Mortgage broker - ask me anything

wynter_b

Apologies if this has already been asked but today HSBC announced some new rates. We have an offer at 1.89 and the product is now 1.69. We exchanged today with a completion date of 1/2/21. Does anyone have knowledge of HSBC automatically honouring a lower rate at drawdown?  Or do you need to approach and risk it going back to underwriters or even re-offering?  We are FTB. 

TIA

K_S

@wynter_b For most mainstream lenders a product change post offer is a fairly simple process that doesn't involve further underwriting. However, I don't know HSBC's process off of the top of my head. Might be best to ask your broker or the lender if direct. Given that completion is only 2 weeks away and lender pipelines clogged, probably best to get on it asap.

wynter_b

K_S said:

@wynter_b For most mainstream lenders a product change post offer is a fairly simple process that doesn't involve further underwriting. However, I don't know HSBC's process off of the top of my head. Might be best to ask your broker or the lender if direct. Given that completion is only 2 weeks away and lender pipelines clogged, probably best to get on it asap.

Thanks - We have a broker so will email in the morning. Appreciate the reply. 

agx90

Hi,

I currently have a mortgage offer with Barclays for a new build due to complete in June. We went with them due to their straight forward offer extension policy as our mortgage offer would have expired before completion. 

My partner has become pregnant and I am now looking to declare a “change of circumstances” for her upcoming maternity leave to get this all reviewed and hopefully accepted. 

As it’s all about timing the extension to cover the completion window I was wondering if any of you know how banks treats change of circumstances and offer expiry dates?

My hope is that banks would update the original offer (same expiry date) whilst retaining my right to ask for an extension later on which I will do so toward the end of my original mortgage offer to maximise the validity period. Or do they simply start the clock again at the point of submission for a further 6 months and I lose my right to any further extension?

Any tips would be appreciated as I want to declare but also want to do it at the right time!

Thanks!

Dazzie

Hi 
My broker has assured me he has put in my full application to Halifax yesterday and that it was with the underwriters, they required additional information that I submitted to him today. I have checked my my credit files Experian, Equifax and credit Karma but as yet there are no hard searches. I have the soft searches from the AIP. Is this normal ?

Many thanks 

K_S

Dazzie said:

Hi 
My broker has assured me he has put in my full application to Halifax yesterday and that it was with the underwriters, they required additional information that I submitted to him today. I have checked my my credit files Experian, Equifax and credit Karma but as yet there are no hard searches. I have the soft searches from the AIP. Is this normal ?
Many thanks 

@dazzie For my personal joint mortgage with Halifax applied for in June 2020, all I can see for the date of application is a Halifax soft search on my file and a Halifax hard search on the joint applicant's file. So I'd say it's normal  

Dazzie

Thank you for your reply. I’ve checked my husbands and there are no hard searches on there. Think I’m over panicking but not 100% convinced he’s submitted it. How many days after submitting a full application would I expect searches to be done. 

Thanks again 

K_S

@dazzie The credit file may take a few days to update. Is there any reason why you think the broker is not being honest about having submitted a full application?

The only aspect which looks a bit implausible to me is that he submitted an application yesterday, the underwriters looked at the app the same day and sent across a follow-up documentation request the same day. Can't remember things moving that fast with any mainstream lender post covid.

Cuddlybearman

Cuddlybearman said:

Thanks guys - its actually a question for me to get a better idea about what my buyer is playing at. He tried to do a BTL when I first accepted his offer and went to Nationwide directly - but once they subbed it off to the Mortgage Works basically the person at Nationwide told him 75% LTV was ok and actually its not. But that took a month to find out. 

So he pulled it and went to a broker and submitted to Satander around the 28th Nov and I'm still waiting to find out if he has an offer yet. I'm assuming and hoping (as you suggested) his broker would have done everything right and hopefully the waiting is just due to workload and not an issue (he's a self employed taxi driver but from what I understand earning is not so much the issue with a BTL). All the solicitors are a week away from getting the paperwork sorted and his mortgage offer is the last (and most important) piece of the puzzle.

Driving me nuts - not really his fault - but we're all in limbo and if he doesn't get it sorted then effectively we've all just wasted 2 months for nothing!

@K_S Ok so strange update - got a call last night saying that my buyer's bank under valued my property by £25K (even though three other valuations this year did not and he asked if i dropped my sale price by 10K he would cover the other 15K in cash. I mean I believe he's telling the truth and i asked for some kind of proof. I got sent a DIP (dated yesterday) from the original company he went to (Mortgage Works) not Satander for the value he said. I queried with his MB and asked for firm reassurance that this isnt a case of a new application and even more waiting and he said that for some reason the bank had done everything in reverse. So they had checked his tax returns, finance etc, done a survey (which they did months ago) and then issued a DIP. Apparently if we could agree on a sale price that works for us then the bank promised to issue a formal offer in 10 days.

My questions is - is this a true scenario or is it the complete horse-poop that it sounds? Some bit sounds viable, some bits sound dodgy to me.......The fact that he went to the Mortgage Works first, got fed up with their demands, went to Satanader and spent 3 weeks telling me an offer was coming any day, then we are back at this Mortgage Works lot again?????

I truly, truly hate buying and selling houses in this country....

K_S

@cuddlybearman If Santander/TMW has done a valuation and issued a report, there should be a short valuation result document that the buyer's broker can show you.

That's what I would ask for. The explanation that they've given in your post doesn't make much sense to me. A DIP is issued at whatever value the broker inputs, it has nothing to do with the valuation.