Mortgage broker - ask me anything

K_S

alex864 said:

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. 

@alex864 I see this often but please rest assured that the occasions that lenders pull offers at the last minute are very very rare, at least in my experience. I don't see anything in your post that suggests that you need to worry. Good luck, you're almost there.

K_S

Shay10 said:

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? 

@shay10 Passing the Halifax DIP is certainly a good sign but definitely not a confirmation that your full application will be accepted. Unfortunately, with Halifax even a broker can't always say whether something will stick or not. They don't publish any clear cut adverse criteria like many other lenders do so it's dependent on passing their "credit score". The CCJ will rule out a lot of high street lenders and the size of the CCJ will also count against you. But these are just general thoughts based on the limited information in your post.

Hopefully someone like @ACG will opine on your chances re high street or adverse lenders.

allygate

I'm looking to remortgage away from my current lender but slightly complex needs as want to raise some cash for home extension and a holiday. Are there lenders or brokers who will allow this and how do I find a good one?

davetherave85

When solicitors request funds on exchange which is 6 days before completion will the lender (Santander) ask for anything else or complete any further checks? Will they get in touch with the buyer at all or just send the funds? Thanks!! 

trackboy

I haven't seen the original poster post in while.. does anyone know what's happening?

K_S

allygate said:

I'm looking to remortgage away from my current lender but slightly complex needs as want to raise some cash for home extension and a holiday. Are there lenders or brokers who will allow this and how do I find a good one?

@allygate Potentialy, yes. That's just a general statement and whether or not you may get what you need depends on the rest of your circumstances. It's up to the lender to approve your application and a broker can help you find the right lender.

To find a good broker, you could follow the MSE guide here https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 or try get a referral from friends, family or colleagues.

K_S

davetherave85 said:

When solicitors request funds on exchange which is 6 days before completion will the lender (Santander) ask for anything else or complete any further checks? Will they get in touch with the buyer at all or just send the funds? Thanks!! 

@davetherave85 There are no hard and fast rules about this. Lenders may "refresh" the application or credit check if it's been a long time between offer and completion.

allygate

ThanksWe have a 210k mortgage on a 550 property, and would like to borrow another 190k for an extension and a holiday. 2 person combined income is 103,000. Can haras, ks, or another broker contact me if interested?

Seanymph

Is there a rule of thumb I can use to guesstimate what I could borrow?  I want to borrow against my current house to buy a second home or raise against the second home to rent it as a holiday let.  I am both employed and self employed. 

K_S

Seanymph said:

Is there a rule of thumb I can use to guesstimate what I could borrow?  I want to borrow against my current house to buy a second home or raise against the second home to rent it as a holiday let.  I am both employed and self employed. 

@Seanymph A very very generic rule of thumb would be 4.5x your income. But in your case, being both employed and self-employed, one of them will be your primary income (usually taken at 100% by the lender) while the other will be your secondary income (some lenders will not consider, some will take x% of it and some may consider taking 100% of it, it all depends on the specifics). If the self-employed bit is substantial, has a track record and has some synergy with your main employment, then the chances of it being taken at 100% are higher.

I wish I could give you a more specific answer but how much you could potentially borrow depends on the whole picture. I hope that makes sense.