Mortgage broker - ask me anything

stevenb97

K_S said:

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.

ahhh, I've submitted payslips, bank statements and a letter from my employer saying my contract will be getting reviewed on 31st August

[Deleted User]

I've had a mortgage declined because the purchase is a flat above a takeaway. Is it really a big issue issue with lenders?  

K_S

Sarah_New said:

I've had a mortgage declined because the purchase is a flat above a takeaway. Is it really a big issue issue with lenders?  

@sarah_new Yes, not all lenders lend on such properties. It also depends on the value of the flat, which area of the country, etc.

[Deleted User]

K_S said:

Sarah_New said:

I've had a mortgage declined because the purchase is a flat above a takeaway. Is it really a big issue issue with lenders?  

@sarah_new Yes, not all lenders lend on such properties. It also depends on the value of the flat, which area of the country, etc.

Thanks, i had no idea.   guess i just need to keep trying with new lenders!  

K_S

Sarah_New said:

K_S said:

Sarah_New said:

I've had a mortgage declined because the purchase is a flat above a takeaway. Is it really a big issue issue with lenders?  

@sarah_new Yes, not all lenders lend on such properties. It also depends on the value of the flat, which area of the country, etc.

Thanks, i had no idea.   guess i just need to keep trying with new lenders!  

@sarah_new Out of interest, is there any reason you aren't using a broker? They can shortlist lenders who are willing to consider such properties in general and then check the specifics with the lenders and let you know the chances of success before putting in an application.

If it's not wanting to pay a fee to the broker (a perfectly valid reason), there are plenty of firms in the MSE recommendations who don't charge a fee.

Relliott6879

I will need to buy my first home at the end of this year, following the end of my service with the Army. I currently have substantial debts and am slowly clearing them with a DMP but, with my retirement lump sum I will clear all debt and have around £30k left over. My Army pension will give me an annual income of around £10k and I intend to take an apprenticeship with a rail company paying £17.5k. My wife also earns around £10k.

With our available deposit, we're hoping to buy a house costing around £175k, is this realistic and, given my cleared but otherwise poor credit record, what kind of interest rate are we likely to be offered on the mortgage?

Biscuit31

My AIP with Santander returned about £70K less than with NatWest. Why would that be? I entered same the exact debt and income with both lenders. My position is I have an existing mortgage with Santander and I want to port / borrow more to buy new property but they say it’s not affordable. NatWest who I bank with and have loan / credit card with are saying they can lend me what I need and more.
Santander will lend a max of £150K
Natwest happy to lend £220K
Income = £53K
Credit cards = £15K
Loan = £9K

perdusys

Internet searches say that 100% mortgages are available for shared ownership purchases, I have enquired but the broker wants us to complete a full income and outgoings questionnaire.  I don't want to do this if there are no such deals, anyone able to advise?

K_S

perdusys said:

Internet searches say that 100% mortgages are available for shared ownership purchases, I have enquired but the broker wants us to complete a full income and outgoings questionnaire.  I don't want to do this if there are no such deals, anyone able to advise?

@perdusys Afaik, only in NI. 

K_S

Biscuit31 said:

My AIP with Santander returned about £70K less than with NatWest. Why would that be? I entered same the exact debt and income with both lenders. My position is I have an existing mortgage with Santander and I want to port / borrow more to buy new property but they say it’s not affordable. NatWest who I bank with and have loan / credit card with are saying they can lend me what I need and more.
Santander will lend a max of £150K
Natwest happy to lend £220K
Income = £53K
Credit cards = £15K
Loan = £9K

@Biscuit31 My guess (based on the very limited info in your post) would be that you haven't filled in the Santander DIP form correctly and/or it's taking the existing mortgage as remaining.