Mortgage broker - ask me anything

haras_n0sirrah

GN2020 said:

haras_n0sirrah said:

I don't think it will be a killer - it is a small amount and a 1 off
If it were habitual it would be more of an issue. 

Just going off your experience, could it put a spanner in the works at all? As in, prepare to be grilled about it? 

Honestly I think you will be fine.

RapidMoney1

Hey, just a quick question! Mid way through the mortgage process, I had a new tax code from HMRC which resulted in slightly lower take home pay (we are talking £40 less on a £3.7k take home), we have had to submit additional payslips which has this change on... should I contact the mortgage advisor and make them change our mortgage application to reflect the new take home? Or am I being overly anxious?

haras_n0sirrah

RapidMoney1 said:

Hey, just a quick question! Mid way through the mortgage process, I had a new tax code from HMRC which resulted in slightly lower take home pay (we are talking £40 less on a £3.7k take home), we have had to submit additional payslips which has this change on... should I contact the mortgage advisor and make them change our mortgage application to reflect the new take home? Or am I being overly anxious?

The lender will factor it in without you changing anything officially so I would leave it as it is 

GN2020

haras_n0sirrah said:

GN2020 said:

haras_n0sirrah said:

I don't think it will be a killer - it is a small amount and a 1 off
If it were habitual it would be more of an issue. 

Just going off your experience, could it put a spanner in the works at all? As in, prepare to be grilled about it? 

Honestly I think you will be fine.

Thank you. 

I do appreciate how quickly you’ve replied and helped me settle down with this. 

I’ve had really rotten luck this year and a terrible time with a very sudden bereavement so this would end the year on a positive note for me, lord knows I need it. 

Thank you again, you’re a star  

haras_n0sirrah

Wow 16.6k views - wasnt expecting that response.
Am answering when I can while also working and dealing with clients so apologies if there are some delays to questions. 
If anyone does want 1 on 1 representation my inbox is open.

ak19841

Hi 
In terms of releasing mortgage funds, can this be requested for same day release to the solicitors? Or is it next day min?
Lenders are Santander and Halifax 
Thanks

haras_n0sirrah

ak19841 said:

Hi 
In terms of releasing mortgage funds, can this be requested for same day release to the solicitors? Or is it next day min?
Lenders are Santander and Halifax 
Thanks

I am not sure tbh as not something we get involved with - I would ask the solicitor 

moz86

haras_n0sirrah said:

moz86 said:

Great thread, thanks!

I have a scenario, and I appreciate it's a fortunate position to be in, so please no urgency, just a bit of a brain twister: Our house is worth 670k, we have 345k outstanding on two mortgages.  One of the mortgages ported over from our old house is fixed until Oct 2023 (1.99%), and the other is fixed until 2024 (1.89%).

We are looking to extend the house, and we have all the money we need for the project, however, I am thinking we could leave two of our ISA's intact in S&S and take a third mortgage for 40-50k instead at around 1.74% interest.

If we take out a third mortgage with our current provider they only do 2 year or 5 year fixes at the moment, meaning we have 3 mortgages all out of sync on their fixing period. (2023, 2024, 2025).

We could alternatively move our two mortgages over to the cheapest provider and take out an extra 50k at the same time (Halifax @ 1.29% 5yr fixed on 60% LTV) and paying early repayment charges (about 7k) be 1200 out of pocket based on the next 5 years because of the cheaper rate but then just have one clean mortgage to sort out.

Could we have two different lenders and take the 50k out with another provider (Halifax?)

Any suggestions on anything I'm missing, or another option entirely? 

Who is your current lender?

First Direct.

haras_n0sirrah

moz86 said:

Great thread, thanks!

I have a scenario, and I appreciate it's a fortunate position to be in, so please no urgency, just a bit of a brain twister: Our house is worth 670k, we have 345k outstanding on two mortgages.  One of the mortgages ported over from our old house is fixed until Oct 2023 (1.99%), and the other is fixed until 2024 (1.89%).

We are looking to extend the house, and we have all the money we need for the project, however, I am thinking we could leave two of our ISA's intact in S&S and take a third mortgage for 40-50k instead at around 1.74% interest.

If we take out a third mortgage with our current provider they only do 2 year or 5 year fixes at the moment, meaning we have 3 mortgages all out of sync on their fixing period. (2023, 2024, 2025).

We could alternatively move our two mortgages over to the cheapest provider and take out an extra 50k at the same time (Halifax @ 1.29% 5yr fixed on 60% LTV) and paying early repayment charges (about 7k) be 1200 out of pocket based on the next 5 years because of the cheaper rate but then just have one clean mortgage to sort out.

Could we have two different lenders and take the 50k out with another provider (Halifax?)

Any suggestions on anything I'm missing, or another option entirely? 

I would stay with the same lender and do a 2 year fix. When this one gets to the end of its 2 year leave it to catch up with the 2nd one.
I think 7k is a heavy price to pay for a 50k mortgage. 

moz86

haras_n0sirrah said:

moz86 said:

Great thread, thanks!

I have a scenario, and I appreciate it's a fortunate position to be in, so please no urgency, just a bit of a brain twister: Our house is worth 670k, we have 345k outstanding on two mortgages.  One of the mortgages ported over from our old house is fixed until Oct 2023 (1.99%), and the other is fixed until 2024 (1.89%).

We are looking to extend the house, and we have all the money we need for the project, however, I am thinking we could leave two of our ISA's intact in S&S and take a third mortgage for 40-50k instead at around 1.74% interest.

If we take out a third mortgage with our current provider they only do 2 year or 5 year fixes at the moment, meaning we have 3 mortgages all out of sync on their fixing period. (2023, 2024, 2025).

We could alternatively move our two mortgages over to the cheapest provider and take out an extra 50k at the same time (Halifax @ 1.29% 5yr fixed on 60% LTV) and paying early repayment charges (about 7k) be 1200 out of pocket based on the next 5 years because of the cheaper rate but then just have one clean mortgage to sort out.

Could we have two different lenders and take the 50k out with another provider (Halifax?)

Any suggestions on anything I'm missing, or another option entirely? 

I would stay with the same lender and do a 2 year fix. When this one gets to the end of its 2 year leave it to catch up with the 2nd one.
I think 7k is a heavy price to pay for a 50k mortgage. 

Thanks.  If only halifax's rate was slightly better it would absorb the 7k over the 5 years.  Guess it doesn't get much better than 1.29% though!