Mortgage broker - ask me anything

winogronek

kingstreet said:

winogronek said:

kingstreet said:

haras_n0sirrah said:

EU nationals are treated the same as british nationals so if your partner is eu that should be fine as long as the non uk address isnt an issue (I cant remember nationwide's stance on foreign addresses off the top of my head)
In terms of timescales lenders will not escalate unless they are outside of their published timescales. Nationwide published timescale was 19 working days the last time I looked.
Nationwide will want to see a payslip with no furlow on it at all 

Nationwide requires a three year UK address history for all applicants. It's the first line in the criteria under "Foreign Nationals."

What about joint application where both applicants are EU nationals, one has indefinite leave to remain and the other one lives 1.5 years in the UK, pre settled status?

It doesn't matter about your nationality or visa status. Everyone has to have a three year UK address history. Even returned UK citizens who have lived abroad recently.

Thank you. Our mortgage advisor must have somehow missed this important bit as he mentioned that 3 years address history is required usually but told us we could try with Nationwide if we increase the deposit to 25%. I'm really confused now.🤨

winogronek

haras_n0sirrah said:

winogronek said:

It's a new build shared ownership flat. We purchase 30 % shares and we have 25% deposit. I'm not sure what you mean by " full application" , valuation was completed about a month ago, no issues there. Since then we just submit various documents Nationwide requested, we are still waiting for the assessment of the last document which we submitted 2 weeks ago. 

what address was put down for your partner for the last 3 years? Just wondering if foreign addresses were declared as I would have expected this to have been picked up in underwriting

We use mortgage advisor. It's a good question because we have actually submitted mortgage application for the same property back in February however we didn't pass Halifax valuation and we had to postpone the purchase. Application was submitted for the second time in July but I can't remember exactly what information we provided back in February but I believe we provided full 3 years address history for both of us, including previous address abroad.

Gem_M90

This is probably more a question for my solicitor however they're taking days to respond so I thought I'll ask you guys. 
I'm not due to complete on my new build until late Feb next year. However, I am curious about the transfer of the deposit money. 
Basically, half of the deposit is in my own account, and half is being gifted. My father is gifting me half from his own funds, and the plan was he would transfer the other half to me nearer the time and I could send it all as one transaction however my savings ISA is at the deposit limit for the tax year therefore I cant transfer anymore into it. Is it a problem on completion to transfer a deposit from 2 separate accounts? 
Alternatively, prior to transfer, is it perfectly acceptable if I transfer my half from my savings into my current account, my father transfers his gift to my current account, and I can pay it all as one CHAPS transfer? Not sure if that breaks any AML rule.

haras_n0sirrah

winogronek said:

haras_n0sirrah said:

winogronek said:

It's a new build shared ownership flat. We purchase 30 % shares and we have 25% deposit. I'm not sure what you mean by " full application" , valuation was completed about a month ago, no issues there. Since then we just submit various documents Nationwide requested, we are still waiting for the assessment of the last document which we submitted 2 weeks ago. 

what address was put down for your partner for the last 3 years? Just wondering if foreign addresses were declared as I would have expected this to have been picked up in underwriting

We use mortgage advisor. It's a good question because we have actually submitted mortgage application for the same property back in February however we didn't pass Halifax valuation and we had to postpone the purchase. Application was submitted for the second time in July but I can't remember exactly what information we provided back in February but I believe we provided full 3 years address history for both of us, including previous address abroad.

have you got a copy of the application that was submitted? You should check the foreign addresses were disclosed

winogronek

Will do, thank you for your time!

Wales2020

Sorry another question! May be a solicitor question so apologies if it is!

if we are using Help to Buy ISA do we include 25% in the deposit amount or does this come after? I’ve been told you get a cheque once house purchase is completed but surely this contradicts the “help to buy” aspect... 

haras_n0sirrah

Wales2020 said:

Sorry another question! May be a solicitor question so apologies if it is!

if we are using Help to Buy ISA do we include 25% in the deposit amount or does this come after? I’ve been told you get a cheque once house purchase is completed but surely this contradicts the “help to buy” aspect... 

I tell my clients not to rely on getting the bonus in time. People will often use the bonus for furniture type expenses

JamesJohnston02

Hi! I’m currently going the process to remove my name off the deeds and mortgage from a property I jointly own with my brother. We have now got the lender to sign the TR1 form and sent it onto the solicitor. Who I believe will then send it on to the Land Registry.
I’m going through this process so that I can purchase a property with my girlfriend, and I’m unsure at which point I can apply for the mortgage? Is it at the point that the solicitor submits the TR1 form to the LR or is it once the land titles have been updated (which could take months/weeks)?
Any help would be much appreciated!
thanks

samw2311

Hi, me and my partner are going for a shared ownership mortgage, we have to go with Kent reliance as that’s our only option (a broker has come to this conclusion) due to my complicated self employment history. Anyway we have reserved a house etc been through underwriting and they’ve come back and said they can’t quite lend enough on the 2 yr fixed but if we go to the 5yr fixed at 4.39% they can as they lend £25k more on a 5 year. We plan to staircase and buy 100% in 5 years as financially we will be in the position to, so yes we have to suck up the rate now, but is it a silly thing to do? It’s a case of being on the property ladder or not, it’s our only option , it’s more than affordable, and we’ve got our hearts set on moving into our own first home. ?  So now we are waiting for a valuation -  It is a new build so they’ve just had a valuation done to put it up for sale, should we be worried still about it all going through? All were waiting on now is a valuation? We don’t know wether we can relax or not or if there is another potential hurdle with valuation.... hope this makes sense. Thanks in advance 

Daisydoooo

Hi, we recently went through a broker and received an AIP from Santander. We had no deposit and they allowed us to use a personal loan for it. I wasn't asked if I'd ever been bankrupt and didn't volunteer it but I was 8.5 years ago (discharged march 2013) and I'm worrying now it may be an issue. Have I got any chance of this being successful? If not are there any other lenders who would consider us with a deposit sourced from a loan. We have great credit scores and good incomes. We are only just beginning so would be better to know before we start spending on solicitors etc if its not going to work. I have emailed my broker too by the way and 'declared' all.