you'll get the offer reissued long before you hit any conveyancing deadlines. I hope that makes sense.

Thank you. That puts my mind at ease. 

Alibear

K_S said:

Alibear said:

Hi, not sure whether this is a question for a mortgage broker (I'm new to all this!), but would it be possible to remortgage my parent's house under my name instead of their's for the remaining amount? They have a small amount left to pay but not long in which to pay it, and I'd like to help them out. I'd just like to know if this is possible in theory... I plan to get some advice from an independent advisor, but grateful for any insights you have!

@Alibear A remortgage can only be done with the same borrowers. To take the mortgage in your name, they would have to transfer the house to you or at least add you to the deeds. Along with that, you *could* potentially mortgage it in your name (and anyone else on the deed).

Thanks for the reply. So I couldn't obtain a mortgage in my name only to take on the remaining amount, separate from my parents?

K_S

Alibear said:

K_S said:

Alibear said:

Hi, not sure whether this is a question for a mortgage broker (I'm new to all this!), but would it be possible to remortgage my parent's house under my name instead of their's for the remaining amount? They have a small amount left to pay but not long in which to pay it, and I'd like to help them out. I'd just like to know if this is possible in theory... I plan to get some advice from an independent advisor, but grateful for any insights you have!

@Alibear A remortgage can only be done with the same borrowers. To take the mortgage in your name, they would have to transfer the house to you or at least add you to the deeds. Along with that, you *could* potentially mortgage it in your name (and anyone else on the deed).

Thanks for the reply. So I couldn't obtain a mortgage in my name only to take on the remaining amount, separate from my parents?

@Alibear Not without getting your name on the deeds, afaik.

hopeofahome

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IAMIAM

Are people getting declined remortgages due to having taken covid mortgage payment holidays, especially if there is no payments showing on the 3 bank statements?