Mortgage broker - ask me anything

haras_n0sirrah

LouB90 said:

Hello, do you see 10% deposit mortgages coming back anytime Soon? Thanks

Lenders want to lend at 90% (they need the margins at the higher ltv's) but they need to all go in at the same time otherwise they get overwhelmed with business. That is why those that are doing it are either doing 24 hour fire sales like tsb or putting in a lot of barriers like nationwide. Until they come to an agreement to all jump at the same time it will be difficult to go in as lenders dont want 8 week queues for the underwriter such as we are seeing with those who went to 90%. There is a way around it to be able to get to 90% if your income is decent which I have done for a number of people but I cant put about it on this thread.

claire111

Hi,

I am interested in possibly making an offer on a property which is a single dwelling and has  a C3b use.
(C3(b) covers up to six people living together as a single household and receiving care e.g. supported housing schemes such as those for people with learning disabilities or mental health problems.)

I then want to live in one half of the property, and use the other half/Annexe as a self catered Furnished Holiday Let. No alterations are required to the property to do this.

Will I be able to get a straightforward residential mortgage or need something specialised ?
Will I have to apply for change of use ? If so will this need to be done before mortgage application ?

Many thanks!  

haras_n0sirrah

claire111 said:

Hi,

I am interested in possibly making an offer on a property which is a single dwelling and has  a C3b use.
(C3(b) covers up to six people living together as a single household and receiving care e.g. supported housing schemes such as those for people with learning disabilities or mental health problems.)

I then want to live in one half of the property, and use the other half/Annexe as a self catered Furnished Holiday Let. No alterations are required to the property to do this.

Will I be able to get a straightforward residential mortgage or need something specialised ?
Will I have to apply for change of use ? If so will this need to be done before mortgage application ?

Many thanks!  

I wouldn't be able to answer this without some serious research. 

claire111

haras_n0sirrah said:

claire111 said:

Hi,

I am interested in possibly making an offer on a property which is a single dwelling and has  a C3b use.
(C3(b) covers up to six people living together as a single household and receiving care e.g. supported housing schemes such as those for people with learning disabilities or mental health problems.)

I then want to live in one half of the property, and use the other half/Annexe as a self catered Furnished Holiday Let. No alterations are required to the property to do this.

Will I be able to get a straightforward residential mortgage or need something specialised ?
Will I have to apply for change of use ? If so will this need to be done before mortgage application ?

Many thanks!  

I wouldn't be able to answer this without some serious research. 

Ok thanks for your reply, I guessed it may be complicated and if I go for it will I use a broker. 

younghousebuyer

Hello
relative wants to buy out spouse. 

House  value 400
equity 120
remaining mortgage 280
2 children 50/50 care, aim to live very close. 

Very amicable

Can you recommend any web sites that can explain how this works, ie remortgaging, how affordability is worked out if relative wanting to keep current house gave spouse the majority of the equity for a deposit for a new house.
They will get a mortgage advisor/legal advice but trying to gain some understanding in advance of this as seems very complicated . 
thank you

haras_n0sirrah

younghousebuyer said:

Hello
relative wants to buy out spouse. 

House  value 400
equity 120
remaining mortgage 280
2 children 50/50 care, aim to live very close. 

Very amicable

Can you recommend any web sites that can explain how this works, ie remortgaging, how affordability is worked out if relative wanting to keep current house gave spouse the majority of the equity for a deposit for a new house.
They will get a mortgage advisor/legal advice but trying to gain some understanding in advance of this as seems very complicated . 
thank you

I believe there is a basic remortgage guide on this website however to get an accurate idea the best bet is to speak to a broker who can go through the numbers. If you dont have a broker some of us who post here are independent brokers. We are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.

janey54321

Hello.  Thanks for very helpful thread.  
Is it possible to have a JBSP mortgage to support a Shared Ownership application if the JB non proprietor already owns a property?  

haras_n0sirrah

janey54321 said:

Hello.  Thanks for very helpful thread.  
Is it possible to have a JBSP mortgage to support a Shared Ownership application if the JB non proprietor already owns a property?  

I am afraid not. I have asked the housing associations I have worked with about this before and been told categorically no

janey54321

haras_n0sirrah said:

janey54321 said:

Hello.  Thanks for very helpful thread.  
Is it possible to have a JBSP mortgage to support a Shared Ownership application if the JB non proprietor already owns a property?  

I am afraid not. I have asked the housing associations I have worked with about this before and been told categorically no

Thought that might be the case.  Thank you for responding.

qad007

I am purchasing a property via auction. My lender valued the property at £0 due to potential structural movement and noted the removal of load bearing walls, pending further investigation by a chartered building surveyor or structural engineer. I wasn't willing to foot the bill for this, and therefore the vendor contacting her building insurance company who visited the property and provided a 1 page letter stating the following:
As I advised at the time of the inspection, subsidence damage typically takes the form of cracking that extends from ground level passing diagonally through door/window openings, is tapered becoming wider as it rises up the building and is present in the same locations externally and internally.  The cracking that is present to the building doesn’t exhibit these characteristics to indicate that it is associated with foundation movement/subsidence.  My opinions on the causes of the various cracks are as follows;
1. The external cracking that steps up above the kitchen window at the rear of the house is due to deflection of the window frame off which the wall is supported in the absence of a lintel.
2. The internal cracks above the door openings internally are generally uniform in width which is indicative of cracking that has been caused by thermal expansion/contraction.
I am not completely convinced by this report or if I can even call it a report. I seriously dont want my lender to accept this letter from a registered structural engineer, as I believe it is not a conclusive report. Would my lender accept this, or ask for a full structural report?  Has anyone else had the same issues, any advise would be appreciated.