Mortgage broker - ask me anything

K_S

Dadto3Boys said:

Just posted a separate thread, yet looks like you are pretty awesome at responses ... 
We currently have a mortgage with HSBC but bank with Nationwide.
The have almost identical deals on mortgages, would they be pretty much the same in terms of speed to process the mortgage?
We are moving house.

@Dadto3Boys No two cases are directly comparable, but all things being equal, as an intermediary Nationwide have been quicker than HSBC for me in recent times.

This is just one broker's experience, so just an anecdote basically

If you Google "HSBC for intermediates service levels" and the same for nationwide you can get a better idea of the average turnaround times etc.

Chichaldo

Hey @K_S , 

If I use £20,000 of my own savings and £10,000 of inheritance from abroad on a deposit for a mortgage as a first-time buyer, what kind of proof/evidence (if any) do I need to find and supply for the inherited portion of the deposit to be accepted in principle/further down the line when purchasing?

Many thanks in advance

Walesgirl

We met with a broker last Tuesday, he said no issue with getting us a DIP within a day or so (husband has CCJ that is over 2 years old). He said to send his credit file, payslips, ID etc. I sent that over Tuesday evening & followed it up with a phone call Wednesday lunch time to check he received it.  

My husband phoned Friday & his secretary said shell look into it as she's been off ill. I did have an e-mail off her to say unable to open our passport photos. Changed the format & sent back. 

We haven't heard anything since.  When would be an acceptable time to start chasing him again?

 I don't want to be a nag but we want to go view houses & most estate agents are asking for proof of DIP 

K_S

Walesgirl said:

We met with a broker last Tuesday, he said no issue with getting us a DIP within a day or so (husband has CCJ that is over 2 years old). He said to send his credit file, payslips, ID etc. I sent that over Tuesday evening & followed it up with a phone call Wednesday lunch time to check he received it.  
My husband phoned Friday & his secretary said shell look into it as she's been off ill. I did have an e-mail off her to say unable to open our passport photos. Changed the format & sent back. 
We haven't heard anything since.  When would be an acceptable time to start chasing him again?
I don't want to be a nag but we want to go view houses & most estate agents are asking for proof of DIP 

@walesgirl I can't comment on the specifics as there might be a genuine reason for the delay. But generally speaking, once I had all the documents and information requested for on Day 0, I'd do the DIP on Day 1 or Day 2 latest (if the DIP form had questions that I had to go back to the client on) and let the client know of the outcome (decline/accept/referred) and next steps.

Rafared83

Have a current application with Barclays, passed valuation but awaiting sign off for over a week. Broker chasing up but I'm getting a little anxious. anyone else experiencing delays with Barclays... 

Walesgirl

K_S said:

Walesgirl said:

We met with a broker last Tuesday, he said no issue with getting us a DIP within a day or so (husband has CCJ that is over 2 years old). He said to send his credit file, payslips, ID etc. I sent that over Tuesday evening & followed it up with a phone call Wednesday lunch time to check he received it.  
My husband phoned Friday & his secretary said shell look into it as she's been off ill. I did have an e-mail off her to say unable to open our passport photos. Changed the format & sent back. 
We haven't heard anything since.  When would be an acceptable time to start chasing him again?
I don't want to be a nag but we want to go view houses & most estate agents are asking for proof of DIP 

@walesgirl I can't comment on the specifics as there might be a genuine reason for the delay. But generally speaking, once I had all the documents and information requested for on Day 0, I'd do the DIP on Day 1 or Day 2 latest (if the DIP form had questions that I had to go back to the client on) and let the client know of the outcome (decline/accept/referred) and next steps.

Thank you, I'll give it another a day or so just in case there has been a delay 

Boardiegirl

We only need a £33k mortgage. Would it be better to get a personal loan? And is this even allowed, to pay the balance on a house? Also, how much would it adversely affect our credit rating if we had the loan, ie is anyone allowed to stop the purchase if they think we won’t have enough money to live on; (we will don’t worry, just rhetorically).
All advice welcome please!! Haven’t done a house move for 22yrs so not a clue these days! 

cjv

Can brokers currently access cheaper rates for product transfers with Halifax, compared to the rate I could get going direct? 

K_S

cjv said:

Can brokers currently access cheaper rates for product transfers with Halifax, compared to the rate I could get going direct? 

@cjv Starting a couple of months ago, Halifax no longer publishes their intermediary PT rates.

We have to go in to the system and enter the customer's mortgage account number to see what broker PT rates are available for the client. So the answer to your question is I'm not sure unfortunately.

Boardiegirl

How do I know when anyone has replied to my question please?