Mortgage broker - ask me anything

K_S

mowgliisaG said:

mowgliisaG said:

K_S said:

mowgliisaG said:

K_S said:

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 this was on 28th October..but valuation carried out on Thursday 3rd Dec...sound right? 

@mowgliisaG If it's a physical valuation that required a visit from a surveyor, 5 weeks is not abnormally long at all in current circumstances depending on the area, and that'd be true for other lenders as well.

@K_S Was desktop done last Thursday!!!

@K_S does that sound right??

@mowgliisaG It's hard to say for sure one way or the other without knowing if the application was packaged correctly and whether there was any further to and fro during the application review stage.

MiamiHeat90

K_S said:

MiamiHeat90 said:

If my current account statements show a few payments to and from a Monzo Savings account, how likely would a lender be to request the savings statements?

This account has a number of betting transactions on, which are fairly sizeable in nature and likely to alarm a lender. The main account has no transactions of this nature, as it's all been done through the savings account.

@MiamiHeat90 On average, how much ££ goes between the two accounts in a month?

It completely depends. It's also an account into which savings are paid, and premium bonds purchased from. No transactions to or from in the past 1 month. Previously:
£475 per month as savings go into the savings account.
Occasional ad hoc £500 or £1,000 payments.
Then in recent 2-3 months, have withdrawn from the account and transferred to the other half to build up deposit in one account.

K_S

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

If my current account statements show a few payments to and from a Monzo Savings account, how likely would a lender be to request the savings statements?

This account has a number of betting transactions on, which are fairly sizeable in nature and likely to alarm a lender. The main account has no transactions of this nature, as it's all been done through the savings account.

@MiamiHeat90 On average, how much ££ goes between the two accounts in a month?

It completely depends. It's also an account into which savings are paid, and premium bonds purchased from. No transactions to or from in the past 1 month. Previously:
£475 per month as savings go into the savings account.
Occasional ad hoc £500 or £1,000 payments.
Then in recent 2-3 months, have withdrawn from the account and transferred to the other half to build up deposit in one account.

@miamiheat90 It's hard to say without seeing exactly what you're talking about.
 
If I saw ad-hoc in/out payments of £500/1000 on the bank statement given by the client, as part of my due diligence I'd ask them where it was coming from or going to. If they said savings and it looked plausible, that'd be all and that's what I'd expect (no guarantee) from the lender too.

If the client said it went to an account which was then used for betting transactions, I would have to look into it further and take that into account while recommending a lender.

I hope that makes sense. In any case, if you are using a broker, I'd always recommend being upfront.

MiamiHeat90

K_S said:

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

If my current account statements show a few payments to and from a Monzo Savings account, how likely would a lender be to request the savings statements?

This account has a number of betting transactions on, which are fairly sizeable in nature and likely to alarm a lender. The main account has no transactions of this nature, as it's all been done through the savings account.

@MiamiHeat90 On average, how much ££ goes between the two accounts in a month?

It completely depends. It's also an account into which savings are paid, and premium bonds purchased from. No transactions to or from in the past 1 month. Previously:
£475 per month as savings go into the savings account.
Occasional ad hoc £500 or £1,000 payments.
Then in recent 2-3 months, have withdrawn from the account and transferred to the other half to build up deposit in one account.

@miamiheat90 It's hard to say without seeing exactly what you're talking about.
 
If I saw ad-hoc in/out payments of £500/1000 on the bank statement given by the client, as part of my due diligence I'd ask them where it was coming from or going to. If they said savings and it looked plausible, that'd be all and that's what I'd expect (no guarantee) from the lender too.

If the client said it went to an account which was then used for betting transactions, I would have to look into it further and take that into account while recommending a lender.

I hope that makes sense. In any case, if you are using a broker, I'd always recommend being upfront.

Thanks. What about an interest-free employer loan, shown on all 3 months worth of submitted payslips.
Are they likely to query its purpose and want to see evidence of where it was paid and then distributed?

mowgliisaG

K_S said:

mowgliisaG said:

mowgliisaG said:

K_S said:

mowgliisaG said:

K_S said:

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 this was on 28th October..but valuation carried out on Thursday 3rd Dec...sound right? 

@mowgliisaG If it's a physical valuation that required a visit from a surveyor, 5 weeks is not abnormally long at all in current circumstances depending on the area, and that'd be true for other lenders as well.

@K_S Was desktop done last Thursday!!!

@K_S does that sound right??

@mowgliisaG It's hard to say for sure one way or the other without knowing if the application was packaged correctly and whether there was any further to and fro during the application review stage.

Will find out tomorrow and come back to you..

annetheman

K_S said:

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?

The BDM said they could but also I have to pay £70. Because I failed the second time, without even a soft search, I don't know if he should bother trying (Broker A).... Should I cut ties and ask Broker B to proceed with the AiP with Kent Reliance?

Thank you so much for your thoughts!

K_S

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

If my current account statements show a few payments to and from a Monzo Savings account, how likely would a lender be to request the savings statements?

This account has a number of betting transactions on, which are fairly sizeable in nature and likely to alarm a lender. The main account has no transactions of this nature, as it's all been done through the savings account.

@MiamiHeat90 On average, how much ££ goes between the two accounts in a month?

It completely depends. It's also an account into which savings are paid, and premium bonds purchased from. No transactions to or from in the past 1 month. Previously:
£475 per month as savings go into the savings account.
Occasional ad hoc £500 or £1,000 payments.
Then in recent 2-3 months, have withdrawn from the account and transferred to the other half to build up deposit in one account.

