Mortgage broker - ask me anything

Redwino222

Perfect - thank you.  I am overthinking this, but have seen a house I love so want all my ducks in a rom🙂

Peterrr

Hi. We are mid 50s with £38k and 10 years remaining on a lifetime tracker mortgage we're very happy with (BOE base rate + 1.49% for life, and LTV 8%).
Wanting to borrow a further £100k against the house for 3 years in the least expensive way overall. Should we re-mortgage (and again in 3 years), get a separate second mortgage (interest only or repayment?), and would any second mortgage have to be from the same lender as our first?
Not concerned with cashflows, just seeking the lowest total cost over the next 10 years and not sure how the maths works.
Thanks in advance for any guidance

K_S

Peterrr said:

Hi. We are mid 50s with £38k and 10 years remaining on a lifetime tracker mortgage we're very happy with (BOE base rate + 1.49% for life, and LTV 8%).
Wanting to borrow a further £100k against the house for 3 years in the least expensive way overall. Should we re-mortgage (and again in 3 years), get a separate second mortgage (interest only or repayment?), and would any second mortgage have to be from the same lender as our first?
Not concerned with cashflows, just seeking the lowest total cost over the next 10 years and not sure how the maths works.
Thanks in advance for any guidance

@peterrr If you are on a lifetime tracker product that you don't want to move away from, then the most cost effective option is taking out a further advance/additional borrowing from the current lender. If it's a mainstream lender, the options are likely to be quite competitive.

Peterrr

@K_S thanks - that's twice today you've offered me good advice - much appreciated!

coronacaution

Hi there, looking for advice! We recieved our mortgage offer this week but due to some changes in situation since applying (we added stamp duty to loan amount originally which we would now like to remove) and also noticed the rate online for same product has come down from 3.24% to 3.1%, with Nationwide, we'd now like to tweak the offer and get the better rate. We haven't paid broker or product fee yet. Will this be possible without a full re-apply? 
Thanks

K_S

coronacaution said:

Hi there, looking for advice! We recieved our mortgage offer this week but due to some changes in situation since applying (we added stamp duty to loan amount originally which we would now like to remove) and also noticed the rate online for same product has come down from 3.24% to 3.1%, with Nationwide, we'd now like to tweak the offer and get the better rate. We haven't paid broker or product fee yet. Will this be possible without a full re-apply? 
Thanks

@coronacaution Based on the limited info in your post, and assuming you're not moving into a higher LTV band, this should be a fairly straightforward task for your broker.

ajharding1980

My application has been with Barclays since last Wednesday (10 days).   They carried out a credit search on Monday and the valuation on Wednesday gone.  I'm still waiting to hear.  Do you think underwriting would of happened prior to the valuation?  I have applied via a broker and I'm self employed (Ltd company).

K_S

ajharding1980 said:

My application has been with Barclays since last Wednesday (10 days).   They carried out a credit search on Monday and the valuation on Wednesday gone.  I'm still waiting to hear.  Do you think underwriting would of happened prior to the valuation?  I have applied via a broker and I'm self employed (Ltd company).

@ajharding1980 As an SE applicantion, I would expect that it'll be subject to manual underwriting/review and it's probably sitting in a queue waiting to be looked at. 

ajharding1980

K_S said:

ajharding1980 said:

My application has been with Barclays since last Wednesday (10 days).   They carried out a credit search on Monday and the valuation on Wednesday gone.  I'm still waiting to hear.  Do you think underwriting would of happened prior to the valuation?  I have applied via a broker and I'm self employed (Ltd company).

@ajharding1980 As an SE applicantion, I would expect that it'll be subject to manual underwriting/review and it's probably sitting in a queue waiting to be looked at. 

Do you think I'd of already had any underwriting during the credit check and valuation stage?  Surely Barclays wouldnt carry out a valuation prior to affordability checks?  What are the final underwriter manual checks?

K_S

ajharding1980 said:

K_S said:

ajharding1980 said:

My application has been with Barclays since last Wednesday (10 days).   They carried out a credit search on Monday and the valuation on Wednesday gone.  I'm still waiting to hear.  Do you think underwriting would of happened prior to the valuation?  I have applied via a broker and I'm self employed (Ltd company).

@ajharding1980 As an SE applicantion, I would expect that it'll be subject to manual underwriting/review and it's probably sitting in a queue waiting to be looked at. 

Do you think I'd of already had any underwriting during the credit check and valuation stage?  Surely Barclays wouldnt carry out a valuation prior to affordability checks?  What are the final underwriter manual checks?

@ajharding1980 It's highly unlikely that underwriting on a self-employed application would be completed within 3-4 working days of application.