Mortgage broker - ask me anything

K_S

SuzieP2475 said:

Hello,

Firstly, I share a mortgage with my partner that the fix is coming to an end 30th June.  House valuation £285000, Mortgage £156000 looking at re-mortgage which is now in 60% LTV. Should we just go for a product change with current lender or re-mortgage? Do you still pay product fees on a product change?

That's the easy bit, my partner as a buy to let mortgage in his name only. £102,000 interest only, house valuation £160,000. He is looking at selling this property to his Son. The questions, can he do so and gift a deposit out of the equity because he doesn't have a deposit? Could he have a shared re-payment  mortgage with him even though we have a current  mortgage together?  Salary details, me £46K, partner £30K

Any help would be appreciated.

Thanks

@SuzieP2475
Product change Vs remo. There are pros and cons for both. If you want the absolute best deal available for you it may be worth considering a remo. If you're with a mainstream lender and don't want the hassle (or won't meet current affordability requirements) then a product switch may be a good option.

Just like remortgages, your product switch options will likely comprise of both with-fee and no-fee products.

He can used the 'gifted equity' as the deposit for a mortgage.

Bookgal88

Hi. 
Do you have any idea how long Barclay's mortgage applications are taking at the moment? My buyer applied to them mid-Jan but I haven't heard any more eg. them asking for access for the valuation. He's an employed first time buyer. Thanks!

stevenb97

Hi,
me and my partner are both FTB. We’ve applied for a mortgage with Santander. She is on a permanent contract at work. I am on a fixed term contract. I started in January 2020 and the contract was due to expire August 2020 but was extended until August 2021. I’ve been told it’s more than likely that the contract will be extended again. Will this affect my chances of getting my mortgage approved with me being on fixed term? I have a broker who says it hopefully shouldn’t cause any issues. Just looking for some other opinions. Thanks

emmieb230

Hi there,
I have a few questions:
1. Looking at the family springboard mortgage with Barclays but I have two defaults on my account, one from 2018 and one Jan 2019. Will these be a problem? (All settled in early 2019, currently have £0 debt).
2. My partner is a first time buyer but I have had a mortgage for a few years ago, would the springboard mortgage be an option for us because this would be my second time owning a house technically?

Thanks in advance!

K_S

emmieb230 said:

Hi there,
I have a few questions:
1. Looking at the family springboard mortgage with Barclays but I have two defaults on my account, one from 2018 and one Jan 2019. Will these be a problem? (All settled in early 2019, currently have £0 debt).
2. My partner is a first time buyer but I have had a mortgage for a few years ago, would the springboard mortgage be an option for us because this would be my second time owning a house technically?

Thanks in advance!

@emmieb230

1. Barclays published adverse policy is to decline applicants with

• Satisfied defaults totalling more than £200 and the latest is registered within the past 3 years

2. Being an FTB is not a requirement for the Family Springboard product.

K_S

stevenb97 said:

Hi,
me and my partner are both FTB. We’ve applied for a mortgage with Santander. She is on a permanent contract at work. I am on a fixed term contract. I started in January 2020 and the contract was due to expire August 2020 but was extended until August 2021. I’ve been told it’s more than likely that the contract will be extended again. Will this affect my chances of getting my mortgage approved with me being on fixed term? I have a broker who says it hopefully shouldn’t cause any issues. Just looking for some other opinions. Thanks

@stevenb97 I don't know how the application has been packaged but in theory Santander will consider FTC PAYE income as described in your post.

emmieb230

K_S said:

emmieb230 said:

Hi there,
I have a few questions:
1. Looking at the family springboard mortgage with Barclays but I have two defaults on my account, one from 2018 and one Jan 2019. Will these be a problem? (All settled in early 2019, currently have £0 debt).
2. My partner is a first time buyer but I have had a mortgage for a few years ago, would the springboard mortgage be an option for us because this would be my second time owning a house technically?

Thanks in advance!

@emmieb230

1. Barclays published adverse policy is to decline applicants with

• Satisfied defaults totalling more than £200 and the latest is registered within the past 3 years

2. Being an FTB is not a requirement for the Family Springboard product.

Oh that's a no then
thank you for your reply!

cjp2308

Mortgage brokers that deal with adverse, any experience with TML THE MORTGAGE LENDER? My broker has applied with them as of last week and can find very little feedback online about them, service times state 36 working days from application to offer on their website, so would be good to get thoughts of those that have used them

stevenb97

K_S said:

stevenb97 said:

Hi,
me and my partner are both FTB. We’ve applied for a mortgage with Santander. She is on a permanent contract at work. I am on a fixed term contract. I started in January 2020 and the contract was due to expire August 2020 but was extended until August 2021. I’ve been told it’s more than likely that the contract will be extended again. Will this affect my chances of getting my mortgage approved with me being on fixed term? I have a broker who says it hopefully shouldn’t cause any issues. Just looking for some other opinions. Thanks

@stevenb97 I don't know how the application has been packaged but in theory Santander will consider FTC PAYE income as described in your post.

Thank you 😊 , how do you mean how the application has been packaged?

K_S

stevenb97 said:

K_S said:

stevenb97 said:

Hi,
me and my partner are both FTB. We’ve applied for a mortgage with Santander. She is on a permanent contract at work. I am on a fixed term contract. I started in January 2020 and the contract was due to expire August 2020 but was extended until August 2021. I’ve been told it’s more than likely that the contract will be extended again. Will this affect my chances of getting my mortgage approved with me being on fixed term? I have a broker who says it hopefully shouldn’t cause any issues. Just looking for some other opinions. Thanks

@stevenb97 I don't know how the application has been packaged but in theory Santander will consider FTC PAYE income as described in your post.

Thank you 😊 , how do you mean how the application has been packaged?

@stevenb97 What's been sent as supporting documentation with the application, how the employment has been entered, etc.