Mortgage broker - ask me anything

samw2311

haras_n0sirrah said:

samw2311 said:

Hi, me and my partner are going for a shared ownership mortgage, we have to go with Kent reliance as that’s our only option (a broker has come to this conclusion) due to my complicated self employment history. Anyway we have reserved a house etc been through underwriting and they’ve come back and said they can’t quite lend enough on the 2 yr fixed but if we go to the 5yr fixed at 4.39% they can as they lend £25k more on a 5 year. We plan to staircase and buy 100% in 5 years as financially we will be in the position to, so yes we have to suck up the rate now, but is it a silly thing to do? It’s a case of being on the property ladder or not, it’s our only option , it’s more than affordable, and we’ve got our hearts set on moving into our own first home. ?  So now we are waiting for a valuation -  It is a new build so they’ve just had a valuation done to put it up for sale, should we be worried still about it all going through? All were waiting on now is a valuation? We don’t know wether we can relax or not or if there is another potential hurdle with valuation.... hope this makes sense. Thanks in advance 

I am a shared ownership specialist - kent certainly do lend a lot more on their 5 yr deal than their 2 year. There isn't a massive difference between the two (3.99% vs 4.39%) If it is now approved subject to valuation then as long as the valuation is ok it will go to offer.

Thankyou for your reply. Have a good day 

sophlou95

Hi, I bought my house with my partner when I was 19. Years later we separated and i was left in the home with my child. 6 years on I now have a new partner 2 children we have outgrown the house are are keen to move. We have a good amount of equity in the home and my ex partner has agreed to walk away from the house for a small amount of money (we are on good terms, the original deposit for the house came from me and I have been paying the mortgage and maintaining the home without his financial support so he has agreed I keep the majority of the equity). 
Issue is my current partner has bad credit. I'm not sure he will be able get a mortgage and i don't want to be tied to his bad credit! Therefore moving wont be possible. I have looked in to remortgaging the house to release monies to pay my ex partner off and use the money for house renovations to make the space more livable. 
Due to my partners bad credit I dont think he will be able to remortgage with me taking my ex partner place on the mortgage and now I'm working part time due to young children i dont think they will allow me to be sole name once I have taken equity out. 
Is there anyway I can work around this. Can I remortgage alone with a guarantor? Can my mum remortgage with me? If I remortgage with my ex partner and keep him on the mortgage for a while and I am able to prove I am making the mortgage payments without him will they allow me to remove his name? 
Feeling very frustrated and stuck

[Deleted User]

What counts as an annexe for mortgage purposes? For example, is it ok to have a general use room above a garage? Is an annexe defined by a bathroom or kitchen? 
Thanks

izzywizzy2010

Could I please ask for help regarding paying  into a sharesave scheme and remortgaging.

 Our current bank is saying it cannot be counted as income so there for leaving us with a lower affordability! This wasn’t mentioned at all when the mortgage was originally taken out and we was participating in the share save scheme then too 

haras_n0sirrah

Deleted_User said:

What counts as an annexe for mortgage purposes? For example, is it ok to have a general use room above a garage? Is an annexe defined by a bathroom or kitchen? 
Thanks

I would only expect something as a liveable dwelling to be counted as an annexe (so own kitchen and bathroom)

haras_n0sirrah

izzywizzy2010 said:

Could I please ask for help regarding paying  into a sharesave scheme and remortgaging.

 Our current bank is saying it cannot be counted as income so there for leaving us with a lower affordability! This wasn’t mentioned at all when the mortgage was originally taken out and we was participating in the share save scheme then too 

Share save cannot be counted as income 
Which lender - some lenders are more generous than others so you may be able to get more with a different lender.

izzywizzy2010

haras_n0sirrah said:

izzywizzy2010 said:

Could I please ask for help regarding paying  into a sharesave scheme and remortgaging.

 Our current bank is saying it cannot be counted as income so there for leaving us with a lower affordability! This wasn’t mentioned at all when the mortgage was originally taken out and we was participating in the share save scheme then too 

Share save cannot be counted as income 
Which lender - some lenders are more generous than others so you may be able to get more with a different lender.

Current provider is Santander, ideally we wanted to stay with them. But this is forcing our hand to look elsewhere. Just seems strange it’s an issue now but originally was never mentioned went applying for our current mortgage

haras_n0sirrah

izzywizzy2010 said:

haras_n0sirrah said:

izzywizzy2010 said:

Could I please ask for help regarding paying  into a sharesave scheme and remortgaging.

 Our current bank is saying it cannot be counted as income so there for leaving us with a lower affordability! This wasn’t mentioned at all when the mortgage was originally taken out and we was participating in the share save scheme then too 

Share save cannot be counted as income 
Which lender - some lenders are more generous than others so you may be able to get more with a different lender.

Current provider is Santander, ideally we wanted to stay with them. But this is forcing our hand to look elsewhere. Just seems strange it’s an issue now but originally was never mentioned went applying for our current mortgage

Some lenders ignore things from payslips that can be cancelled
Speak to a broker. If you don't have one then some of us who post here are independent brokers. We are not allowed to approach posters but posters are able to pm us asking for help.

bec820

We are on working day 17 from applying with nationwide and all we have had is a hard search done on day 10. No further communication from nationwide and our estate agent says that they haven't been contacted yet about a valuation. Our broker cannot call them for another 3 days to find out what's going on but should we be concerned that no valuation booked yet? 

mh_ww

bec820 said:

We are on working day 17 from applying with nationwide and all we have had is a hard search done on day 10. No further communication from nationwide and our estate agent says that they haven't been contacted yet about a valuation. Our broker cannot call them for another 3 days to find out what's going on but should we be concerned that no valuation booked yet? 

I'm in same situation and on working day 25. Only hard check since 13th Aug