Mortgage broker - ask me anything

K_S

Dazzie said:

K_S said:

@dazzie As a fresh graduate, there are lenders who will consider lending with the first payslip.

Thank you, that’s great news. To be able to open up her options for the full market how many would you suggest? 

@dazzie Completing probation would widen up the pool a bit more. But to be frank, even with a month's payslip I'm talking about mainstream lenders and rates, nothing exotic

Haunted124

I am a 1st time buyer and my MA has submitted the application to tsb today,  do you have any idea on their timeliness.
Thank you for the good work 

K_S

Haunted124 said:

I am a 1st time buyer and my MA has submitted the application to tsb today,  do you have any idea on their timeliness.
Thank you for the good work 

@haunted124 Sorry, haven't done any TSB in a while. Hopefully someone else will comment.

IAMIAM

I'd be interested to know @K_S which lenders you tend to deal with/favour a lot, is it reflective of the biggest lenders, ie Lloyds/Nationwide/Santander/Halifax etc

K_S

IAMIAM said:

I'd be interested to know @K_S which lenders you tend to deal with/favour a lot, is it reflective of the biggest lenders, ie Lloyds/Nationwide/Santander/Halifax etc

@iamiam It can change quite a bit from month to month. Halifax is always up there because of their more relaxed 'credit scoring' as compared to other mainstream lenders. Accord is a personal favourite of mine and tend to quickly occupy niches which other mainstream lenders are ignoring (eg 90% when no one else did 90%, common sense approach to self-employed apps, etc). Santander BTL has been in-demand the past few weeks because of their chart-topping rates and being good with capital raising. Virgin with their fairly easy to meet conditions for taking term up to 75 years of age has also featured a lot.

Given the regulatory requirements, I can't really pick and choose lenders and some clients are fixated on rates ignoring everything else but I try to steer clients away from lenders with very poor service levels if the alternatives are only slightly more expensive or when the client clearly needs a quick result.

Just to be clear, my experience is hardly likely to be representative as it's only a drop in the ocean.

Dazzie

Hi would anyone know the timeline of a Halifax mortgage? It was submitted a week ago and is currently with the underwriters as husband is Self employed. 

Many thanks 

K_S

Dazzie said:

Hi would anyone know the timeline of a Halifax mortgage? It was submitted a week ago and is currently with the underwriters as husband is Self employed. 

Many thanks 

@dazzie For employed clients, a couple of days is normal in case of a desktop valuation. For self-employed unfortunately it's difficult to quote an "average" as it'll depend on the specifics, what queries come up at underwriting stage, etc. Have they asked for any additional info or documentation yet?

IAMIAM

K_S said:

IAMIAM said:

I'd be interested to know @K_S which lenders you tend to deal with/favour a lot, is it reflective of the biggest lenders, ie Lloyds/Nationwide/Santander/Halifax etc

@iamiam It can change quite a bit from month to month. Halifax is always up there because of their more relaxed 'credit scoring' as compared to other mainstream lenders. Accord is a personal favourite of mine and tend to quickly occupy niches which other mainstream lenders are ignoring (eg 90% when no one else did 90%, common sense approach to self-employed apps, etc). Santander BTL has been in-demand the past few weeks because of their chart-topping rates and being good with capital raising. Virgin with their fairly easy to meet conditions for taking term up to 75 years of age has also featured a lot.

Given the regulatory requirements, I can't really pick and choose lenders and some clients are fixated on rates ignoring everything else but I try to steer clients away from lenders with very poor service levels if the alternatives are only slightly more expensive or when the client clearly needs a quick result.

Just to be clear, my experience is hardly likely to be representative as it's only a drop in the ocean.

Interesting, what are your thoughts on First Direct?
They don't seem to be in any tables, but their rates for 75% an 80% seem to be right up there in total cost but never featured....
1.69% with 490 fee and 1.99 with 490 fee (which I believe is the best 80% fix out there at the min)

Dazzie

Thank you @K_S. No we have not been asked  to provide anything extra. 

K_S

IAMIAM said:

K_S said:

IAMIAM said:

I'd be interested to know @K_S which lenders you tend to deal with/favour a lot, is it reflective of the biggest lenders, ie Lloyds/Nationwide/Santander/Halifax etc

@iamiam It can change quite a bit from month to month. Halifax is always up there because of their more relaxed 'credit scoring' as compared to other mainstream lenders. Accord is a personal favourite of mine and tend to quickly occupy niches which other mainstream lenders are ignoring (eg 90% when no one else did 90%, common sense approach to self-employed apps, etc). Santander BTL has been in-demand the past few weeks because of their chart-topping rates and being good with capital raising. Virgin with their fairly easy to meet conditions for taking term up to 75 years of age has also featured a lot.

Given the regulatory requirements, I can't really pick and choose lenders and some clients are fixated on rates ignoring everything else but I try to steer clients away from lenders with very poor service levels if the alternatives are only slightly more expensive or when the client clearly needs a quick result.

Just to be clear, my experience is hardly likely to be representative as it's only a drop in the ocean.

Interesting, what are your thoughts on First Direct?
They don't seem to be in any tables, but their rates for 75% an 80% seem to be right up there in total cost but never featured....
1.69% with 490 fee and 1.99 with 490 fee (which I believe is the best 80% fix out there at the min)

@iamiam FD like Lloyds is direct-only, no access to brokers. But they should still feature on the MSE mortgage finder.