Mortgage broker - ask me anything

K_S

Nile_E_Coyote said:

We are at the very end of the buying process. Solicitor has told lender about unsupported chimney breast and the lender is happy to proceed at the current price being paid. They have referred it to the valuer for comment though. Will this be a standard thing? House was valued 12k above what we sre currently going to pay.

@Nile_E_Coyote Has anything new been sent to the valuer to review - survey report, etc?

Nile_E_Coyote

K_S said:

Nile_E_Coyote said:

We are at the very end of the buying process. Solicitor has told lender about unsupported chimney breast and the lender is happy to proceed at the current price being paid. They have referred it to the valuer for comment though. Will this be a standard thing? House was valued 12k above what we sre currently going to pay.

@Nile_E_Coyote Has anything new been sent to the valuer to review - survey report, etc?

No, nothing to my knowledge. Building surveyor picked up on the issue as there's obviously no building regs. Said its historic and no defects but solicitors advised letting the lender know.

We had 12k reduced off the price after survey to account for roof and chimney breast work etc. Solicitor said they're happy to proceed at the price but referred to valuer 'for comment'.

The only thing that could have been sent to them was the surveyors actual wording i imagine.

Sarahs2020

Hi, 
We used to be on the property ladder 8 years ago, but due to needing extra bedrooms for kids, we sold up and rented a bigger house. We’ve been renting for the last 8 years, never missed a payment, but assumed we’d be renting for the long haul. My husband is 46, and earns a good wage now, and our circumstances have improved money wise over the years. He had some debt from way back,  and for the last few years has been on a DMP... it increases every year, and has just ticked over. He desperately wants to buy again, and what I am basically trying to find out, what is the likelihood of him getting a mortgage with a DMP? Time is against us now, but we currently pay £1450 a month on rent, and could afford more if need be (hypothetically over paying a mortgage each month) and he’s so depressed about it. Dos he stand any chance of getting a mortgage? Thanks for any advise anyone can give.. 

Gsharp93

We have recently been offered our mortgage from virgin money. We have asked our solicitor for a copy of the virgin money valuation of the property. Unfortunately the mortgage lender has informed the solicitor "that they are not authorised to release this to you and it is for their purposes only. " Is this a normal practise?
I have paid the bank to undertake a valuation yet I am unable to see what they value the flat at?

K_S

Gsharp93 said:

We have recently been offered our mortgage from virgin money. We have asked our solicitor for a copy of the virgin money valuation of the property. Unfortunately the mortgage lender has informed the solicitor "that they are not authorised to release this to you and it is for their purposes only. " Is this a normal practise?
I have paid the bank to undertake a valuation yet I am unable to see what they value the flat at?

@gsharp93 That's not unusual, the policy differs from lender to lender. Can't speak for Virgin specifically, but if you're using a broker they can sometimes get a copy.

K_S

Sarahs2020 said:

Hi, 
We used to be on the property ladder 8 years ago, but due to needing extra bedrooms for kids, we sold up and rented a bigger house. We’ve been renting for the last 8 years, never missed a payment, but assumed we’d be renting for the long haul. My husband is 46, and earns a good wage now, and our circumstances have improved money wise over the years. He had some debt from way back,  and for the last few years has been on a DMP... it increases every year, and has just ticked over. He desperately wants to buy again, and what I am basically trying to find out, what is the likelihood of him getting a mortgage with a DMP? Time is against us now, but we currently pay £1450 a month on rent, and could afford more if need be (hypothetically over paying a mortgage each month) and he’s so depressed about it. Dos he stand any chance of getting a mortgage? Thanks for any advise anyone can give.. 

@sarahs2020 Currently being on a DMP (assuming it's well conducted) doesn't necessarily stop you from getting a mortgage from an adverse lender. It's the details that matter - what are the adverse details on his credit history, what kind of LTV you need, income, etc.

lis1320

Regarding documentation needed for mortgage application, I know that it’ll be easy enough to get paper copies of bank statements from Barclays as I’ll just switch to this a few months before we start the process. My pay slips and P60s on the other hand, are all stored online and I never had any paper copies. I cannot even see an option to switch to paper copy on the website (the online payroll service my workplace uses). In this case how would I provide evidence? 

K_S

lis1320 said:

Regarding documentation needed for mortgage application, I know that it’ll be easy enough to get paper copies of bank statements from Barclays as I’ll just switch to this a few months before we start the process. My pay slips and P60s on the other hand, are all stored online and I never had any paper copies. I cannot even see an option to switch to paper copy on the website (the online payroll service my workplace uses). In this case how would I provide evidence? 

@lis1320 Most lenders now no longer insist on 'scanned copies of originals', you should be fine with online versions, including bank statements.

ftbuk05

Thank you for already answering the previous questions I had. Here's another: when lenders go through affordability checks and ask for your bank statements, can they use your everyday spending "against" you? For example, would frequent takeaway orders and online shopping count towards affordability? These purchases are always done via debit never on credit and I don't have an overdraft, and I'm still able to put away 2k+ away each month regardless of these "luxuries". In the months leading up to my mortgage application, should I cut back on these to avoid unnecessary scrutiny? 

K_S

ftbuk05 said:

Thank you for already answering the previous questions I had. Here's another: when lenders go through affordability checks and ask for your bank statements, can they use your everyday spending "against" you? For example, would frequent takeaway orders and online shopping count towards affordability? These purchases are always done via debit never on credit and I don't have an overdraft, and I'm still able to put away 2k+ away each month regardless of these "luxuries". In the months leading up to my mortgage application, should I cut back on these to avoid unnecessary scrutiny? 

@ftbuk05 Generally speaking, with no debt, your discretionary spending (groceries, gifts, holidays, takeaways, etc) should not have any significant impact on how lenders will calculate/assess your affordability.

Please note that there may be exceptions to the above - some heavy adverse lenders, some smaller building societies, etc.