Mortgage broker - ask me anything

barmstrong

Hi, we are looking at moving house, but we would probably need a bigger kitchen than it already has, would we be able to get a mortgage with an extra say 15k added to it so we can get the extension done right away? 

K_S

barmstrong said:

Hi, we are looking at moving house, but we would probably need a bigger kitchen than it already has, would we be able to get a mortgage with an extra say 15k added to it so we can get the extension done right away? 

@barmstrong You're not going to get a purchase mortgage with an extra £15k added on for building an extension.

You can choose to set aside some of the equity from the old house for the work and use the rest as a deposit on the new house. I hope that makes sense.

barmstrong

K_S said:

barmstrong said:

Hi, we are looking at moving house, but we would probably need a bigger kitchen than it already has, would we be able to get a mortgage with an extra say 15k added to it so we can get the extension done right away? 

@barmstrong You're not going to get a purchase mortgage with an extra £15k added on for building an extension.

You can choose to set aside some of the equity from the old house for the work and use the rest as a deposit on the new house. I hope that makes sense.

Yes thats great thanks.

welly_59

Question regarding saving for deposit vs paying off debt...I have about 6k of debts (actually defaults from a few years ago), and over the next 12 months I should be able to get £30k set aside for deposit.
Would I be in a better position if I cleared all those debts now but then ending the year with £25k set aside, or continuing the payments I'm currently making which would leave me with £30k for deposit at end of year but still owe about £4k on the debts?

All figures are rough btw

K_S

@welly_59 With regard to maximising your borrowing - have a play around with a couple of lender affordability calculators to see what the impact is for the two scenarios.
https://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx
https://www.nationwide-intermediary.co.uk/calculators/affordability-calculator

With regard to whether it would be better to satisfy the defaulted debt or not - that depends on the rest of the scenario, what LTV you're looking at, etc

Haircut15

Trying to find out how hard it is to get a mortgage on a property that has restrictive covernment on the title.  The restriction is in favour of a dissolved management company for road maintaince. Property is freehold. Tresuary solicitors have disclaimed the road and land reg will disapply the restriction for purpose of the sale

lis1320

I've got a couple of questions I was hoping someone could answer here.
1. I have a salary of £25,700 but also a yearly £1750 for additional responsibilities which gets paid annually. Having had  a look at some affordability calculators, they ask for gross basic salary, guaranteed overtime, guaranteed bonus etc. Would the £1750 count as that or is it just part of my gross income? Does it even matter to lenders?

2.  I pay £150 monthly for my pension, and my partner is about to start a similar position too, which means his pension will go from about £50 to £150 a month. Mortgage calculators ask for monthly outgoings (credit cards, pensions etc) and even just this extra £100 makes a few thousand difference in what lenders would lend us. Do lenders view it at all differently to credit payments? My gut feeling is telling me if it's an outgoing then it's an outgoing, and we'll just have to live with the lower possible mortgage offer.

mandycurl

Hi there!
Myself and my partner are looking to get our first mortgage together. 

Partners’ parents have signed over deeds of their house to both siblings but parents still reside there.
I inherited a 1/4 of my mothers property on her death and her surviving partner remains in the property until sells or passes away.
Given above information are we likely to meet any obstacles in the mortgage process or can you give us an idea of documentation we may need to prepare? 

We both live in rented accommodation so don’t actively pay or live in either properties.
Thanks In advance for any advice you may have!:) 

daniyal12

Hi me and my partner are in the process of buying a Btl property, we was pushed In to using the estate agents broker. After 3 weeks and taking his £500 fee he has said santander has declined the mortgage due to the property being a 3 bed semi and that the property I live in is a 2 bed terraced, he has said there is no scope for appeal and to apply to precise mortgages which attracts almlst a 5k product fee. Does anyone know if I am being fobbed of or is there any truth in what he is saying. 

Any help would be great 

K_S

daniyal12 said:

Hi me and my partner are in the process of buying a Btl property, we was pushed In to using the estate agents broker. After 3 weeks and taking his £500 fee he has said santander has declined the mortgage due to the property being a 3 bed semi and that the property I live in is a 2 bed terraced, he has said there is no scope for appeal and to apply to precise mortgages which attracts almlst a 5k product fee. Does anyone know if I am being fobbed of or is there any truth in what he is saying. 

Any help would be great 

@daniyal12 That explanation doesn't make sense on its own. But it sounds like he's saying Santander's declined it suspecting that it might be a backdoor-residential purchase.

Are you first time landlords? Is the BTL property close to your current residence or in the same town?

Santander to Precise is quite a jump, but that might be due to the rental calcs not stacking up.