Mortgage broker - ask me anything

K_S

@fredespencer If you no longer qualify for an I/O mortgage at the end of the current fix, you should still have the fallback option of a product transfer with your current lender involving no income verification or fresh underwriting. If you're with a mainstream lender then the options presented should not be overly expensive.

Amy32

pinkcloud17 said:

Does your first monthly mortgage payment come out on completion day? 

As far as I am aware it comes out a month after but it is a higher payment depending on when you complete in the month due to interest. But we are completing next Friday so not entirely sure. 

Lbong

Yes please can someone answer my question which I posted the other day. No replies yet, Billy no mates! Thank you. 

Lbong

Hi all. I’m aware there are sooooo many of these questions posed on here but would so grateful for some insight and hopefully a bit of reassurance about my individual situation. 

My boyfriend and I have a DIP from Santander. We had an offer accepted on our dream house 8 days ago and our mortgage application (to Santander) was submitted today. We have a great broker who has been really helpful so far. I’m driving myself a bit insane worrying that Santander may turn us down once they delve into things in more detail. 

I had a default with barclaycard for £2,000 which I paid off in one lump sum in September 2017. At the same time I also paid off a credit card with capital one in a lump sum, I can’t remember the amount but I don’t think that ended up as a default. Since September 2017 I have completely sorted my act out and have never missed a payment on anything. I’ve been much more responsible with money aside from having a credit card now with around a £2000 balance but I pay this every month. I bank with Santander and have done for about 10 years so they will be well aware of my !!!!!! credit history and our broker said when he applied for the DIP he made them aware of the default so he said this is positive at least. 

My boyfriend and I both work FT for the NHS and have been in our current jobs for 2 years. We have similar incomes which combined come to around 65K. He has an excellent credit history no missed payments on anything ever. 

The house we are buying is 230K we’re putting down 23K deposit. 18K gifted and 5K savings so mortgage will be for 207K. When we did the stress test the other day the broker said it is a very affordable

Mortgage for us with our monthly outgoings. 

I send my dad £400 a month and have done since last April

To save for me. The last few months I’ve had a couple of bloody unarranged overdraft charges but aside from that I don’t think I’ve been too terrible the last few years?! 

How likely is it bearing this all in mind that Santander decline us after giving us a DIP? Will it be a computer that just decides in the end or is it an actual human being?!Im worrying about silly things like the fact I send my dad money, will they think I’m irresponsible and can’t handle my finances?! My boyfriend also puts £5 in a betfred account most months so this also concerns me even though it’s not a lot. I’m really stressing over this and I know it’s completely out of my control but would be so grateful for any feedback from a broker on here. 

Thank you in advance and congrats if you managed to get to the end of this! 

Lawsie01

If you have deposit in a savings account that has been building up over a period of over 2 years, do lenders want to see where it has come from in that time? I.e how the funds got to savings? 

K_S

Lawsie01 said:

If you have deposit in a savings account that has been building up over a period of over 2 years, do lenders want to see where it has come from in that time? I.e how the funds got to savings? 

@Lawsie01 Not always and almost never over a 2 year period. Often the lender/conveyancer may ask for last 3-6 months statements to see build-up and if it's all steady amounts in line with declared income, it should be fine.

hippocrates1

Lbong said:

Hi all. I’m aware there are sooooo many of these questions posed on here but would so grateful for some insight and hopefully a bit of reassurance about my individual situation. 

My boyfriend and I have a DIP from Santander. We had an offer accepted on our dream house 8 days ago and our mortgage application (to Santander) was submitted today. We have a great broker who has been really helpful so far. I’m driving myself a bit insane worrying that Santander may turn us down once they delve into things in more detail. 

