Mortgage broker - ask me anything

ashok.198311

K_S said:

ashok.198311 said:

Hi, I applied for Mortgage from Leeds Building Society, I have taken a 5 year Product with them(The Product now Withdrawn), However I am thinking to change this to a 2 year product now. The Application is submitted about 22 days back and I believe they have completed the valuation on the property. Can I still change this product with them? is the process really difficult? How long it could take? does it involve any charges?

@ashok.198311 Assuming it's a resi mortgage, generally speaking as a broker it's a fairly straightforward process to change the product after an offer has been issued. Not sure how it is specifically for Leeds as I haven't had to do so. 

Yup.. It's a resi mortgage, The current deal I opted for is 1.68% fix for 5 years.. I am thinking to take the 2 year on 1.53%, and I could pay about 15% of the mortgage amount which will make it about 60% LTV.. so thinking in 2 year I might have better deals at 60% LTV.. if not at least the same as what I am signing up...

teleport3

Hi, I have an agreement in principle with TSB but i've only jus tnoticed that for my circumstances they only do 5 years fixed deals. I am moving home and I have had a mortage with TSb previously. I have a 10% deposit. I've noticed there are now over 33 deals, for 2 years fixed mortages from other lenders on a comparison website allowing a 10% deposit (obviously i sitll need to go over checks etc) 

My offer for a house and just been accepted and I'm meant to be pushing forward with my mortage next week - I'm i better to try and swap with another lender for a 2 year fixed deal, would I be penalised for doing this or I'm i better going with the safer 5 year option (since I already have an agreement in principle with this lender) I just really don't want to do a  5 year deal. Thanks for any help, it's really appreciated.

K_S

teleport3 said:

Hi, I have an agreement in principle with TSB but i've only jus tnoticed that for my circumstances they only do 5 years fixed deals. I am moving home and I have had a mortage with TSb previously. I have a 10% deposit. I've noticed there are now over 33 deals, for 2 years fixed mortages from other lenders on a comparison website allowing a 10% deposit (obviously i sitll need to go over checks etc) 

My offer for a house and just been accepted and I'm meant to be pushing forward with my mortage next week - I'm i better to try and swap with another lender for a 2 year fixed deal, would I be penalised for doing this or I'm i better going with the safer 5 year option (since I already have an agreement in principle with this lender) I just really don't want to do a  5 year deal. Thanks for any help, it's really appreciated.

@teleport3 Yes, the 10% LTV market has indeed expanded signficantly in the past couple of months (perhaps prior to when you took out the AIP).

If all you've done is a TSB AIP, you are not tied to them and that won't have any negative impact on your chances going forward.

It's smart to not go for a long fix at high-LTV. Good luck!

teleport3

K_S said:

teleport3 said:

Hi, I have an agreement in principle with TSB but i've only jus tnoticed that for my circumstances they only do 5 years fixed deals. I am moving home and I have had a mortage with TSb previously. I have a 10% deposit. I've noticed there are now over 33 deals, for 2 years fixed mortages from other lenders on a comparison website allowing a 10% deposit (obviously i sitll need to go over checks etc) 

My offer for a house and just been accepted and I'm meant to be pushing forward with my mortage next week - I'm i better to try and swap with another lender for a 2 year fixed deal, would I be penalised for doing this or I'm i better going with the safer 5 year option (since I already have an agreement in principle with this lender) I just really don't want to do a  5 year deal. Thanks for any help, it's really appreciated.

@teleport3 Yes, the 10% LTV market has indeed expanded signficantly in the past couple of months (perhaps prior to when you took out the AIP).

If all you've done is a TSB AIP, you are not tied to them and that won't have any negative impact on your chances going forward.

It's smart to not go for a long fix at high-LTV. Good luck!

Hi,

If I have a broker run a check (before next week when i meet with TSB) it wouldn't negatively impact on my chances of a deal if i'm unsuccessful with obtaining an agreement in principle with other lenders but I decide to go with TSB.

My broker has got to me, just there, to say I need to make sure i'm in the good cateogry for my credit rating to get a 10% mortage but TSB ran the checks and it came through fine for a 10% mortage? Should I just leave it or ask her to try anyway? 

BettyVob

Shared ownership question - my husband has no wage (stay at home parent) but all SO applications want him included. Do we also have to include him on the mortgage application? He is older than me so could it also affect the length of mortgage we could get?

