Mortgage broker - ask me anything

Minerva85

Mortgage offer may expire before we complete. If so will have to reapply; bank say that involves sending in pay slips again etc. My partner started a new job 3 months ago - is that likely to cause an issue for the lender and is there anything we can do to present this better eg get a letter from employer confirming it's a permanent contract etc? 

K_S

@minerva85 As long as your partner has been continuously employed, that *shouldn't* be a problem unless it's one of those few lenders who requires X months in the current job.

HannahBC1

Hello

i am a first time buyer and have just had an offer accepted on a flat for £76995. I earn £23000 a year and my mortgage advisor got me an AIP. I’m worried because I’ve only been in this job (my first permanent, full time) job for 4 months. My mortgage advisor seems fine with it but I’m still worried I’ll just be rejected!! I have a 15% deposit and no bad credit, although my credit history is not particularly full, no credit cards used etc. 

Anyone able to give some reassurance?

thanks!

K_S

HannahBC1 said:

Hello
i am a first time buyer and have just had an offer accepted on a flat for £76995. I earn £23000 a year and my mortgage advisor got me an AIP. I’m worried because I’ve only been in this job (my first permanent, full time) job for 4 months. My mortgage advisor seems fine with it but I’m still worried I’ll just be rejected!! I have a 15% deposit and no bad credit, although my credit history is not particularly full, no credit cards used etc. 

Anyone able to give some reassurance?
thanks!

@hannahBC1 With the right lender, I don't see anything to worry about in your post. Good luck!

Suseka97

A quick question re mortgage offer extensions - are lenders doing this currently?  I ask because our buyers who are with NW have been told by their broker that they are not offering extensions, which may be a bit of an issue if we can't get things moving before too long.  They are within 2-weeks of their current offer expiring and obviously worried.  When speaking with our EA they also agreed that they are finding clients who are in a similar situation with lenders reluctant to agree to extensions.  If that's the case, why (assuming nothing has changed with their affordability/employment etc.)?

K_S

Suseka97 said:

A quick question re mortgage offer extensions - are lenders doing this currently?  I ask because our buyers who are with NW have been told by their broker that they are not offering extensions, which may be a bit of an issue if we can't get things moving before too long.  They are within 2-weeks of their current offer expiring and obviously worried.  When speaking with our EA they also agreed that they are finding clients who are in a similar situation with lenders reluctant to agree to extensions.  If that's the case, why (assuming nothing has changed with their affordability/employment etc.)?

@suseka97 Lenders *may* extend/renew/refresh offers but the process and policies differ from lender to lender. Most post-covid resi offers are valid for 6 months. Further extension/renewal/refresh may involve most of the things associated with a new application - income verification, affordability assessment, selection of a current product, etc.

Generally speaking, lenders are unlikely to simply assume that things continue to be as they were 6+ months ago when the application was first submitted.

FTBSolihull

Can anyone recommend a mortgage advisor, please?

Suseka97

K_S said:

Suseka97 said:

A quick question re mortgage offer extensions - are lenders doing this currently?  I ask because our buyers who are with NW have been told by their broker that they are not offering extensions, which may be a bit of an issue if we can't get things moving before too long.  They are within 2-weeks of their current offer expiring and obviously worried.  When speaking with our EA they also agreed that they are finding clients who are in a similar situation with lenders reluctant to agree to extensions.  If that's the case, why (assuming nothing has changed with their affordability/employment etc.)?

@suseka97 Lenders *may* extend/renew/refresh offers but the process and policies differ from lender to lender. Most post-covid resi offers are valid for 6 months. Further extension/renewal/refresh may involve most of the things associated with a new application - income verification, affordability assessment, selection of a current product, etc.

Generally speaking, lenders are unlikely to simply assume that things continue to be as they were 6+ months ago when the application was first submitted.

@K_S thanks, really appreciate your insight here.  Unfortunately for our buyers, it is there's that have caused the delay and thus they are fast approaching that 6-month deadline.  Realising it would mean them having to pretty much start a new application again explains their concerns and why their broker is strongly advising against it.  I hope their buyer truly understand the position and we manage to get the exchange and completion dates set in stone early next week.  Not sure where we'll stand if not!

lonibra

FTBSolihull said:

Can anyone recommend a mortgage advisor, please?

There a couple of really good advsers who post on the forum and do not make you feel stupid for asking questions. I think people are not allowed to name advisers but let me know if you want me to message you.

big_saver_5

FTBSolihull said:

Can anyone recommend a mortgage advisor, please?

@FTBSolihull I used haras_n0sirrah who started this thread. She was fantastic for me but doesn't post here any more.
If you want her contact details let me know and will send them to you