Mortgage broker - ask me anything

K_S

@jrskr There's nothing in your post that stands out as a potential reason for being declined. I'm assuming you've both pored over your credit reports to make sure there isn't anything you aren't aware of lurking on there.

K_S

JRSKR said:

If one of us doesn’t earn enough to qualify for the mortgage by ourselves would they decline it? My OH earns three times the amount I do. 

@jrskr A joint application requires the joint income to meet the affordability requirements. Your individual incomes don't need to qualify on their own.

chatlow

K_S said:

@chatlow Assuming the L&C broker has gone through your requirements, circumstances, confirmed that you can afford (with a 75k income, 225k borrowing should be doable) a 250k property and recommended a specific TSB product, the next step would be to start viewing and offer on a property within that budget. Once an offer is accepted and you give the go ahead, the broker will put in a mortgage application on your behalf. 

Estate Agents might ask for an AIP (to prove that you can borrow what you need), your broker can get you one if needed or in most cases (at least in my experience) EAs are happy with an email from the broker confirming that the buyer's finances are in order to borrow what's needed.

Just be aware that at 90% LTV (10% deposit), the number of products available in the market are very few and relatively expensive (compared to the same time last year). With the current economic uncertainity and new lockdown, etc, there's no guarantee that these products will not be pulled/tweaked in the coming weeks. So I would strongly recommend working with a 15% deposit to significantly widen your chances in case there is a tightening in lending, criteria, etc.

Good luck!

thanks a lot. We went ahead with L&C for the DIP. I thought it was linked to the TSB we found via them (through compare the market) but turns out it's a standalone form. Also, bit strange that they don't perform any credit checks (happy with a soft check) at this stage, whereas directly with a bank, most appear to run them. Surprised estate agents would take it seriously but when I mentioned L&C MIP, they were fine with it.

Will continue our house hunt knowing we can at least make an offer, and will see if anything better than the TSB 2/5 year comes up. Still trying to get my head around fixed term and standard variable rates, hopefully L&V get back to us soon or we contact an independent for some tips. As you can see, very new to this!

Alvin5

Hi there!

Hope someone can help me with the following. BTL mortgage submitted on 30/11/2020 . Valuation done. Currently I am still not getting an update from Santander after I submitted the requested documents on 24 Dec. Today I got an update from MB saying “

the case has been reviewed but an update hasn’t been provided to us as there is still a point that is being reviewed higher up in Santander.

 As the gift deposit has come from outside of the EU the compliance team at Santander are reviewing this point and will make a decision, as this is above the underwriters mandates.”

Does it mean I have already passed UW review offer is subject to compliance team decision?  Roughly how long for the team reply in normal conditions? I am so worried about it . Letting agent is chasing me . Many thanks !

K_S

Alvin5 said:

Hi there!

Hope someone can help me with the following. BTL mortgage submitted on 30/11/2020 . Valuation done. Currently I am still not getting an update from Santander after I submitted the requested documents on 24 Dec. Today I got an update from MB saying “

the case has been reviewed but an update hasn’t been provided to us as there is still a point that is being reviewed higher up in Santander.

 As the gift deposit has come from outside of the EU the compliance team at Santander are reviewing this point and will make a decision, as this is above the underwriters mandates.”

Does it mean I have already passed UW review offer is subject to compliance team decision?  Roughly how long for the team reply in normal conditions? I am so worried about it . Letting agent is chasing me . Many thanks !

@alvin5 It's hard to say precisely, but Santander aren't the fastest at the moment with reviewing new information. Santander BTL only accepts 3rd party contributions to the deposit on an exceptions basis, I guess that's the reason for the extra scrutiny. Hope it comes through, do update the thread when you know more. Good luck!

Aylen

Hi,

I have 3 late payments that happened over past 12 months with the latest being 6 months ago. Affordability on £450k is good. Just having no like getting a dip on high street lender. What sub primer lender would you recommend on that case? My only debts are £288 a month on car lease and £875 on credit card. 

