Mortgage broker - ask me anything

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  • edited 16 September 2020 at 6:56AM
    haras_n0sirrahharas_n0sirrah Forumite
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    edited 16 September 2020 at 6:56AM
    ACG said:
    Carl2510 said:
    Do you guys get paid better if you get paid by the lender or buy the client paying upfront sorry if this is a personal question, my current MA gets paid for by lender and he does a really good job for me I’ve used him for remortgage and now my next property purchase.
    We get paid commission and charged a fee. If I only got paid by one, I would be paid less :wink:

    In all honesty the cases we are generally quite complex. The commission paid by the lender is not enough, if you assume the average mortgage is £150k, that is about £450 commission. 

    Each case takes say 10 hours (although I wish they took 10 hours at the minute), that is £45 an hour. 
    From that we have to pay for:
    Compliance,
    Insurance,
    IT,
    Marketing,
    Admin,
    Regulatory costs, 
    Rent, 
    stationary (there have been no seminars to stock up on stationary this year),
    etc etc. 

    In order to offer a decent level of service, we have to limit the amount of cases we take on and so that is why we charge a fee. 
    And calls. My god we can be on hold to some lenders for an hour plus to get an update. 
  • In your opinion how long are mortgage offers currently taking and is the process usually alot quicker for existing customers that wish to borrow more (Second mortgage) in order to upsize?

    Also, any chance you have a contact for someone working in Clydesdale bank mortgages? My advisor left at the end of last month and they're not taking inbound calls :(
  • edited 16 September 2020 at 6:56AM
    haras_n0sirrahharas_n0sirrah Forumite
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    edited 16 September 2020 at 6:56AM
    In your opinion how long are mortgage offers currently taking and is the process usually alot quicker for existing customers that wish to borrow more (Second mortgage) in order to upsize?

    Also, any chance you have a contact for someone working in Clydesdale bank mortgages? My advisor left at the end of last month and they're not taking inbound calls :(
    It depends on the lender. Some lenders are pretty quick still if you aren't self employed. Others are the slow boat to China. 
    I haven't found it much quicker for existing customers to be honest. As a broker I generally give two options. Lender x is the cheapest but we are unlikely to hear anything for 3 weeks, lender y is £10 a month more but would be likely to hear something within the week - which option would you prefer mr(s) client. Some people are happy to pay a little more at the moment to avoid lenders with a 19 working day turnaround (nationwide) 
    We have bdm's who work for clydesdale- they will only speak to brokers though. Has the broker not passed you onto another contact to look after you (or did you go direct to lender?) - clydesdale unfortunately are on my slow boat to China list 
  • Toyo_86Toyo_86 Forumite
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    I am trying to sell my property while moving to another. I have applied to natwest but they require a consent to let. Barclays has currently rejected my application for the consent to let but I have reapplied.

    Are there lenders that might not require a consent to let but are happy to accept a letter from an estate agent?

    thanks
  • haras_n0sirrahharas_n0sirrah Forumite
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    Toyo_86 said:
    I am trying to sell my property while moving to another. I have applied to natwest but they require a consent to let. Barclays has currently rejected my application for the consent to let but I have reapplied.

    Are there lenders that might not require a consent to let but are happy to accept a letter from an estate agent?

    thanks
    Yes there is. I have just got a mortgage approved for someone in this exact scenario. 15% minimum deposit and they will want a letter from an estate agent confirming rentability and amount of rent achievable. The monthly rent offsets the mortgage (as long as it fits the calculation)
  • In your opinion how long are mortgage offers currently taking and is the process usually alot quicker for existing customers that wish to borrow more (Second mortgage) in order to upsize?

    Also, any chance you have a contact for someone working in Clydesdale bank mortgages? My advisor left at the end of last month and they're not taking inbound calls :(
    It depends on the lender. Some lenders are pretty quick still if you aren't self employed. Others are the slow boat to China. 
    I haven't found it much quicker for existing customers to be honest. As some clients whose mortgages I have done from here recently would testify I generally give two options. Lender x is the cheapest but we are unlikely to hear anything for 3 weeks, lender y is £10 a month more but would be likely to hear something within the week - which option would you prefer? 
    We have bdm's who work for clydesdale- they will only speak to brokers though. Has the broker not passed you onto another contact to look after you (or did you go direct to lender?) - clydesdale unfortunately are on my slow boat to China list 
    No he didnt provide me with another contact, he provided me with an AIP. Unfortunately im currently almost 1 year into my 2 year fixed deal. If i switch to another provider it would cost me £3k reducing to £2k in December.
  • NatsplusNatsplus Forumite
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    Natsplus said:
    I am planning to get a joint mortgage with my oh, where I earn 30% and he earns 70% of our total earnings. I would like to know, would the mortgage company looks at my personal accounts or the accounts of my limited company (bank statements) for making the decision in mortgage offer? 
    My concern is, we were revamping and making some major changes in the last few months and the transactions were  limited in the last few months. This wasn't due to covid and we haven't been impacted but it was planned already.
    How will this lack of business in the past few months affect my mortgage application?
    Self employed at the moment is tricky. Lenders will generally want 3 months business bank statements to show income and will want to know how your turnover has been affected by Covid. Pre covid you would have got away with it as lenders weren't asking for business bank statements but now they will definately want them. Is it affordable with your partners income being used and you being a non earning partner? Alternatively when will you be back earning again - you may need to wait to show your business is back up and running
    Its back up and running from start of September. 
  • ACGACG Forumite
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    Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
    It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
    Anyone got a question? Ask away
    Will you call Platform for me tomorrow please? 

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Toyo_86Toyo_86 Forumite
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    Toyo_86 said:
    I am trying to sell my property while moving to another. I have applied to natwest but they require a consent to let. Barclays has currently rejected my application for the consent to let but I have reapplied.

    Are there lenders that might not require a consent to let but are happy to accept a letter from an estate agent?

    thanks
    Yes there is. I have just got a mortgage approved for someone in this exact scenario. 15% minimum deposit and they will want a letter from an estate agent confirming rentability and amount of rent achievable. The monthly rent offsets the mortgage (as long as it fits the calculation)
    Oh thats good to know. I have a 20% deposit so hopefully that should be ok. The rent will definitely cover the mortgage. 

    If you dont mind, 2 quick further questions

    1. How long was the application for the mortgage you did? It has taken me 2 months to get to the final stage with Natwest only to get to then get denied the consent to let by Barclays. Hoping the lender you refer to (but im guessing you cant provide the name?) would take a much shorter time?

    2. was the interest rate from this lender similar or close enough to the high street lenders or was it a specialist lender With a higher rate?

    thanks for this thread . Been very useful.
  • haras_n0sirrahharas_n0sirrah Forumite
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    ACG said:
    Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
    It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
    Anyone got a question? Ask away
    Will you call Platform for me tomorrow please? 

    I don't phone lenders. I have an administrator :)
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