Mortgage broker - ask me anything

K_S

greenpanda said: 

Do first time buyer mortgages take longer to get an offer?

@greenpanda Generally speaking, I haven't observed any such correlation.

Peppermint90

Hi all,

I'd like some advise please.
I've been asked by underwriters to provide a job description of my self-employed role. Is this common? 
How detailed should it be? Is there a certain format to follow? 

K_S

@peppermint90 Some lenders do ask for supplementary information for SE applications. Depends on the specific lender as to what they're trying to get out of this 

Is this as part of the initial application or a follow up query? Have they asked you to fill a form or just an open ended question about the JD?

If you're using a broker, I'd take their lead on this as they'd know what the purpose is and how the specific lender would like to see it.

Peppermint90

Thank you @K_S. 
It is a follow-up query. Open ended, the lenders advisor just emailed and asked me to provide a job description of what my day to day job involves as 'they just would like to know more'...
So I am not sure how detailed/long this needs to be...

Peppermint90

So far I have just written a draft in bullet points....

vickielouise87

Hi, 
hoping for some clarity. 

Natwest have been sitting on our application since mid November, they were initially unhappy about my partner claiming the SEISS grant & BB loans & questioned this a few weeks ago. Since then, the valuation has been done, which they are happy with & they have this week asked for further bank statements from me, to show child maintenance being consistent & asked for a document from my partners accountant about some dividends. 

This is the 7th time they’re requested more information.. should we view this as a positive? I thought we’d be declined after the SEISS being brought up, but the money hadnt been touched, nor the BB loans, it has been put a side & saved for worst case scenario. 

I’m desperate to know how this will pan out - but have no idea - & my broker just said ‘ depends on your lifestyle’ so he’s not been a great help. 

MissMia60

Thank you. K_S said:

MissMia60 said:

Hello thank you!! I have few questions. I was release from IVA 2016. I got in that situation due to stupidity and ex. Any how I've managed to get myself out of that situation and now would like to buy myself my own house.  
I am single. I work full time time. I am slowly saving. What are my chances of getting a mortgage? I live in Northern Ireland. I don't know if that makes any difference?

@MissMia60 I rarely ever arrange mortgages for NI clients so my thoughts are purely based on the IVA part. The good news is that with an IVA that was discharged more than 3 years ago (assuming you have had a squeaky clean credit history since then), that on its own should not stop you from getting a mortgage.

K_S

@Peppermint90 It's hard to say without more context and details but sounds like they're assessing plausibility. 

kingstreet

greenpanda said:

Do first time buyer mortgages take longer to get an offer? We had ours through in about 2 weeks, but our buyers still haven't heard ( they made their offer end of November with a mortgage valuation on the 7th December). 

Im worried now we will miss the Stampy duty holiday.

Typically, a FTB is going to have a smaller deposit and therefore a higher loan to value than a homemover with equity and possibly savings as well. This means a higher risk, greater status requirements and increased scrutiny. This takes longer.

Bookgal88

Would it be strange for a seller to request an update on a buyer's mortgage process? My buyer is going through Nationwide, valuation was done last Monday but I'm very in the dark about if he has his offer yet. Can I ask the agent to get an update from the buyer's mortgage broker, or is this odd? If it makes any difference, my property is S/O so the agent is also my freeholder and the buyer has to use the broker they appoint, so there's a relationship there. I'm probably being a bit impatient but I'd just love some news before Xmas!