Mortgage broker - ask me anything

GrahamsHill

Quick question - we've put an early bird deposit down on a new build which is due to be completed towards the end of the year / very early 2022 (not on plan yet). We have a current property which we will need to sell to raise the deposit etc. What we're contemplating is putting the current house up for sale in April then renting for a short period (6 months possibly depending how quickly we sell) so when the house is released we have no chain to worry about. Will this have an impact on a mortgage application having 2 addresses in such a short time? We'll be going through a broker and lived in the current house for 16 years. TIA

K_S

GrahamsHill said:

Quick question - we've put an early bird deposit down on a new build which is due to be completed towards the end of the year / very early 2022 (not on plan yet). We have a current property which we will need to sell to raise the deposit etc. What we're contemplating is putting the current house up for sale in April then renting for a short period (6 months possibly depending how quickly we sell) so when the house is released we have no chain to worry about. Will this have an impact on a mortgage application having 2 addresses in such a short time? We'll be going through a broker and lived in the current house for 16 years. TIA

@grahamshill This by itself should have no significant impact on your mortgage chances.

f1ngerscrossed274

We passed our DIP with Newcastle on 29/01 after being knocked back by another lender due to change in their criteria between our DIP and full application. We are FTB with 15% deposit and fair/good credit history (not amazing but this is mostly due to high utilisation - no defaults, no CCJs, just one late phone bill payment last year).

Today our lender asked, via our broker, for three months bank statements of our H2B ISA accounts - we’ve not been able to access these online so are waiting for each bank to send them this week. They’ve also had some queries regarding a payment to a family member (payback for some car repairs they arranged and paid for) and the late phone bill last year - as well as whether our finances have been impacted by Covid (not at all).

We are yet to hear anything about a valuation but I’ve just been so terrified throughout the whole process after our initial knock back. Based on experiences here, what do you think - does this sound positive?!

Chelseals123

We started our application with platform for a further advance in September. Weve been told it may still be another 4 weeks! Until we have a decision. New customers are having an application decided within 2 weeks, I've put a complaint in but is this actually worth the stress? Is there anything specific I can say to get my complaint looked at properly? (We aren't able to use a broker for a further advance) 

Al_El_Hay

Hi... our MA because of our high credit card amount (40k but income of 84k) and 12k being paid off on sale of house has suggested that the metrobank may ask to see credit card statements? Is this true?

Jlewis21

Hi, 
can anyone help please. We applied for a mortgage and got an offer through, where we were porting our existing mortgage and adding on to it. Our current mortgage is a help to buy rate, where the new home we’ll be going to we aren’t using HTB. Our solicitor picked up on the mortgage offer that in the special conditions it stated about using HTB for the new house, which is wrong so we made our lender aware of this. We are now being told we were offered an incorrect product and we now have to chose a new product (mortgage) but at a higher rate.
should I complain to the FCA about it? Opinions would be helpful too please! Many thanks. @haras_n0sirrah

[Deleted User]

@Jlewis21 I have replied on your main thread

james_williamson_6544

If I take a 5 year mortgage and my outstanding loan becomes nil just through monthly payments + overpayment allowance , then will that be OK ? Or will I be charged any early repayment charge, if I don't "stay" for the entire duration of the 5 year fix term deal... Lender: Nationwide

K_S

Chelseals123 said:

We started our application with platform for a further advance in September. Weve been told it may still be another 4 weeks! Until we have a decision. New customers are having an application decided within 2 weeks, I've put a complaint in but is this actually worth the stress? Is there anything specific I can say to get my complaint looked at properly? (We aren't able to use a broker for a further advance) 

@chelseals123 It looks like you've done all you can. They're probably prioritising new business over captive customers.

K_S

james_williamson_6544 said:

If I take a 5 year mortgage and my outstanding loan becomes nil just through monthly payments + overpayment allowance , then will that be OK ? Or will I be charged any early repayment charge, if I don't "stay" for the entire duration of the 5 year fix term deal... Lender: Nationwide

@james_williamson_6544 If you stay inside the fee-free overpayments threshold and end up paying off the mortgage, you shouldn't be charged any ERC. There might be some small fee to redeem the mortgage early.