Mortgage broker - ask me anything

SueF1

Please share your thoughts/ opinion on our Santander application woes....
Applied 28/08, hard and soft checks done straight away.  Valuation booked for 23/09 so happening this week. 
Is it likely UW have already looked and signed off OK so just awaiting valuation result? Or will they wait until valuation completed to send to UW? 
I know what my broker's answer is but worried she's just saying it to make me feel better! 😄
Thank you

M.E.

haras_n0sirrah said:

M.E. said:

Ideally we would like to help both daughters move up the property ladder. We can afford £25k for each. Neither are first time buyers. In both cases the extra £25k will put them into the next level of property in their respective areas. They are both wanting to move. One daughter is single, the other married with a small baby.

Can we be guarantors? Are family mortgages possible? We are mortgage free on a £700k house (low estimate) and early 70's.

Guarantors are more to do with income rather than deposit - would the 25k each be from releasing equity from your house?

The £25k would be from savings. Would there be conditions laid out from their mortgage companies? Would the money be counted as deprivation of assets ? Any other legal implications? Is it a hassle?

Candice-Marie

haras_n0sirrah said:

Candice-Marie said:

Thank you for this thread 
Background:  My husband and I each have a house with a mortgage.  Mine is in the process of being sold. Our plan is to pay off his mortgage with some of the proceeds of the sale and stay there for a few months.  We would then look to sell that house to buy somewhere together. We would need a mortgage of up to £150,000 for the kind of property we're interested in (around £600k). We are 51 and 57 years old. 
In your opinion, what mortgage term can we expect to get, and given our plans is there any advantage in not fully paying off his mortgage (Barclays)?

There are some lenders who go up as high as 80 but the vast majority are 70-75 unless using pension income
The only reason not to pay off his mortgage would be if there is a penalty - barclays are a max age of 70 I believe so if you need to go higher than that you will need to change lender anyway

Thank you very much - that's helpful.

vimto456

haras_n0sirrah said:

vimto456 said:

I have a mortgage broker however am receiving quite slow replies. 
I am just wondering which lenders have the quickest average timeframes from application to offer?
Are First Direct a good option? the interest rates and fees are much lower with First Direct than Natwest who my broker has recommended. Ideally I would like to follow my brokers advice however I am part of a chain and the estate agents have rang quite a few times to see whether my mortgage application has been submitted so I feel under pressure to get things moving. 

Also thanks to all the brokers for taking the time to answer the questions on this thread

I wouldn't know about first direct as brokers can't use them.
As to who is the fastest it does depend on circumstances especially whether employed or self employed and whether income is straightforward. Underwriting wise probably Halifax are fastest but then there is a long wait for the survey with them so swings and roundabouts 

Thank you. I am employed so I think my income should be straightforward. How long is the wait for valuation with Halifax roughly?

vimto456

ACG said:

vimto456 said:

I have a mortgage broker however am receiving quite slow replies. 
I am just wondering which lenders have the quickest average timeframes from application to offer?
Are First Direct a good option? the interest rates and fees are much lower with First Direct than Natwest who my broker has recommended. Ideally I would like to follow my brokers advice however I am part of a chain and the estate agents have rang quite a few times to see whether my mortgage application has been submitted so I feel under pressure to get things moving. 

Also thanks to all the brokers for taking the time to answer the questions on this thread

Brokers do not have access to first direct, so it is difficult for us to compare.
Natwest are more or less back to normal now (about 3-4 working days to assess applications) for employed applicants. If self employed, Natwest are still a bit slow. 

That's good to know about Natwest. I am employed. Thinking to go to either Natwest of RBS directly. I think RBS has the best rates at the moment so hopefully RBS may be as quick as Natwest. I really need to submit an application soon as I have had several calls and emails from the estate agent. 

haras_n0sirrah

SueF1 said:

Please share your thoughts/ opinion on our Santander application woes....
Applied 28/08, hard and soft checks done straight away.  Valuation booked for 23/09 so happening this week. 
Is it likely UW have already looked and signed off OK so just awaiting valuation result? Or will they wait until valuation completed to send to UW? 
I know what my broker's answer is but worried she's just saying it to make me feel better! 😄
Thank you

Santander have a 2 stage underwriting system. The first stage is checking the documents they have asked for are there. Once they have everything it is put in the queue for the underwriter who will check them and then either accept the mortgage or ask more questions.
It will only once it has been through the second stage underwriter that you will know if it is approved or not. The valuation goes to a separate team 

haras_n0sirrah

M.E. said:

haras_n0sirrah said:

M.E. said:

Ideally we would like to help both daughters move up the property ladder. We can afford £25k for each. Neither are first time buyers. In both cases the extra £25k will put them into the next level of property in their respective areas. They are both wanting to move. One daughter is single, the other married with a small baby.

Can we be guarantors? Are family mortgages possible? We are mortgage free on a £700k house (low estimate) and early 70's.

Guarantors are more to do with income rather than deposit - would the 25k each be from releasing equity from your house?

The £25k would be from savings. Would there be conditions laid out from their mortgage companies? Would the money be counted as deprivation of assets ? Any other legal implications? Is it a hassle?

You could just do a gifted deposit. No guarantors required. 

haras_n0sirrah

vimto456 said:

ACG said:

vimto456 said:

I have a mortgage broker however am receiving quite slow replies. 
I am just wondering which lenders have the quickest average timeframes from application to offer?
Are First Direct a good option? the interest rates and fees are much lower with First Direct than Natwest who my broker has recommended. Ideally I would like to follow my brokers advice however I am part of a chain and the estate agents have rang quite a few times to see whether my mortgage application has been submitted so I feel under pressure to get things moving. 

Also thanks to all the brokers for taking the time to answer the questions on this thread

Brokers do not have access to first direct, so it is difficult for us to compare.
Natwest are more or less back to normal now (about 3-4 working days to assess applications) for employed applicants. If self employed, Natwest are still a bit slow. 

That's good to know about Natwest. I am employed. Thinking to go to either Natwest of RBS directly. I think RBS has the best rates at the moment so hopefully RBS may be as quick as Natwest. I really need to submit an application soon as I have had several calls and emails from the estate agent. 

Why not speak to a broker to make sure you are getting the best deal? I know I am biased as I am one but the way lenders are at the moment (we can be on hold an hour plus for an update from a lender) plus the changes in underwriting criteria since March to contend with it may be worth having someone to assist you. How long ago was your offer accepted?

FoxyDen

This thread has been compulsory reading for the past week! Fantastic and generous work
I was wondering if you had an idea on how quick/slow TSB are? My MB managed to secure the 90% one day offer after Nationwide's 2 month slow progress and then them refusing to change the property on the application. So in my head it feels like i have been waiting ages now, but that's unfair on TSB as it's only been just over a week! They're not mentioned a lot on teh forum so i am unsure what to expect!

haras_n0sirrah

FoxyDen said:

This thread has been compulsory reading for the past week! Fantastic and generous work
I was wondering if you had an idea on how quick/slow TSB are? My MB managed to secure the 90% one day offer after Nationwide's 2 month slow progress and then them refusing to change the property on the application. So in my head it feels like i have been waiting ages now, but that's unfair on TSB as it's only been just over a week! They're not mentioned a lot on teh forum so i am unsure what to expect!

The service update I got yesterday said they were on the 11th sept.