Mortgage broker - ask me anything

K_S

Woowar99 said:

Woowar99 said:

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

Hi K_S, are you aware of what I should expect from my post above? I know that I'm in the queue for the UW. Is it likely that we can still fail a credit check even after a hard search has been performed on my file? And will being on a payment holiday with Santander come in to their decision and will they require anymore documents from me?
Thanks

@woowar99 With manual underwriting, it's hard to say what may happen with regard to the historic use of payday loans. There might be a hint of what they're concerned about in the "loads of documents" asked for. What additional info/docs have they asked for?

With regard to your job, I wouldn't expect them to ask for anything beyond payslips.

K_S

lf93 said:

lf93 said:

K_S said:

@lf93 Unfortunately, it's one of those things which are subject to what your HR has said and how the underwriter interprets it. You've done all you can.

Your colleague was right, Newcastle takes guaranteed shift-allowance at 100%.

Fingers crossed whatever they have sent is enough. Our broker said this happens with some lenders and their interpretation of our pay structure. 
Am I right in thinking if we have to go for another lender, we start the application process from scratch and have to pay another valuation survey plus application fee...? 

@K_S sorry another question! RE the above - broker I think is doing some back and forth with someone at the mortgage company to agree a lending amount (apparently they have made an offer but below what we applied for - all because of the interpretation of my pay structure). Without giving away all my information... how much is the broker's word 'worth' when negotiating with the bank, and explaining pay and future earnings? Or are we likely simply getting a 'computer says no' answer? 

@lf93 For the issue as described (the interpretation of different kinds of pay), as a broker I can often get a frontline decision overturned by escalating it. It doesn't always happen but where things may be subject to discretion (and the application of a bit of common sense), it can do.

lf93

@K_S great thanks, we are expecting a response within 48 hours, hopefully it goes the right way! 

Alvin5

Hi! There 
I got overseas gift deposit 27K, bank get back today requesting donor’s three months statements and also needs to be translated and notarised. My concern is that the statement will show third party ( non-related person) loan repayment 15K and also 7k from  my farther. Normally will it make banks reject my application? Many thanks  

K_S

Alvin5 said:

Hi! There 
I got overseas gift deposit 27K, bank get back today requesting donor’s three months statements and also needs to be translated and notarised. My concern is that the statement will show third party ( non-related person) loan repayment 15K and also 7k from  my farther. Normally will it make banks reject my application? Many thanks  

@alvin5 Are you saying that your 27k overseas donor bank statements will show deposits of 15k and 7k? If yes then the bank is likely to go further back and ask for more statements.

Alvin5

K_S said:

Alvin5 said:

Hi! There 
I got overseas gift deposit 27K, bank get back today requesting donor’s three months statements and also needs to be translated and notarised. My concern is that the statement will show third party ( non-related person) loan repayment 15K and also 7k from  my farther. Normally will it make banks reject my application? Many thanks  

@alvin5 Are you saying that your 27k overseas donor bank statements will show deposits of 15k and 7k? If yes then the bank is likely to go further back and ask for more statements.

thanks K_S  I can provide my father 7K bank statements , but third party who is just a friend of my mom may be reluctant to provide her bank statements since it is her private things. She repay my mom 15k . I think we can provide notarised loan agreement . Will it be a issue? The gift monies has been in my account for more than 10 months, I am so frustrated after waiting for nearly two months and bank got back for requesting further documents. It is Santander

K_S

Alvin5 said:

K_S said:

Alvin5 said:

Hi! There 
I got overseas gift deposit 27K, bank get back today requesting donor’s three months statements and also needs to be translated and notarised. My concern is that the statement will show third party ( non-related person) loan repayment 15K and also 7k from  my farther. Normally will it make banks reject my application? Many thanks  

@alvin5 Are you saying that your 27k overseas donor bank statements will show deposits of 15k and 7k? If yes then the bank is likely to go further back and ask for more statements.

thanks K_S  I can provide my father 7K bank statements , but third party who is just a friend of my mom may be reluctant to provide her bank statements since it is her private things. She repay my mom 15k . I think we can provide notarised loan agreement . Will it be a issue? The gift monies has been in my account for more than 10 months, I am so frustrated after waiting for nearly two months and bank got back for requesting further documents. It is Santander

@alvin5 You're fighting on two fronts. Firstly, as per criteria Santander BTL doesn't permit third-party contributions to the deposit. Secondly, once a lender or solicitor goes down this route it can go on for ever as you are now seeing. How do you even translate a bank statement?

