Mortgage broker - ask me anything

K_S

Tanyarfr said:

Hello, I was a FTB, up for remortgage end of feb. My mortgage is currently £455pm @ 2.50%, the deal Halifax has offered is 2.84% and is £278pm, but when I checked last week it was £281pm. Do you think it’s worth waiting for 4-6 weeks to see if the repayment amount decreases more? It’s a shame the monthly payments have even increased, but I want to try get the lowest I can, but unsure of interest rate trends atm. Thank you in advance 

@Tanyafr I wish I knew. Generally speaking, mortgage interest rates have been moving in different directions for different LTV bands but that's just what's happened and not an indication of what will happen in the coming months.

I don't know what LTV you are at (I suspect 85%?) but I highly doubt there will be any material change (either upwards or downwards) in the space of the next 4-5 weeks.

LP_London

Hi All
I have applied for a mortgage with Santander, since 25th September, but it’s proving to be impossible to get an answer from them. It’s an SE and E joint mortgage application. Technically this would be my second home, so plan was to get consent to rent current home and move into new one. The current mortgage is also with Santander. 

We have applied for 85% LTV - £350K, but with Santander proving to be impossible, we may have no choice but to go with someone else. We were looking at Principality Building Society, potentially apply for Joint Borrowers, Sole Proprietor, 3 applicants (2x Employed and 1x Self-Employed), but have some questions;
1. How friendly are they towards self-employed ?
2. One of the employed applicants has been employed for 4 months only, and no continuous employment before that, would they still accept this applicant as means of income and affordability ?
3. What is the current timescale with Principality Building Society, how quickly are they coming back to the applicants ?

Any advice would be much appreciated. 

Thanks very much. 

K_S

@LP_London

- Principality does offer JBSP products, but only where it's parents/grandparents helping out

- Except for having at least one payslip, Principality doesn't have a min time in current job providing the applicant has been in continuous employment. I would have to check with them to be sure, but I think it's 12 months continous employment required.

It's hard to answer your question about SE without knowing what kind of SE and how they draw their income.

I haven't used them recently so can't personally comment on their speed. But as per the average service levels they publish, their processing times seem decent.

LP_London

Thank you for responding. 

SE is sole trader, qualified gas and heating engineer. Registered as self-employed over the past 4 year’s, last two years tax returns average £35K income yearly, has not been impacted by the pandemic, infact he has had more work over the last 10 months. 

Would you recommend any other lenders ? I fancied Metro before but again they require 12 months continuous employment, which does not work for one of the applicants - and no, non of us are parents/grandparents of the main sole proprietor, but brother and sister-in-law. 

alex864

Paranoid alarm here! 

I have just received this “Nationwide here. Funds will be sent on 18/12/2020. If you're moving, this may be a day or so before you move. Other applications complete on this day.”

Can they still withdraw? I have not taken any loans, credit cards, finance out. My credit score decreased slightly due to having to open a new current account.

I know I’m over worrying but I haven’t even given my landlord notice yet due to being so worried something can happen and I’ll end up homeless. 

vickielouise87

big_saver_5 said:

I came on here to publicly say thank you to the original thread op Sarah (haras_n0sirrah) but it seems she is no longer able to post. If you are still reading this then thank you so much and I will recommend you to anyone.
I am a lurker on here but contacted her out of desperation as I got myself into a load of trouble. I was trying to get a mortgage with Natwest via another broker for 4 months and getting nowhere as both myself and my wife are self employed and took grants, seiss etc etc. I was about to lose the house so my dad was willing to give us 450k to enable us to complete with the understanding we would need to remortgage within 12 months to give him back this money. We exchanged with a completion deadline of the 3rd dec on the basis of a reluctant cash buyer.
I messaged Sarah in a last ditch attempt and she agreed to help us. I contacted her on 3rd Nov so only 1 month to get us in the property
Mortgage application went in on the 5th Nov, approved by the 11th, valuation done on the 19th and offered same day and we got in on time. I don't know how she did it but she was incredible and I am so glad I found her through this website as she literally saved my house move and probably my relationship with my dad as I didn't fancy trying the stress of trying to remortgage to pay him back.
I know this post may get removed but just to say if ANYONE wants her contact details ask me and I will happily hand them over. 

Please can you send them to me. We have similar circumstances & really struggling. Thanks 😊 

big_saver_5

@vickielouise87 have messaged you.
Good luck.

kingstreet

Crap_with_money.com said:

What is the best way to find a mortgage advisor when we have a slightly complicated case?

I'm in Scotland, used the help to buy scheme when we originally bought, want to remortgage and borrow more, but are still in a fixed rate period. When we searched on our own to re-mortgage previously, we only found Halifax and possibly Natwest that would consider lending to us, because of the help to buy scheme, would that sound right?

I didn't have a great experience with the Financial Advisor we used when we 1st bought, so I'm wary of paying out money etc. without trusting that it's someone who would do a decent job trying to help us. 

For what reason are you looking to borrow more? If the Scottish HTB scheme follows England's in this regard, you can only increase the mortgage for the purpose of reducing or repaying the HTB loan.

Shay10

Just wondered is it worth following up a dip we got from Halifax? We both have adverse. Although I have a default for water which is settled and due off my credit file march 21. We was going to wait until it had gone and apply in march but realised my wife has a ccj for 3400 for a credit card back in 2016. This has only been settled since july this year. We did get a dip from halifax but we was thinking they may decline ar full app because of these issues. Both our credit scores are on fair with all 3 . When we do apply in march the only adverse we will have is my wife's ccj for 3400. Settled for just under 1 year and nearly 5 years old. We will have no missed payments on our credit files in 6 years just the ccj. Do you think the ccj because it's a high amount is enough to decline us? I have looked at Halifax criteria and they dont seem to say much about ccjs. I dont want to put an application in and it getting declined as they will do a hard search and we dont have any hard searches on our credit files . I forgot to mention when I phoned halifax they said we passed on a ' B' grade so will need a 15% deposit.  We have no debt. Would they already know about the ccj when we did the dip? Or do you think we will need a bad credit mortgage with a higher deposit? We are hoping for a high street mortgage as we only have 15%  deposit and I believe bad credit mortgage you need a 25% deposit and it's already taken us ages to save up 15% . So my question is.. is the 3400 ccj to high to get  a high street mortgage? 

K_S

LP_London said:

Thank you for responding. 

SE is sole trader, qualified gas and heating engineer. Registered as self-employed over the past 4 year’s, last two years tax returns average £35K income yearly, has not been impacted by the pandemic, infact he has had more work over the last 10 months. 

Would you recommend any other lenders ? I fancied Metro before but again they require 12 months continuous employment, which does not work for one of the applicants - and no, non of us are parents/grandparents of the main sole proprietor, but brother and sister-in-law. 

@LP_London I've responded to your PM.