I had a default with barclaycard for £2,000 which I paid off in one lump sum in September 2017. At the same time I also paid off a credit card with capital one in a lump sum, I can’t remember the amount but I don’t think that ended up as a default. Since September 2017 I have completely sorted my act out and have never missed a payment on anything. I’ve been much more responsible with money aside from having a credit card now with around a £2000 balance but I pay this every month. I bank with Santander and have done for about 10 years so they will be well aware of my !!!!!! credit history and our broker said when he applied for the DIP he made them aware of the default so he said this is positive at least. 

My boyfriend and I both work FT for the NHS and have been in our current jobs for 2 years. We have similar incomes which combined come to around 65K. He has an excellent credit history no missed payments on anything ever. 

The house we are buying is 230K we’re putting down 23K deposit. 18K gifted and 5K savings so mortgage will be for 207K. When we did the stress test the other day the broker said it is a very affordable

Mortgage for us with our monthly outgoings. 

I send my dad £400 a month and have done since last April

To save for me. The last few months I’ve had a couple of bloody unarranged overdraft charges but aside from that I don’t think I’ve been too terrible the last few years?! 

How likely is it bearing this all in mind that Santander decline us after giving us a DIP? Will it be a computer that just decides in the end or is it an actual human being?!Im worrying about silly things like the fact I send my dad money, will they think I’m irresponsible and can’t handle my finances?! My boyfriend also puts £5 in a betfred account most months so this also concerns me even though it’s not a lot. I’m really stressing over this and I know it’s completely out of my control but would be so grateful for any feedback from a broker on here. 

Thank you in advance and congrats if you managed to get to the end of this! 

I can’t help but I’m in a similar position. Offer accepted yesterday. DIP was Santander. Instructed MA to apply. I’m also an NHS worker in a secure job. Earn 53k. House 250k. 15k my own savings 10k my parents are gifting. No defaults. But my pay is split into basic pay and contractual overtime. So I’m scared they won’t accept my full earnings. 

rakoczigabi

Hi , 
Yesterday I spoke with my advisor and picked out the best offers from the ones she offered. She said she’ll send over the DIP today. 

Today I’ve got a call because the lender requesting evidence from my workplace. 

Im working for the railway for 5 years how , in my latest position since December 2019 and my contract said what’s my salary and what my hrs are etc. 

But as my training progress my salary goes up but I don’t get new contracts every couple of months. 

So now the mortgage company wants a letter from HR confirming what’s my salary and why is it almost 20k more than what’s on my original contract. 

I also work full time but only 4 days a week which is around 35hrs and my payslip says pensionable pay not gross pay. 

So I’ve emailed HR to request a letter from them. But I’m not too sure how long it will take to get it

Is this a normal procedure ? Or just some lenders requesting this ?

I wanted to view a house tomorrow but now I can’t because I don’t have DIP  

Thank you. 

K_S

rakoczigabi said:

Hi , 
Yesterday I spoke with my advisor and picked out the best offers from the ones she offered. She said she’ll send over the DIP today. 

Today I’ve got a call because the lender requesting evidence from my workplace. 

Im working for the railway for 5 years how , in my latest position since December 2019 and my contract said what’s my salary and what my hrs are etc. 

But as my training progress my salary goes up but I don’t get new contracts every couple of months. 

So now the mortgage company wants a letter from HR confirming what’s my salary and why is it almost 20k more than what’s on my original contract. 

I also work full time but only 4 days a week which is around 35hrs and my payslip says pensionable pay not gross pay. 

So I’ve emailed HR to request a letter from them. But I’m not too sure how long it will take to get it
Is this a normal procedure ? Or just some lenders requesting this ?
I wanted to view a house tomorrow but now I can’t because I don’t have DIP  
Thank you. 

@rakoczigabi Not all lenders would necessarily ask for this (though it depends on the details) but I don't see anything to worry about in your post.

A month ago I placed a trainee accountant (similar role to your's where their pay goes up significantly after each stage of exams/training) and Nationwide asked for an employer letter confirming a recent substantial pay hike.

lastchancetomove

Has anyone had recent experience with Pepper Money Mortgages?