Mortgage broker - ask me anything

Peppermint90

@vickya I'm a buyer, and sellers estate agent chases me for an update everyy week. So I assumed it's very normal to do so...

Peppermint90

Forgot to add, estate agent chases my broker too.

Jrana

Thanks. Do brokers work over the holidays?

I am stuck in London caught out by Boris' Tier 4 announcement, so  went on a Purple bricks viewing today and have put in an offer.

The house is empty, and they want to proceed asap so wanted to talk to a broker and confirm that we can borrow what we need.  

allie777

Thank you so much for this thread, it's been really helpful!

Are mortgage lenders willing to lend on the latest year's accounts instead of averaging the past 2/3 years at the moment? Last year's accounts were £28,000 but this year's will be £34,000 so would be a big help if so.

I have been self-employed for 5 years, have a 15% deposit, no debt, never missed payments, etc. I did claim the SEISS grant in the summer, my income has gone back to normal now and I will have 6 months statements in the New Year to show my income has gone up and sustained.

Thanks in advance!

Blotto17

1 POSTS

Hi. I’ve been saving for quite a few years and I have around 70% saved of the average house I want to buy. I’m 40 next year so I feel I should really move when it comes to getting a mortgage. However I also have reservations as I’m wondering will house prices drop after Brexit and a post-Covid economic climate. So should I wait for this to happen first. 

My question is can you put down that large a deposit? - 70%/75% 
Is it useful to get a broker to find you that kind of specific mortgage deal? Any advice on getting the right right broker would be helpful also. I’m a complete novice regarding the whole mortgage application side of things. My deposit should be significant but my monthly salary is quite modest. Any answers or thoughts would be much appreciated... Thank you 

K_S

Jrana said:

Thanks. Do brokers work over the holidays?

I am stuck in London caught out by Boris' Tier 4 announcement, so  went on a Purple bricks viewing today and have put in an offer.

The house is empty, and they want to proceed asap so wanted to talk to a broker and confirm that we can borrow what we need.  

@jrana I've responded to your PM

K_S

allie777 said:

Thank you so much for this thread, it's been really helpful!

Are mortgage lenders willing to lend on the latest year's accounts instead of averaging the past 2/3 years at the moment? Last year's accounts were £28,000 but this year's will be £34,000 so would be a big help if so.

I have been self-employed for 5 years, have a 15% deposit, no debt, never missed payments, etc. I did claim the SEISS grant in the summer, my income has gone back to normal now and I will have 6 months statements in the New Year to show my income has gone up and sustained.

Thanks in advance!

@allie777 Ignoring the other potential issues (the SEISS grant being one), yes there are lenders who may consider the latest years profits for affordability purposes but the trade-off is likely to be a narrower choice of lenders and higher rates.

allie777

K_S said:

allie777 said:

Thank you so much for this thread, it's been really helpful!

Are mortgage lenders willing to lend on the latest year's accounts instead of averaging the past 2/3 years at the moment? Last year's accounts were £28,000 but this year's will be £34,000 so would be a big help if so.

I have been self-employed for 5 years, have a 15% deposit, no debt, never missed payments, etc. I did claim the SEISS grant in the summer, my income has gone back to normal now and I will have 6 months statements in the New Year to show my income has gone up and sustained.

Thanks in advance!

@allie777 Ignoring the other potential issues (the SEISS grant being one), yes there are lenders who may consider the latest years profits for affordability purposes but the trade-off is likely to be a narrower choice of lenders and higher rates.

Thank you for replying - much appreciated!

Sotts

Finding this thread so helpful.  So I've had a DIP from Kent Reliance on a shared ownership property, valuation carried out last week, EWS requested and provided Monday.    Land searches are back.  Solicitor has the contract ready.
But still no mortgage offer which i know was waiting for valuation.
Is there any risk of not getting a mortgage offer?   My broker has been great and says Kent Reliance are very through but they now have everything they need. 

K_S

@Sotts Assuming the EWS is in order, I don't see anything particular in your post to be worried about. Trust your broker Good luck and I hope you get some good news soon!