K_S

teleport3 said:

K_S said:

teleport3 said:

Hi, I have an agreement in principle with TSB but i've only jus tnoticed that for my circumstances they only do 5 years fixed deals. I am moving home and I have had a mortage with TSb previously. I have a 10% deposit. I've noticed there are now over 33 deals, for 2 years fixed mortages from other lenders on a comparison website allowing a 10% deposit (obviously i sitll need to go over checks etc) 

My offer for a house and just been accepted and I'm meant to be pushing forward with my mortage next week - I'm i better to try and swap with another lender for a 2 year fixed deal, would I be penalised for doing this or I'm i better going with the safer 5 year option (since I already have an agreement in principle with this lender) I just really don't want to do a  5 year deal. Thanks for any help, it's really appreciated.

@teleport3 Yes, the 10% LTV market has indeed expanded signficantly in the past couple of months (perhaps prior to when you took out the AIP).

If all you've done is a TSB AIP, you are not tied to them and that won't have any negative impact on your chances going forward.

It's smart to not go for a long fix at high-LTV. Good luck!

Hi,

If I have a broker run a check (before next week when i meet with TSB) it wouldn't negatively impact on my chances of a deal if i'm unsuccessful with obtaining an agreement in principle with other lenders but I decide to go with TSB.

My broker has got to me, just there, to say I need to make sure i'm in the good cateogry for my credit rating to get a 10% mortage but TSB ran the checks and it came through fine for a 10% mortage? Should I just leave it or ask her to try anyway? 

@teleport3 As you have a broker who knows your exact circumstances, I would recommend going by her guidance. I'm sure she won't do anything that might negatively impact your chances.

teleport3

I have a seperate question. My mortage will be processed next week but i've just noticed im still linked to my ex (i shut our joint account down this month) He has a good credit report so it shouldn't impact one me. As I only have a few days until the mortage is taken to the next stage should I just wait and see what my mortage advisor comes back with? I'm aware if i raise disputes it might look bad appearing on my credit report and it'll probs take a while for each credit company to approve the removal of ourselves. I don't even have any documentation to prove the account was closed - the bank told me they wouldn't send me a letter or anything. 

Thanks for any advice, it's really appreciated

K_S

BettyVob said:

Shared ownership question - my husband has no wage (stay at home parent) but all SO applications want him included. Do we also have to include him on the mortgage application? He is older than me so could it also affect the length of mortgage we could get?

@bettyvob Is there any particular reason you want to apply in your sole name?

For the lenders that I've worked with, the SO mortgage app can be in a sole name only as long as the SO application is also in a sole name as well.

K_S

teleport3 said:

I have a seperate question. My mortage will be processed next week but i've just noticed im still linked to my ex (i shut our joint account down this month) He has a good credit report so it shouldn't impact one me. As I only have a few days until the mortage is taken to the next stage should I just wait and see what my mortage advisor comes back with? I'm aware if i raise disputes it might look bad appearing on my credit report and it'll probs take a while for each credit company to approve the removal of ourselves. I don't even have any documentation to prove the account was closed - the bank told me they wouldn't send me a letter or anything. 
Thanks for any advice, it's really appreciated

@teleport3 It's not really a dispute. As long as you are certain that there are no current joint financial accounts in existence, you just need to fill in the standard form requesting financial diassociation from this specific person for the 3 agencies and submit it. They will then review and action it.

teleport3

K_S said:

teleport3 said:

I have a seperate question. My mortage will be processed next week but i've just noticed im still linked to my ex (i shut our joint account down this month) He has a good credit report so it shouldn't impact one me. As I only have a few days until the mortage is taken to the next stage should I just wait and see what my mortage advisor comes back with? I'm aware if i raise disputes it might look bad appearing on my credit report and it'll probs take a while for each credit company to approve the removal of ourselves. I don't even have any documentation to prove the account was closed - the bank told me they wouldn't send me a letter or anything. 
Thanks for any advice, it's really appreciated

@teleport3 It's not really a dispute. As long as you are certain that there are no current joint financial accounts in existence, you just need to fill in the standard form requesting financial diassociation from this specific person for the 3 agencies and submit it. They will then review and action it.

thanks so much for your advice.