@miamiheat90 It's hard to say without seeing exactly what you're talking about.
 
If I saw ad-hoc in/out payments of £500/1000 on the bank statement given by the client, as part of my due diligence I'd ask them where it was coming from or going to. If they said savings and it looked plausible, that'd be all and that's what I'd expect (no guarantee) from the lender too.

If the client said it went to an account which was then used for betting transactions, I would have to look into it further and take that into account while recommending a lender.

I hope that makes sense. In any case, if you are using a broker, I'd always recommend being upfront.

Thanks. What about an interest-free employer loan, shown on all 3 months worth of submitted payslips.
Are they likely to query its purpose and want to see evidence of where it was paid and then distributed?

@miamiheat90 The monthly deduction from your pay to repay this loan will be considered in the affordability calculation (just like any other loan) so your broker/lender will need to know that information.

K_S

annetheman said:

K_S said:

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?

The BDM said they could but also I have to pay £70. Because I failed the second time, without even a soft search, I don't know if he should bother trying (Broker A).... Should I cut ties and ask Broker B to proceed with the AiP with Kent Reliance?

Thank you so much for your thoughts!

@annetheman If you know that the old app can be reopened, and the old app was approved pending EWS1 (which you now have) then in your place I'd think it's worth a shot.

Personally, if the app lapsed due to the broker's carelessness, I think they should be paying the £70.

MiamiHeat90

K_S said:

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

If my current account statements show a few payments to and from a Monzo Savings account, how likely would a lender be to request the savings statements?

This account has a number of betting transactions on, which are fairly sizeable in nature and likely to alarm a lender. The main account has no transactions of this nature, as it's all been done through the savings account.

@MiamiHeat90 On average, how much ££ goes between the two accounts in a month?

It completely depends. It's also an account into which savings are paid, and premium bonds purchased from. No transactions to or from in the past 1 month. Previously:
£475 per month as savings go into the savings account.
Occasional ad hoc £500 or £1,000 payments.
Then in recent 2-3 months, have withdrawn from the account and transferred to the other half to build up deposit in one account.

@miamiheat90 It's hard to say without seeing exactly what you're talking about.
 
If I saw ad-hoc in/out payments of £500/1000 on the bank statement given by the client, as part of my due diligence I'd ask them where it was coming from or going to. If they said savings and it looked plausible, that'd be all and that's what I'd expect (no guarantee) from the lender too.

If the client said it went to an account which was then used for betting transactions, I would have to look into it further and take that into account while recommending a lender.

I hope that makes sense. In any case, if you are using a broker, I'd always recommend being upfront.

Thanks. What about an interest-free employer loan, shown on all 3 months worth of submitted payslips.
Are they likely to query its purpose and want to see evidence of where it was paid and then distributed?

@miamiheat90 The monthly deduction from your pay to repay this loan will be considered in the affordability calculation (just like any other loan) so your broker/lender will need to know that information.

Thanks again. Might the lender think the loan was for a deposit though and want to trace its purpose and usage to confirm it isn't? Since it isn't a loan on the credit report?

Do you know of any lenders who routinely don't ask for statements currently on 85% cases, or who ask at most for 1 month? (typically - of course they may request more)

K_S

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

K_S said:

MiamiHeat90 said:

If my current account statements show a few payments to and from a Monzo Savings account, how likely would a lender be to request the savings statements?

This account has a number of betting transactions on, which are fairly sizeable in nature and likely to alarm a lender. The main account has no transactions of this nature, as it's all been done through the savings account.

@MiamiHeat90 On average, how much ££ goes between the two accounts in a month?

It completely depends. It's also an account into which savings are paid, and premium bonds purchased from. No transactions to or from in the past 1 month. Previously:
£475 per month as savings go into the savings account.
Occasional ad hoc £500 or £1,000 payments.
Then in recent 2-3 months, have withdrawn from the account and transferred to the other half to build up deposit in one account.

@miamiheat90 It's hard to say without seeing exactly what you're talking about.
 
If I saw ad-hoc in/out payments of £500/1000 on the bank statement given by the client, as part of my due diligence I'd ask them where it was coming from or going to. If they said savings and it looked plausible, that'd be all and that's what I'd expect (no guarantee) from the lender too.

If the client said it went to an account which was then used for betting transactions, I would have to look into it further and take that into account while recommending a lender.

I hope that makes sense. In any case, if you are using a broker, I'd always recommend being upfront.

Thanks. What about an interest-free employer loan, shown on all 3 months worth of submitted payslips.
Are they likely to query its purpose and want to see evidence of where it was paid and then distributed?

@miamiheat90 The monthly deduction from your pay to repay this loan will be considered in the affordability calculation (just like any other loan) so your broker/lender will need to know that information.

Thanks again. Might the lender think the loan was for a deposit though and want to trace its purpose and usage to confirm it isn't? Since it isn't a loan on the credit report?

Do you know of any lenders who routinely don't ask for statements currently on 85% cases, or who ask at most for 1 month? (typically - of course they may request more)

@miamiheat90 That would depend on the specifics and the case as a whole.

There are lenders who require 3 months statement, 1 month statement, no bank statement, use open banking for verification, etc etc.

Unfortunately, as a broker I'm not permitted to name specific lenders in response to a question like yours as it could be construed as advice given on the basis of little to no information.