Mortgage broker - ask me anything

amnblog

Yes, they will re-underwrite the whole mortgage when you move. If you have unusual funds coming into the bank accounts they will query them (assuming they ask to see the Bank Statements, they may not).

greenpanda

Thanks amnblog. How far into the process am i likely going to have to provide bank statements?
ie: 6 weeks on the market to sell, 2-4 weeks to find somewhere to buy - then would I provide bank statements? If this is the rough timeline it should be fine.

gje943

I am about to exchange contracts (FTB), but the vendor is giving me a £900 allowance to cover works. 
My solicitor said they MUST report this to my lender (Halifax). They reported on Thursday but haven't had a response yet. 
I'm extremely worried Halifax will take weeks to respond and the sale will fall through, as I know lenders are extremely slow at the moment. 
Should my solicitor have even bothered to report this to my lender and is there any way of getting them to move faster? 

haras_n0sirrah

gje943 said:

I am about to exchange contracts (FTB), but the vendor is giving me a £900 allowance to cover works. 
My solicitor said they MUST report this to my lender (Halifax). They reported on Thursday but haven't had a response yet. 
I'm extremely worried Halifax will take weeks to respond and the sale will fall through, as I know lenders are extremely slow at the moment. 
Should my solicitor have even bothered to report this to my lender and is there any way of getting them to move faster? 

The solicitor works for both you and the lender so they would have had to report it
Halifax are one of the faster lenders but maybe ask your solicitor to give them a prod or find out a timeline

Dinpraad

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

Keano24

haras_n0sirrah said:

Keano24 said:

Hi, my brother and his partner are both supply teachers who have sale agreed on a house and have an appointment with a mortgage broker today.

Their initial call to him on the phone, he seemed very confident they would get a mortgage and said he would be putting it through Halifax. 15% deposit on house value of £133,500

They have the same pattern every year for the last 4 years, September is slow enough for work and they generally worked 2/3 days per week but then after that they have been secured in the same school for the rest of the school year.

So they can show 4 years of real steady work but if asked right now for three months wages slips, they would be screwed as no work in summer, etc.

Do you have any experience with mortgages for supply teachers, specifically Halifax and will the 4 years steady work go more in favour than the no work in summer and slow September?

Cheers

Generally this would be treated as a 0 hour contract which means it would be based on the latest 3 payslips

Hi thanks for your reply. The mortgage advisor has told them he will not be putting through their application until they get their September payslip, which isn't until 15th October.

According to Halifax intermediaries criteria:
Supply Teacher
(where the customer has current continuous employment of 12 months or more and has 6 months remaining or the customer has at least 2 years continuous service (for the last 2 years as at the date of application) in the same type of employment, income can be used

The criteria also states it only requires the latest payslip.

The latest payslip (Septembers won't be a true reflection of their annual salary as September is usually the slowest month but for the mortgage they require, £113,475 they really only need to be earning £13,000 each for this to be approved on affordability (no other debts or payments) and that should be fine.

1. Will they really only require this 1 payslip?
2. It states 12 months continious employment. Surely this cannot mean 12 months consecutive, given the nature of supply work and no work in the summer?

cheers

haras_n0sirrah

Keano24 said:

haras_n0sirrah said:

Keano24 said:

Hi, my brother and his partner are both supply teachers who have sale agreed on a house and have an appointment with a mortgage broker today.

Their initial call to him on the phone, he seemed very confident they would get a mortgage and said he would be putting it through Halifax. 15% deposit on house value of £133,500

They have the same pattern every year for the last 4 years, September is slow enough for work and they generally worked 2/3 days per week but then after that they have been secured in the same school for the rest of the school year.

So they can show 4 years of real steady work but if asked right now for three months wages slips, they would be screwed as no work in summer, etc.

Do you have any experience with mortgages for supply teachers, specifically Halifax and will the 4 years steady work go more in favour than the no work in summer and slow September?

Cheers

Generally this would be treated as a 0 hour contract which means it would be based on the latest 3 payslips

Hi thanks for your reply. The mortgage advisor has told them he will not be putting through their application until they get their September payslip, which isn't until 15th October.

According to Halifax intermediaries criteria:
Supply Teacher
(where the customer has current continuous employment of 12 months or more and has 6 months remaining or the customer has at least 2 years continuous service (for the last 2 years as at the date of application) in the same type of employment, income can be used

The criteria also states it only requires the latest payslip.

The latest payslip (Septembers won't be a true reflection of their annual salary as September is usually the slowest month but for the mortgage they require, £113,475 they really only need to be earning £13,000 each for this to be approved on affordability (no other debts or payments) and that should be fine.

1. Will they really only require this 1 payslip?
2. It states 12 months continious employment. Surely this cannot mean 12 months consecutive, given the nature of supply work and no work in the summer?

cheers

It says latest payslip required not only latest payslip - I would expect this to be treated similar to a 0 hour contract which is where they add up the latest 12 months payslips to get the income figure

haras_n0sirrah

Dinpraad said:

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

You wont get an offer until after the valuation is done

Dinpraad

Thanks so much

asher_ezekiel

Hi, I've been spending on a credit card and paying off in full every month to build my credit score. Will this count as 'other borrowing' by the mortgage lender? I don't need to borrow on the credit card so can stop this if necessary. Thanks