Mortgage broker - ask me anything

K_S

Lynseyjayne18 said:

Hi 👋 I am new here. Had a viewing today for a house that I love, estimated purchase price of £110000, LTV 82%. I am so concerned and anxious about the mortgage process. My credit report is perfect recently, however I have one late payment of £70 from a catalogue from 2017 and 6 missed payments from the same catalogue in 2016. The missed payments were for a value of £5, it was a postage and packaging fee that I had genuinely forgotten. I have no current debt and my recent bank statements show responsible financing. My job is permanent and secure (NHS), I am so afraid to take the plunge for fear of being rejected due to these discrepancies on my report. It would really be the end of the world for me.

@Lynseyjayne18 Based on the limited information in your post, I don't really see it stopping you from getting a mainstream rate. I would recommend considering using a broker who can look at the credit reports and look at the whole picture before recommending an appropriate lender. And just for reassurance, being rejected by one lender isn't ideal but most definitely doesn't have to mean that it's all over. Good luck!

IAMIAM

In the Santander lending criteria, it says that at least one applicant must own the property in which they live.
Does this mean, they must own two properties in total in order to proceed with Santander. Ie, the buy to let and the property they live in. Or am I reading it wrong. 

K_S

IAMIAM said:

In the Santander lending criteria, it says that at least one applicant must own the property in which they live.
Does this mean, they must own two properties in total in order to proceed with Santander. Ie, the buy to let and the property they live in. Or am I reading it wrong. 

@iamiam That's right, lot of BTL lenders require the applicant to be an "owner-occupier" upon completion.

Lynseyjayne18

K_S said:

Lynseyjayne18 said:

Hi 👋 I am new here. Had a viewing today for a house that I love, estimated purchase price of £110000, LTV 82%. I am so concerned and anxious about the mortgage process. My credit report is perfect recently, however I have one late payment of £70 from a catalogue from 2017 and 6 missed payments from the same catalogue in 2016. The missed payments were for a value of £5, it was a postage and packaging fee that I had genuinely forgotten. I have no current debt and my recent bank statements show responsible financing. My job is permanent and secure (NHS), I am so afraid to take the plunge for fear of being rejected due to these discrepancies on my report. It would really be the end of the world for me.

@Lynseyjayne18 Based on the limited information in your post, I don't really see it stopping you from getting a mainstream rate. I would recommend considering using a broker who can look at the credit reports and look at the whole picture before recommending an appropriate lender. And just for reassurance, being rejected by one lender isn't ideal but most definitely doesn't have to mean that it's all over. Good luck!

Thanks so much for putting my mind at ease. I have been to a mortgage advisor who has told me he didn't think it would be a problem, but I really am the type that gives up before I get started. I just really hope a few silly historic missed/late payments don't scupper my chances of fulfilling my dream. I feel this is the only thing against me. I just hope my report since that proves that I am more than credit worthy.

spike_dingus

Hi, i had a question on changing my rate which is just about to run out (5 year fixed). There are 2 fixed rate deals i like, one 1.44% with £999 fee, or one 1.89% with no fee. Ideally i dont want to pay the fee, but do want the 1.44%. They say i can add the fee for the 1.44% deal to the mortgage, that way i dont have to pay it up front but still get that lower rate. Any advice?

spike_dingus

Hi, i had a question on changing my rate which is just about to run out (5 year fixed). There are 2 fixed rate deals i like, one 1.44% with £999 fee, or one 1.89% with no fee. Ideally i dont want to pay the fee, but do want the 1.44%. They say i can add the fee for the 1.44% deal to the mortgage, that way i dont have to pay it up front but still get that lower rate. Any advice?

IAMIAM

You are going to find the fee paying one is more lucrative. Ive found that to be the case...
https://www.moneysavingexpert.com/mortgages/compare-mortgage-rates/

ashok.198311

Hi, Can I contact bank directly about my application if I dont have an application number? I applied Via Broker and they have not supplied me a filled application, When asked for it they are saying it has some sensitive information about the company and they cannot supply that, Also when asked for the application number they are not providing it easily, I am trying to be nice, but looks like I have gone to wrong broker...

K_S

spike_dingus said:

Hi, i had a question on changing my rate which is just about to run out (5 year fixed). There are 2 fixed rate deals i like, one 1.44% with £999 fee, or one 1.89% with no fee. Ideally i dont want to pay the fee, but do want the 1.44%. They say i can add the fee for the 1.44% deal to the mortgage, that way i dont have to pay it up front but still get that lower rate. Any advice?

@spike_dingus Which is the better option depends primarily on the size of your mortgage. If the one with the fee is more appropriate, you can indeed add it to the mortgage instead of paying it upfront. Just to be clear, doing so does mean that you will pay interest on that fee and will increase the amount owed at the end of the fixed term.

K_S

ashok.198311 said:

Hi, Can I contact bank directly about my application if I dont have an application number? I applied Via Broker and they have not supplied me a filled application, When asked for it they are saying it has some sensitive information about the company and they cannot supply that, Also when asked for the application number they are not providing it easily, I am trying to be nice, but looks like I have gone to wrong broker...

@ashok.198311 You can, but some lenders will not interact directly with the client if the application has been submitted by a broker. It's a bit weird that the broker is refusing to supply a copy of the application, the only "sensitive information" on it is usually client personal data.

Is there any particular reason you want to see it?