Mortgage broker - ask me anything

Russ39326

With the mortgage offer (fingers crossed and all that), do you know if it's by email or if I have to do it all by post? 

K_S

Russ39326 said:

With the mortgage offer (fingers crossed and all that), do you know if it's by email or if I have to do it all by post? 

@russ39326 I get it on the system instantly and email it over to the client. The client gets their copy in the post a few days later. The conveyancer is also sent their copy (not sure if it's online or post).

multicolouredeyes

hello, hope you can help woth this - looking t buy my parents house, there are a few points I would like some advice on before I go any further.
Firstly, I don't have a deposit. My parents house is valued at £130k and  they will sell it to me for £70k which is what they owe on it. Would the value of the property and the amount I want to borrow serve as not needing a deposit?
Also, I am a bit concerned about my credit history, I had a DMP which I cleared and closed in 2018. But on my file is a Vodafone 'debt' from 2017. This wasn't actually a debt - I had a huge dispute with them over lack of signal and service. I decided to just stop paying them and had to get the Ombudsman involved. They found in my favour and Vodafone stepped down and said they would release me from my contract (on the phone - I wish I had got it in writing). BUT - Ive recently signed to Clearscore and there's a whopping £1700 debt to them from 2017. They haven't chased it, I haven't heard from them at all. But I am assuming that if I contact them it may reset the six year term for debts to be unenforced. 

K_S

multicolouredeyes said:

hello, hope you can help woth this - looking t buy my parents house, there are a few points I would like some advice on before I go any further.
Firstly, I don't have a deposit. My parents house is valued at £130k and  they will sell it to me for £70k which is what they owe on it. Would the value of the property and the amount I want to borrow serve as not needing a deposit?
Also, I am a bit concerned about my credit history, I had a DMP which I cleared and closed in 2018. But on my file is a Vodafone 'debt' from 2017. This wasn't actually a debt - I had a huge dispute with them over lack of signal and service. I decided to just stop paying them and had to get the Ombudsman involved. They found in my favour and Vodafone stepped down and said they would release me from my contract (on the phone - I wish I had got it in writing). BUT - Ive recently signed to Clearscore and there's a whopping £1700 debt to them from 2017. They haven't chased it, I haven't heard from them at all. But I am assuming that if I contact them it may reset the six year term for debts to be unenforced. 

@multicolouredeyes

- As you correctly assumed, with a family concessionary purchase, the difference between the market value and the purchase price may be recognised as the ‘deposit’, so enabling you to buy the property without putting in any money of your own. Some lenders will not lend on this scenario as they don’t accept any concessionary purchase arrangement regardless of discount or deposit, or have onerous conditions which you may or may not be able to meet. But on the whole, this by itself should not be an issue.

- An unsatisfied telecom default of £1,700 is likely to narrow down the pool of lenders further, especially with mainsteam lenders. Again, on it's own it should stop you from getting a low-LTV mortgage but now you have one more box to tick lender wise.

- You're only looking for a <55% LTV mortgage so that is a big positive and you should have options. Definitely one for a broker imho.

Rafared83

Hi would appreciate some advice wrt Barclays application.
1.  AIP & Hard search done
2. Broker submits full app
3. Documents approved by underwriters and valuation booked.
4. Told offer subject to satisfactory valuation 
5 valuation confirms ok
6. Now told over to a final check with underwriter to approve overall offer.
Question. Does this sound correct, why a final underwriter. Is this standard? Broker seems to think its standard. Am I over thinking things?

K_S

Rafared83 said:

Hi would appreciate some advice wrt Barclays application.
1.  AIP & Hard search done
2. Broker submits full app
3. Documents approved by underwriters and valuation booked.
4. Told offer subject to satisfactory valuation 
5 valuation confirms ok
6. Now told over to a final check with underwriter to approve overall offer.
Question. Does this sound correct, why a final underwriter. Is this standard? Broker seems to think its standard. Am I over thinking things?

@rafared83 I don't see anything in particular to worry about.

Lilsanddeedee

I would like some advice. 1st time poster so bare with me. Me and wife own our own home (have mortgage 63k left). Recently through naivety got into debt had babies job didnt pay mat leave. Credit cards to pay big debt. Took iva out and finished it up 3years early there november past. New houses coming to our area ni. House next to me without driveway and smaller garden sold 110k. Ours valued at 120. Say we get that minus our mortgage now 120 - 63 = 57 equity. If new builds are going for between 140 and 180 do you think we would have possibility of getting mortgage for new build if we put full equity back into new mortgage??? Or r we hammered cause of the iva. Take you oil. Unlucky. Thanks for any advice.

K_S

Lilsanddeedee said:

I would like some advice. 1st time poster so bare with me. Me and wife own our own home (have mortgage 63k left). Recently through naivety got into debt had babies job didnt pay mat leave. Credit cards to pay big debt. Took iva out and finished it up 3years early there november past. New houses coming to our area ni. House next to me without driveway and smaller garden sold 110k. Ours valued at 120. Say we get that minus our mortgage now 120 - 63 = 57 equity. If new builds are going for between 140 and 180 do you think we would have possibility of getting mortgage for new build if we put full equity back into new mortgage??? Or r we hammered cause of the iva. Take you oil. Unlucky. Thanks for any advice.

@lilsanddeedee It's impossible to say based on the limited info in your post. With a 30%+ deposit and a completed IVA, you may have adverse options available. But it'll depend on the details of your credit history and the rest of your financial circumstances.

Lilsanddeedee

K_S said:

Lilsanddeedee said:

I would like some advice. 1st time poster so bare with me. Me and wife own our own home (have mortgage 63k left). Recently through naivety got into debt had babies job didnt pay mat leave. Credit cards to pay big debt. Took iva out and finished it up 3years early there november past. New houses coming to our area ni. House next to me without driveway and smaller garden sold 110k. Ours valued at 120. Say we get that minus our mortgage now 120 - 63 = 57 equity. If new builds are going for between 140 and 180 do you think we would have possibility of getting mortgage for new build if we put full equity back into new mortgage??? Or r we hammered cause of the iva. Take you oil. Unlucky. Thanks for any advice.

@lilsanddeedee It's impossible to say based on the limited info in your post. With a 30%+ deposit and a completed IVA, you may have adverse options available. But it'll depend on the details of your credit history and the rest of your financial circumstances.

Thanks. I didnt know what u would have needed to know. Just a rough idea sorry. I know our credit history will be snookered now for 6 years with the iva. Im full time work 27k wife lookin after children but actively seeking work. Thanks again

MortgageWonders

Do you know how the mortgage lender process applications

Obviously 
Application 
Madatory document check

How. Does it work after that? 

Thanks