Mortgage broker - ask me anything

dil1976

I am going to be looking at getting a mortgage in the next 5-6 months, I currently have 3 credit cards all of which will be clear by the time I apply and 3 credits accounts with online retailers again all clear of debt, would it be better to close any of these to increase my chances of a good rate or just leave them open with zero balance on them?

K_S

dil1976 said:

I am going to be looking at getting a mortgage in the next 5-6 months, I currently have 3 credit cards all of which will be clear by the time I apply and 3 credits accounts with online retailers again all clear of debt, would it be better to close any of these to increase my chances of a good rate or just leave them open with zero balance on them?

@dil1976 Once they're zero balance, whether you close them or leave them open will not make any noticeable difference to the rates you may be eligible for.

Irishpearce26

Hoping we get some news tomorrow;
Virgin Money Mortgage - £205K
Porting existing mortgage and applying for additional £75k
DIP - 26th November
Application submitted - 23rd December 
Application reviewed and need Januarys payslip to show reduction in childcare costs - 31 December
Payslip submitted - 13th January
Valuation carried out - 13th January
Valuation report sent to solicitor - 18th January
Called Virgin for an update and is with underwriters with a target date of 20th January - 19th January

Does anyone have experience of porting and additional borrowing with Virgin?

kirsteen0603

I’ve a five got a fixed rate due to end 1st of April. I’ve been head hunted back to prior employer and start beginning of March. Trying to simplify my life I’m selling my btl property which is currently undergoing upgrades this will be on the market by april. I need to raise equity out - approx 80% ltv /4x my salary. Am I better waiting until in new job a certain period/btl is sold before applying?

K_S

kirsteen0603 said:

I’ve a five got a fixed rate due to end 1st of April. I’ve been head hunted back to prior employer and start beginning of March. Trying to simplify my life I’m selling my btl property which is currently undergoing upgrades this will be on the market by april. I need to raise equity out - approx 80% ltv /4x my salary. Am I better waiting until in new job a certain period/btl is sold before applying?

@kirsteen0603 Assuming you're moving to better pay and in continuous employment, and if your current salary is sufficient for affordability, you don't really need to wait to start in the new role to do a capital raise remo.

kirsteen0603

Thank you- would the btl - being upgraded not count as a commitment and bring down a multiple? It’s got a decent level of equity in it but no income coming in until sold.

K_S

kirsteen0603 said:

Thank you- would the btl - being upgraded not count as a commitment and bring down a multiple? It’s got a decent level of equity in it but no income coming in until sold.

@kirsteen0603 It could, depends on your income Vs the running costs of the empty BTL (mortgage+council tax roughly speaking)

underthewestway

Thanks so much for all the great advice on this thread. 

Any recent experience with getting a rate change after the mortgage offer has issued with NatWest? I see that they've dropped their rates but we've just had our offer through, which took 2 months, so whilst it would be great to get the reduced rate I don't want to pursue it if it will significantly delay things (assuming NatWest allow post application rate changes at all). 

K_S

underthewestway said:

Thanks so much for all the great advice on this thread. 

Any recent experience with getting a rate change after the mortgage offer has issued with NatWest? I see that they've dropped their rates but we've just had our offer through, which took 2 months, so whilst it would be great to get the reduced rate I don't want to pursue it if it will significantly delay things (assuming NatWest allow post application rate changes at all). 

@underthewestway I can't recall Natwest's process specifically but for most mainstream lenders it's allowed and a simple process (at least as a broker) that requires no new underwriting, etc. No harm in checking with your broker, or the lender if direct. 

lf93

Thanks for all the advice on here. Any idea what the turnaround time is for a decision from Newcastle Building Society? Everything was with the underwriter last week, they asked for more info regarding an employer reference which was submitted to them on Friday, but now we wait in silence   
Thanks