Is it a possibility to get a mortgage with those missed payments? 

Thank you

K_S

@aylen What kind of accounts are we talking about? Are there any current arrears? Were the late payments consecutive?

Cuddlybearman

Alvin5 said:

Hi there!

Hope someone can help me with the following. BTL mortgage submitted on 30/11/2020 . Valuation done. Currently I am still not getting an update from Santander after I submitted the requested documents on 24 Dec. Today I got an update from MB saying “

the case has been reviewed but an update hasn’t been provided to us as there is still a point that is being reviewed higher up in Santander.

 As the gift deposit has come from outside of the EU the compliance team at Santander are reviewing this point and will make a decision, as this is above the underwriters mandates.”

Does it mean I have already passed UW review offer is subject to compliance team decision?  Roughly how long for the team reply in normal conditions? I am so worried about it . Letting agent is chasing me . Many thanks !

@Alvin5 I had a similar issue a few years ago where i had a deposit gifted from my family in Australia for a BTL but not with Satander - it was with Natwest but they were ok with a letter stating they had no interest in the property. At the time the MB told me sometimes its to do with what part of the country you live in - are you up North, down south, London, etc? that may have an affect.

Not sure if you have explored any other banks (probably too late now) but i've heard that Satander are really slow. My buyer at the min is waiting on Satander offer and they are really dragging it out for him.

Alvin5

K_S said:

Alvin5 said:

Hi there!

Hope someone can help me with the following. BTL mortgage submitted on 30/11/2020 . Valuation done. Currently I am still not getting an update from Santander after I submitted the requested documents on 24 Dec. Today I got an update from MB saying “

the case has been reviewed but an update hasn’t been provided to us as there is still a point that is being reviewed higher up in Santander.

 As the gift deposit has come from outside of the EU the compliance team at Santander are reviewing this point and will make a decision, as this is above the underwriters mandates.”

Does it mean I have already passed UW review offer is subject to compliance team decision?  Roughly how long for the team reply in normal conditions? I am so worried about it . Letting agent is chasing me . Many thanks !

@alvin5 It's hard to say precisely, but Santander aren't the fastest at the moment with reviewing new information. Santander BTL only accepts 3rd party contributions to the deposit on an exceptions basis, I guess that's the reason for the extra scrutiny. Hope it comes through, do update the thread when you know more. Good luck!

Thanks! I will update here for any result

Alvin5

Cuddlybearman

said:

Alvin5 said:

Hi there!

Hope someone can help me with the following. BTL mortgage submitted on 30/11/2020 . Valuation done. Currently I am still not getting an update from Santander after I submitted the requested documents on 24 Dec. Today I got an update from MB saying “

the case has been reviewed but an update hasn’t been provided to us as there is still a point that is being reviewed higher up in Santander.

 As the gift deposit has come from outside of the EU the compliance team at Santander are reviewing this point and will make a decision, as this is above the underwriters mandates.”

Does it mean I have already passed UW review offer is subject to compliance team decision?  Roughly how long for the team reply in normal conditions? I am so worried about it . Letting agent is chasing me . Many thanks !

@Alvin5 I had a similar issue a few years ago where i had a deposit gifted from my family in Australia for a BTL but not with Satander - it was with Natwest but they were ok with a letter stating they had no interest in the property. At the time the MB told me sometimes its to do with what part of the country you live in - are you up North, down south, London, etc? that may have an affect.

Not sure if you have explored any other banks (probably too late now) but i've heard that Satander are really slow. My buyer at the min is waiting on Satander offer and they are really dragging it out for him.

Thanks Cuddlybearman
It was from China which they might think high risk? Only small amount eg 26K. Compared with deposit.  I have already provided mom’s three month bank statements and ID ,signed gift letter showing the monies transferred into my account 10 months ago.  I am not sure if they would request any further documents? They are very slow..