Mortgage broker - ask me anything

K_S

ashok.198311 said:

Will there by any charges for the mortgage if the sales fails through in the last minute? If I have chosen to add the fees to mortgage?

@ashok.198311 Normally, no.

lf93

Elwyn said:

Have an application in progress with Kensington. They have asked for employer reference and are awaiting contact from our employer. What are they looking for exactly? Both my wife and I are doctors in a specialty training programme and therefore on temporary contracts. My training finishes July 2022, my wife’s July 2021. We have supplied contracts of employment which demonstrate this. Of course there aren’t any unemployed doctors so I hope they won’t hold that against us!

This happened to me with Newcastle Building Society. I think it’s to see a breakdown of our out of hours enhancements. They in the end decided not to lend the full amount (not to scare you!) and we went with Halifax who didn’t ask for any of this. 

Newhome21

Hi looking for some reassurance if possible, going through mortgage process at minute and partners recent payslip says 1 day furlough, partner gets paid weekly and last week due to snow boss said not to come in. We thought it would be a days holiday pay but it’s showing on payslip as a days furlough, will this impact our mortgage when sending in payslips - pay was the same as normal so no reduction but concerned that Halifax may reject us due to this.
Anyone any help / advice re this circumstance.
TIA

K_S

@newhome21 This is Halifax's published policy. So assuming the latest weekly payslip is furlough-free, I wouldn't expect issues due to this.

"We will need the latest payslip showing they are being paid in full by their employer. Where there is any furlough income on the latest payslip, the customer should wait until the next payslip is available before applying."

Newhome21

@K_S thank you for the prompt response and I pray this is how they will look at it, can’t believe this has occurred when full application being submitted in the coming days. I’ll wait until the next pay slip and see. 

ronaldadio

I’m trying to find out if I have a hope of getting a mortgage & what I’d need to do to give me the best chance, if anyone can help? 

Many thanks 

K_S

ronaldadio said:

I’m trying to find out if I have a hope of getting a mortgage & what I’d need to do to give me the best chance, if anyone can help? 

Many thanks 

@ronaldadio If you can share a bit of detail, happy to give my thoughts on your scenario.

ronaldadio

Am I ok sending a PM? 

OliverTw

Looking to buy 1 bed flat in central London in next 12 months, around £500K with approx £250K deposit. I'm 25, current salary £50K. Will service charge/ground rent affect the amount I can borrow, seen amounts up to £4K pa. Also what is min length lease I should be looking for and would going for a 30 year rather than 25 year mortgage increase the amount I can borrow. Thanks

K_S

@olivertw Given your age, and assuming no significant commitments (dependents, debt, etc) £4k of annual service charges shouldn't impact your max borrowing.

Where affordability is a concern, increasing the term may help increase max borrowing. Again, unlikely to be applicable in your case.

From a mainstream lender point of view you are looking at a minimum 70 years left on the lease to be able to get a mortgage.

OliverTw said:

Looking to buy 1 bed flat in central London in next 12 months, around £500K with approx £250K deposit. I'm 25, current salary £50K. Will service charge/ground rent affect the amount I can borrow, seen amounts up to £4K pa. Also what is min length lease I should be looking for and would going for a 30 year rather than 25 year mortgage increase the amount I can borrow. Thanks