Mortgage broker - ask me anything

hopeitwill

Does it take it a bit longer when you apply for a mortgage with a broker? And do the brokers usually let their clients know about when a survey will be carried out etc.? or do they just let them know about the complete outcome?

When we wanted to buy a house first time, we went direct to the lender and the whole process took less than a week. We have pulled out from that house and now for a different house, we're doing it with a broker but it's already more than a week with no news but extra document requests. It's a different lender too, both professional jobs with excellent credit history I might add, but non-british passport holders with valid residence docs.

K_S

hopeitwill said:

Does it take it a bit longer when you apply for a mortgage with a broker? And do the brokers usually let their clients know about when a survey will be carried out etc.? or do they just let them know about the complete outcome?

When we wanted to buy a house first time, we went direct to the lender and the whole process took less than a week. We have pulled out from that house and now for a different house, we're doing it with a broker but it's already more than a week with no news but extra document requests. It's a different lender too, both professional jobs with excellent credit history I might add, but non-british passport holders with valid residence docs.

@hopeitwill Generally speaking, comparing like for like, I've never heard of the end to end process being quicker direct to lenders than through a broker. But then I would say that wouldn't I?

Any reason you couldn't just change the property on the old mortgage offer?

hopeitwill

K_S said:

hopeitwill said:

Does it take it a bit longer when you apply for a mortgage with a broker? And do the brokers usually let their clients know about when a survey will be carried out etc.? or do they just let them know about the complete outcome?

When we wanted to buy a house first time, we went direct to the lender and the whole process took less than a week. We have pulled out from that house and now for a different house, we're doing it with a broker but it's already more than a week with no news but extra document requests. It's a different lender too, both professional jobs with excellent credit history I might add, but non-british passport holders with valid residence docs.

@hopeitwill Generally speaking, comparing like for like, I've never heard of the end to end process being quicker direct to lenders than through a broker. But then I would say that wouldn't I?

Any reason you couldn't just change the property on the old mortgage offer?

Thanks @K_S.

It was because when we checked the lender's rates, they were quite high compared to the ones we saw from other lenders on the comparison websites. And the property is a bit more expensive, this time an estate agency is also involved (no EA last time) so we decided to go with a broker thinking it would be faster.

LTV's are the same but only because we were going to pay 30k more than the valuation. (stupid I know but OH's fault ) Of course we still don't know what the valuation will be for this property. I have read in other threads that sometimes the MB lets you know of the full outcome after the application but I'm just surprised it's taking longer than when we went directly. May be this lender (NatWest) is busier compared to the other one (Halifax).

LittleNinja

What is the impact of old addresses on mortgage applications? My partner is terrible at updating his address. I've just found out that his payslips have the old address on (we moved out in October) and he isn't sure on how to update them. (I won't give you the details of that argument). 

Do I need to insist he gets everything up to date or will a lender still consider us he can prove where he lives in other ways? 

K_S

LittleNinja said:

What is the impact of old addresses on mortgage applications? My partner is terrible at updating his address. I've just found out that his payslips have the old address on (we moved out in October) and he isn't sure on how to update them. (I won't give you the details of that argument). 

Do I need to insist he gets everything up to date or will a lender still consider us he can prove where he lives in other ways? 

@LittleNinja It would certainly help to make sure addresses are up to date on all your credit accounts (bank, credit cards, etc etc) but given that we're only talking about a couple of months it's not likely to create any major issues as long as you have some form of current address proof.

Woowar99

Looking for some insight in to what to expect from Santander.
Applied before Christmas, been back and forth with them, there is a hard credit search on my Experian and passed okay. They've asked for loads of documents and I'm now in a UW queue. My wife does have multiple payday loans from a few years ago but she has passed a search too. 

I was on Furlough for 2 months last year. Are they likely to go back to the credit report and find payday loans or will that part be over and done with? And are they likely to come back to me and request some sort of letter from my employer to say that my job is secure even though I've been back in work for the best part of a year after furlough?

Thanks

K_S

Tonberry said:

I'm after some advice for self employed applicants.
I have 1 years worth of accounts as a sole trader and I'm looking for an 80% LTV mortgage as a FTB.
My income varies from month to month but averages out across the year and hasn't been affected by Covid-19.
Which lender should I be approaching? 

@tonberry With one years accounts at 80% LTV it'll be a small pool of potential lenders.  And you can expect the application to be heavily scrutinised. Prior to self employment, do you have a track record of working in the same field? If yes then there'll be more options.

Unfortunately, I'm not allowed to recommend a lender as that could amount to advice given on the basis of little to no information. I would recommend getting in touch with a broker. Good luck!

K_S

Tonberry said:

K_S
That is great thanks. I could increase to 75% LTV if that broadens the pool of lenders. Unfortunately my former employment was in a different industry. 

@tonberry 75% will definitely bring in a couple of more important lenders in this space.

Irishpearce26

Irishpearce26 said:

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?

Received confirmation that the there is an offer on its way! 

pinkcloud17

If I submit a change of circumstances due to furlough, and I am given a reduced offer, is this likely to have the same expiry date as the previous offer?
Also, if I apply for a mortgage offer extension, do I need to resubmit bank statements and proof of income again, or will only a credit check be repeated?
Thank you