Mortgage broker - ask me anything

K_S

SusieD70 said:

K_S said:

@susied70 What's the minimum term you can live with? And what's the reason your broker has given you for not being able to place the case? I don't see anything evident in your post that may stop you from getting a debt con capital raise remo at less than 60% LTV.

I could do 12 years so it’s paid by the time I retire. Broker had said either my mum’s age is preventing it or the amount of debt I have which is ridiculous because it would all be paid off in the mortgage!

@susied70 It can be a problem, especially if the debt is significant in relation to your income. But with the right lender it should be doable.

I had a similar case last week where the client had taken on a lot of expensive unsecured debt, wanted to debt con on to his BTL property, and one of the mass-market brokers strung him along for more than a month and got him 3 declines! It was a tough one to place but it got through with a lender who uses a bit of common sense.

Perhaps there's something else in the background (regulated or consumer BTL?) causing the issues so I don't want to second guess your broker as they know your whole scenario. But if you don't feel confident in them, it might be worth getting a second opinion. Good luck!

hollisandchar

My partners income couldn't be verified from just his payslip as it had something called 'drawings' on there. We had to get a letter from his employer and they explained that the drawings were from guaranteed bonus and that his gross salary was made up of £28k basic + £17k bonus, and that he could earn more bonus than this in a year but it would never be less. We didn't even realise his salary was split like this as recently he had a pay rise and the letter from his hr team just said 'your gross salary will increase to £45k'. Is this likely to impact on the amount that Halifax will lend us or their decision at all? 

K_S

@hollisandchar I only have very limited information in front of me, but given what you've said, it wouldn't be surprising if the lender wanted to dig into the specifics. Do you need the 17k bonus to be considered at 100% for the mortgage affordability?

ps2mint

Does anyone know how fast Santander applications are going through at the moment? Ours was submitted just over a week ago and we have heard nothing except that the valuation report was back (for a new built property with only foundations built).
I’m just interested when we might likely have an offer? We applied via a broker.

K_S

ps2mint said:

Does anyone know how fast Santander applications are going through at the moment? Ours was submitted just over a week ago and we have heard nothing except that the valuation report was back (for a new built property with only foundations built).
I’m just interested when we might likely have an offer? We applied via a broker.

@ps2mint High LTV, any self-employed income, variable income, etc?

ps2mint

Thanks for the reply. 60% LTV, straightforward case. Regular income, not self employed.

K_S

ps2mint said:

Thanks for the reply. 60% LTV, straightforward case. Regular income, not self employed.

@ps2mint I've had one BTL and one resi Santander apps in recent weeks, both straightforward, both went to offer the day after val. A self employed one from mid Feb is still ongoing.

All cases are different in some way and off-plan new build vals are done a bit differently, so you can't always extrapolate directly. 

Hopefully your offer comes through soon, good luck!

hollisandchar

K_S said:

@hollisandchar I only have very limited information in front of me, but given what you've said, it wouldn't be surprising if the lender wanted to dig into the specifics. Do you need the 17k bonus to be considered at 100% for the mortgage affordability?

Yes, we do. His employer are classing 45k as his gross salary but then also saying it is broken down into 28k bonus and 17k guaranteed bonus and he will never be paid any less than this. I suspect it is split down in this way for some sort of tax reason.

K_S

hollisandchar said:

K_S said:

@hollisandchar I only have very limited information in front of me, but given what you've said, it wouldn't be surprising if the lender wanted to dig into the specifics. Do you need the 17k bonus to be considered at 100% for the mortgage affordability?

Yes, we do. His employer are classing 45k as his gross salary but then also saying it is broken down into 28k bonus and 17k guaranteed bonus and he will never be paid any less than this. I suspect it is split down in this way for some sort of tax reason.

@hollisandchar Ok. Given that it's guaranteed and contractual then it should just be a matter of providing whatever Halifax is asking for to substantiate that.

hollisandchar

Sorry, I meant £28k basic, £17k bonus (paid in equal installments each month)