Mortgage broker - ask me anything

K_S

JRSKR said:

I’d just like to thank you @k_s for your recent advice. We got our offer this afternoon! Cheers. 

@jrskr Congrats! Very happy for you.

K_S

Berger15 said:

HI, I was made redundant from my role as a Data Syatems Manager in November, and I'm looking at getting back into being a Mortgage broker, having been out of the industry for 10 (and working in it for 10 years before that). Obviously CeMap is still valid, but I would not have CAS - If I want to go back in, how would I go about getting CAS without working for a network? Is it even possible? I've always kept my eye in the business, but this is something that I never had to worry about, since the network continually monitored and tested my competency (L&G). Thanks

@berger15 Are you aiming to go self-employed as a broker?

K_S

Purplestars89 said:

Hi 
When lenders check credit report do they see only the type of credit i.e. unsecured loan, credit card, current account etc or do they actually see the name of the lender/creditor aswell ?

@purplestars89 Afaik they can see the names of the creditors.

Aylen

we’ve applied with West Brom..

full application went in 19/1
application marked as reviewed
Valuation has now been instructed

all the underwriter asked was for NI number, if Covid affected self employment and who a particular name on the bank statement was in relation to! 

how long have valuations been taking with West Brom if you have used them recently? 

Cuddlybearman

@K_S - IYO is it normal thank a bank would do a drive by survey, value a property , and then when it get more serious an offer they then want to do an in person survey.

if so what does normally mean - must be a doubt that the underwriter has thrown up?

AmmDram

Thanks for the advice earlier. Just wondering, if we wanted to borrow at approx 55% LTV, would the lender also expect us to have thousands in savings (on top of being able to make the large deposit) from an affordability point of view? For context, my husband is currently furloughed so they won’t count his income (though his job is secure), we are looking for a way around it but that would mean spending most of our savings to make the deposit (based on the amount we have been told they could lend considering just my salary). Hope that makes sense. We don’t have any outstanding credit agreements or debts (apart from our mortgage). Thank you. 

We will of course discuss with our lender, but I wanted to get an idea of our options first...

K_S

Cuddlybearman said:

@K_S - IYO is it normal thank a bank would do a drive by survey, value a property , and then when it get more serious an offer they then want to do an in person survey.

if so what does normally mean - must be a doubt that the underwriter has thrown up?

@Cuddlybearman I don't recognise that sequence of events. Drive-by vals can lead to internal inspection valuations if the drive-by indicates any potential issues, I've just had that for a Santander BTL app for a client. But I've not seen a drive-by val being followed by a formal valuation and then again being subject to an internal inspection valuation.

Did you actually get a formal valuation after the drive-by?

hippocrates1

What are the chances of a first time buyer getting a mortgage at 90 LTV? I’m a doctor earning  53k (38k basic with contractual overtime). I have student loans (70k) bank loan (5k). No defaults. Live in rented. I have 15k savings. Parents can gift up to 10k. A broker tried to get me a 90ltv mortgage in December for a £210 000 house and was declined. They came back  and said I could borrow up to £250k with 15% deposit. Is a 90ltv mortgage possible for me at present/ how much do you think I could borrow? 

K_S

@hippocrates1 Did the broker give any indication as to the reason for the decline and which lender was it? Any adverse at all on your credit report - late payments, etc?

hippocrates1

K_S said:

@hippocrates1 Did the broker give any indication as to the reason for the decline and which lender was it? Any adverse at all on your credit report - late payments, etc?

No late payments. He said ‘he didn’t know why I was rejected’. Kind of weird they would lend so much at only a slightly lower LTV? One of my savings accounts was registered to an old address which is now fixed. But surely that’s not enough to get rejected and he didn’t even know about that.