What is your broker recommending? If you were my client I'd be looking at other options by now to be honest.

Alvin5

K_S said:

Alvin5 said:

K_S said:

Alvin5 said:

Hi! There 
I got overseas gift deposit 27K, bank get back today requesting donor’s three months statements and also needs to be translated and notarised. My concern is that the statement will show third party ( non-related person) loan repayment 15K and also 7k from  my farther. Normally will it make banks reject my application? Many thanks  

@alvin5 Are you saying that your 27k overseas donor bank statements will show deposits of 15k and 7k? If yes then the bank is likely to go further back and ask for more statements.

thanks K_S  I can provide my father 7K bank statements , but third party who is just a friend of my mom may be reluctant to provide her bank statements since it is her private things. She repay my mom 15k . I think we can provide notarised loan agreement . Will it be a issue? The gift monies has been in my account for more than 10 months, I am so frustrated after waiting for nearly two months and bank got back for requesting further documents. It is Santander

@alvin5 You're fighting on two fronts. Firstly, as per criteria Santander BTL doesn't permit third-party contributions to the deposit. Secondly, once a lender or solicitor goes down this route it can go on for ever as you are now seeing. How do you even translate a bank statement?

What is your broker recommending? If you were my client I'd be looking at other options by now to be honest.

Hi K_S  Much appreciate your prompt reply. I have not realised it. My gosh. When transferring gift monies in Feb 2020, Actually my mom have savings sufficient to cover 15k (fixed term deposit in her another account) but at that time she received loan repayment. That’s why the three months statement showing the transaction. Any method to explain? She can provide one year fixed term deposit proof for 15K ( term begins in Jan 2020 and ends in Jan 2021)

K_S

Alvin5 said:

K_S said:

Alvin5 said:

K_S said:

Alvin5 said:

Hi! There 
I got overseas gift deposit 27K, bank get back today requesting donor’s three months statements and also needs to be translated and notarised. My concern is that the statement will show third party ( non-related person) loan repayment 15K and also 7k from  my farther. Normally will it make banks reject my application? Many thanks  

@alvin5 Are you saying that your 27k overseas donor bank statements will show deposits of 15k and 7k? If yes then the bank is likely to go further back and ask for more statements.

thanks K_S  I can provide my father 7K bank statements , but third party who is just a friend of my mom may be reluctant to provide her bank statements since it is her private things. She repay my mom 15k . I think we can provide notarised loan agreement . Will it be a issue? The gift monies has been in my account for more than 10 months, I am so frustrated after waiting for nearly two months and bank got back for requesting further documents. It is Santander

@alvin5 You're fighting on two fronts. Firstly, as per criteria Santander BTL doesn't permit third-party contributions to the deposit. Secondly, once a lender or solicitor goes down this route it can go on for ever as you are now seeing. How do you even translate a bank statement?

What is your broker recommending? If you were my client I'd be looking at other options by now to be honest.

Hi K_S  Much appreciate your prompt reply. I have not realised it. My gosh. When transferring gift monies in Feb 2020, Actually my mom have savings sufficient to cover 15k (fixed term deposit in her another account) but at that time she received loan repayment. That’s why the three months statement showing the transaction. Any method to explain? She can provide one year fixed term deposit proof for 15K ( term begins in Jan 2020 and ends in Jan 2021)

@alvin5 Sorry I wouldn't know how to explain this. Your mum having a separate savings account is unlikely to answer questions about the source of the deposit. I hope that makes sense.

I know Santander has amazing BTL rates at the moment and if you want to stick to them all you can do is keep answering their questions.

If you're using a broker, do they have any thoughts at all on this whole kerfuffle?

debtfreeian

What are your guys thoughts on the end of the stamp duty holiday? Do you envisage collapses of chains? Is it best to rip the band-aid off straight or help homebuyers in the process?