Mortgage broker - ask me anything

ACG

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? 

Why cant your broker call them for another 3 days? 
If it is because it is still within their current service times, then nothing to worry about as its not been looked at yet. 

CharlieChops

Is the valuation only instructed once the mortgage company has assessed and happy with your mortgage application?
we have made an application with Kent Reliance on 2nd September, submitted 3 wages slips each and 2 bank statements and payment was taken for valuation, hard credit search done. Submitted a further 2 bank statements on 7th Sep so they had all the documentation. 8th Sep valuation instructed and carried out on 17th September.  

climbthatwallseegar

Hello,

I am looking for a broker who is knowledgeable about Shared Ownership mortgages, specifically additional lending when staircasing to 100%. I would like to move from my existing lender (Nationwide). Would you have any advice re. the best place to find one? I've Googled a few and am researching online but if you have any insider tips on good ones please share:) 

Many thanks,

Sonia

nnelly

Hi
Thank you so much for all your time and advice!!! Could I add my question to the list please?
I’ve recently applied for a mortgage with Santander via broker (7/8). I’m self-employed (😖), and as yet haven’t returned to work due to covid (hopefully due to start in oct/nov- but no signed contractor contract as yet). I have received SEIS, have 3 years worth of tax returns, an excellent (Experian) credit score and will have over £50k in savings after purchase (if it goes through).

Hoping to buy a flat from family, so, 
Mortgage 42% LTV, 22% gifted equity, 36% deposit.

I’ve had a physical valuation, but it still has to go to senior underwriters/head office, once it’s been processed. 

Given that the LTV is really low, and I have an excellent credit score and a large amount of savings, what do you think my chances are, given I’ve been impacted by Covid?
THANK YOU!!!

haras_n0sirrah

climbthatwallseegar said:

Hello,

I am looking for a broker who is knowledgeable about Shared Ownership mortgages, specifically additional lending when staircasing to 100%. I would like to move from my existing lender (Nationwide). Would you have any advice re. the best place to find one? I've Googled a few and am researching online but if you have any insider tips on good ones please share:) 

Many thanks,

Sonia

I am the mse resident shared ownership mortgage specialist and have been on housing associations broker panels for 14 years - we posters who post here are not allowed to approach posters however we are able to respond to pm's asking for help.

haras_n0sirrah

CharlieChops said:

Is the valuation only instructed once the mortgage company has assessed and happy with your mortgage application?
we have made an application with Kent Reliance on 2nd September, submitted 3 wages slips each and 2 bank statements and payment was taken for valuation, hard credit search done. Submitted a further 2 bank statements on 7th Sep so they had all the documentation. 8th Sep valuation instructed and carried out on 17th September.  

Kent as a lender instruct on application - they are pretty quick though so if stuff was uploaded on the 7th sept I would have expected them to have looked at it by now

haras_n0sirrah

nnelly said:

Hi
Thank you so much for all your time and advice!!! Could I add my question to the list please?
I’ve recently applied for a mortgage with Santander via broker (7/8). I’m self-employed (😖), and as yet haven’t returned to work due to covid (hopefully due to start in oct/nov- but no signed contractor contract as yet). I have received SEIS, have 3 years worth of tax returns, an excellent (Experian) credit score and will have over £50k in savings after purchase (if it goes through).

Hoping to buy a flat from family, so, 
Mortgage 42% LTV, 22% gifted equity, 36% deposit.

I’ve had a physical valuation, but it still has to go to senior underwriters/head office, once it’s been processed. 

Given that the LTV is really low, and I have an excellent credit score and a large amount of savings, what do you think my chances are, given I’ve been impacted by Covid?
THANK YOU!!!

I am going to be brutally honest - if you are not yet back to work you are going to have an uphill struggle. Lenders are now looking at latest 3 months business bank statements so if you are not yet back at work I don't think you are going to be successful until you have returned to work and are earning again
Santander are better than some lenders on self employed cases currently and if you have gone via a broker I would hope they would have gone through the case with their bdm before submitting the application to see what your chances are but I would probably have advised you to wait (especially if buying from family so I am assuming less time pressure) until you are back at work and can demonstrate your income going forward.

Natztastic2

What's your opinion on Leeds building society as a lender? Do you see many of the applications fall through?

Thank you for answering everyone's questions 👍

haras_n0sirrah

Natztastic2 said:

What's your opinion on Leeds building society as a lender? Do you see many of the applications fall through?

Thank you for answering everyone's questions 👍

As I operate a lot in the shared ownership sector I use them a lot. Only fall throughs I tend to get are if there is a problem with the property as I don't submit a case to a lender without having all the clients upfront documents so it shouldn't fall through on that.
As a lender they have decent criteria and decent income multiples - not the most generous
A bit slow at the moment (15 working days) as they are one of the few still doing 95% shared ownership newbuilds so are getting hammered a bit there but as a lender they are fine in normal times.

nnelly

haras_n0sirrah said:

nnelly said:

Hi
Thank you so much for all your time and advice!!! Could I add my question to the list please?
I’ve recently applied for a mortgage with Santander via broker (7/8). I’m self-employed (😖), and as yet haven’t returned to work due to covid (hopefully due to start in oct/nov- but no signed contractor contract as yet). I have received SEIS, have 3 years worth of tax returns, an excellent (Experian) credit score and will have over £50k in savings after purchase (if it goes through).

Hoping to buy a flat from family, so, 
Mortgage 42% LTV, 22% gifted equity, 36% deposit.

I’ve had a physical valuation, but it still has to go to senior underwriters/head office, once it’s been processed. 

Given that the LTV is really low, and I have an excellent credit score and a large amount of savings, what do you think my chances are, given I’ve been impacted by Covid?
THANK YOU!!!

I am going to be brutally honest - if you are not yet back to work you are going to have an uphill struggle. Lenders are now looking at latest 3 months business bank statements so if you are not yet back at work I don't think you are going to be successful until you have returned to work and are earning again
Santander are better than some lenders on self employed cases currently and if you have gone via a broker I would hope they would have gone through the case with their bdm before submitting the application to see what your chances are but I would probably have advised you to wait (especially if buying from family so I am assuming less time pressure) until you are back at work and can demonstrate your income going forward.

Thank you so much for your honesty. It’s wierdly made me feel a lot calmer about the situation. 
Thats my fear, unfortunately though due to family reasons we actually need the sale to go through quite quickly so couldn’t wait. We’ll just have to wait and see. 

I’m sensing from your reply the low LTV and savings won’t help matters?

It seems to have gone through initial document/underwriting stage and we haven’t had any questions about income yet. Is that due to come once it goes to the senior underwriters do you reckon? Sorry for all the questions!