Mortgage broker - ask me anything

K_S

allygate said:

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?

@allygate Sorry can't do, that's against the forum rules.

laurent22

Hello.  I'm a FTB using a broker who submitted my application (Principality) on the 8th Dec.  A hard search was done that day and my valuation is booked in for this week.  The lender has come back and asked two questions about my pay slip and outgoings which I have answered.  Is it likely that there will be more questions than this?  I'm so nervous about it being declined.

Khewson

Do you know if a B&B on a commercial mortgage will be eligible for the mortgage prisoners scheme? 

big_saver_5

K_S said:

allygate said:

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?

@allygate Sorry can't do, that's against the forum rules.

K_S said:

allygate said:

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?

@allygate Sorry can't do, that's against the forum rules.

@allygate MSE don't allow the brokers to advertise. I know it is to stop people spamming to pages but when brokers are clearly knowledgable and helpfull like Sarah (haras_n0sirrah) and k_s then I don't see why mse expect them to give everything away for nothing but thems the rules. 
I pm'd haras_n0sirrah (Sarah) and she was my broker so have her contact details if you would like them. I imagine you can pm K_S she/he just can't tell you that but I will.

MFWannabe

allygate said:

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?

Brokers on here are not allowed to contact you, you can contact them 

K_S

laurent22 said:

Hello.  I'm a FTB using a broker who submitted my application (Principality) on the 8th Dec.  A hard search was done that day and my valuation is booked in for this week.  The lender has come back and asked two questions about my pay slip and outgoings which I have answered.  Is it likely that there will be more questions than this?  I'm so nervous about it being declined.

@laurent22 I can understand your nervousness but trust me it's not unusual to have follow up questions (from any lender) and even more so since covid. It's hard to say if there will be more questions or not as I know nothing about your case. You are using a broker so trust them, if they have placed you with the right lender and packaged your case properly you should not have too much to worry about. Good luck!

K_S

Khewson said:

Do you know if a B&B on a commercial mortgage will be eligible for the mortgage prisoners scheme? 

@Khewson As far as I can tell, it only applies to the mortgage on your existing home, that you live in.

Seanymph

K_S said:

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.

Thankyou very much indeed.  That makes perfect sense and helps me no end. 

davilown

Hi - does the ltv affect the length of time for approval? Ie I want to get a 20% LTV (put down £400k, £100k mortgage) - do you find that they get approved faster ?

thanks

K_S

davilown said:

Hi - does the ltv affect the length of time for approval? Ie I want to get a 20% LTV (put down £400k, £100k mortgage) - do you find that they get approved faster ?

thanks

@davilown I haven't observed any clear correlation between LTV and length of time taken for a lender to process the application. I presume your 20% LTV mortgage app will be treated the same as a 60% LTV mortgage app (or whatever the particular lender's lowest LTV band is).