Mortgage broker - ask me anything

Suseka97

K_S said:

Penguin_ said:

Thanks @K_S I will do that
I was only wondering what their rates are now as a comparison of what I am on now.

@penguin_ They don't publish direct rates on the website as far as I can tell, they might if you call them. What's your LTV (or house value), and I can tell you what the intermediary rates are for product switches at the moment.

@Penguin.  When I was in a DMP I switched rates with my existing provider twice - no problem.  Each time the rate was more favourable than the last ( I did 2 x 2yr fixed).   You can look to do this online and it'll show you the options in terms of fixed or tracker rates available to you, without you committing.  As K_S has said, you'll likely struggle if you want to change lenders - but you may get good rates as an existing borrower.

IAMIAM

Can you secure a deal now for May, but between now and May if something better comes along, change product/apply for something else or indeed not take the product at all and just product switch with current lender?
Or is this annoying for a broker and too much hassle. 

Tim11111000111

This is maybe a stupid question but when you apply for a mortgage, do you specify an amount you want to borrow (that either gets accepted or rejected) or will the lender make an offer (which may be larger or smaller than the amount you had hoped for)?

tervozina

Tim11111000111 said:

This is maybe a stupid question but when you apply for a mortgage, do you specify an amount you want to borrow (that either gets accepted or rejected) or will the lender make an offer (which may be larger or smaller than the amount you had hoped for)?

When you submit application you need to state the address of the house and it’s price, then your amount of deposit. And application will be underwritten on those figures. 

I do believe you can change the figures later on but application will have to be underwritten again then. 

annetheman

I'm in a bit of a pickle caused by EWS1 form delay leading to a cancelled application, I wonder if you can advise?!

Broker A secured an AiP with Leeds in March 2020, subsequently cancelled due to inactivity but might be able to reopen the application upon receipt of valid EWS1 - Nov 2020
Broker A informed Broker B has been asked to act as broker...
Broker B asked to secure AiP with Leeds, AiP fails without a soft search - Dec 2020
Broker B asked to and does secure AiP with Kent Reliance - Dec 2020
Broker A now has EWS1 and offers to ask about reopening application - Dec 2020

What should I do here?! I would like Broker A to reopen application, that was always the ideal. The problem is, I have failed with Leeds because they tightened their criteria since March application hence I now failed Broker B's application. 

Really tricky... can you advise?

mowgliisaG

Hi Brokers, have any of you experience with Platform Mortgages?? They are co-op but via brokers?? My buyer applied on 28th but only had valuation last week...sound right?? What’s their timeline like now?

K_S

mowgliisaG said:

Hi Brokers, have any of you experience with Platform Mortgages?? They are co-op but via brokers?? My buyer applied on 28th but only had valuation last week...sound right?? What’s their timeline like now?

@mowgliisaG They are a bit slow at present and taking longer than you would expect, even for straightforward cases. Application on 28th Nov or October?

K_S

annetheman said:

I'm in a bit of a pickle caused by EWS1 form delay leading to a cancelled application, I wonder if you can advise?!
Broker A secured an AiP with Leeds in March 2020, subsequently cancelled due to inactivity but might be able to reopen the application upon receipt of valid EWS1 - Nov 2020
Broker A informed Broker B has been asked to act as broker...
Broker B asked to secure AiP with Leeds, AiP fails without a soft search - Dec 2020
Broker B asked to and does secure AiP with Kent Reliance - Dec 2020
Broker A now has EWS1 and offers to ask about reopening application - Dec 2020
What should I do here?! I would like Broker A to reopen application, that was always the ideal. The problem is, I have failed with Leeds because they tightened their criteria since March application hence I now failed Broker B's application. 
Really tricky... can you advise?

@annetheman Based on the limited information in your post, I personally doubt if Broker A can "repoen the application" - have they actually talked to the BDM and said it's possible or just that they'll try?

K_S

Tim11111000111 said:

This is maybe a stupid question but when you apply for a mortgage, do you specify an amount you want to borrow (that either gets accepted or rejected) or will the lender make an offer (which may be larger or smaller than the amount you had hoped for)?

 @Tim11111000111 Yes, for an application you do specify a property address, a deposit amount and amount you want to borrow. They will never come back with a higher loan amount but may come back with a lower loan amount if the property is down valued. I hope that makes sense.

The stage at which you figure out how much you can borrow is before that when your broker does lender affordability calculations

Mutton_Geoff

A question for the brokers. I'm early 60's and about to downsize and buy my retirement (ie retiring into) home for cash. As a single person with no relatives or dependants, I'd really like some kind of lifetime mortgage where I can pay interest only (a cheaper alternative to rent) and the lender takes the house when I die rather than me leaving it to Battersea Dogs Home. Are this sort of "lifetime interest only mortgage" on the horizon since the current equity release plans are extremely expensive.