Mortgage broker - ask me anything

hollisandchar

K_S said:

hollisandchar said:

Halifax refused to lend us the amount we need today . This is because my partners HR lady wrote my partner a letter and stated that his salary was split £28k basic and £17k guarenteed bonus. My partner has spoken to the company Financial Director and they have said that the HR woman has made a mistake and should not have put this and that he is happy to write a letter confirming that my partners basic salary is £45k, as stated in his employment contract.
Are Halifax likely to take this into consideration and do they ever change their minds once they have decided they cannot offer you the amount you require? 

@hollisandchar I'm sorry to hear that. I don't know the details, so can't really give an opinion on what the chances of appealing your decline are.

Based on the limited info in your post - 45k guaranteed pay in the contract, paid in equal instalments over the year, if you were my client I would run this past a couple of other mainstream lenders (those who have the freedom to use a bit of common sense) and place accordingly. Tbh with a payslip that says "drawings" on it, I'd have dug into the pay details right at the outset and put the app with an appropriate lender.

But if you are tied to Halifax for whatever reason and time isn't an issue, perhaps there is some way to appeal a decline for direct customers? If you're using a broker, what are they suggesting as next steps?

Thank you. We are not tied to Halifax. I think I will see what they come back with tomorrow as we should be getting a call back. They didn't decline us, they offered us a lower amount, is this the same thing? Would we be required to submit the application from the beginning of the process again? 
My partner earns £45k salary and I earn £12k salary, both in permanent jobs and with no debts at all. We pay £212 childcare a month. Looking to borrow £249k. 
If we have no luck with Halifax then I think we will contact a broker.

hollisandchar

hollisandchar said:

K_S said:

hollisandchar said:

Halifax refused to lend us the amount we need today . This is because my partners HR lady wrote my partner a letter and stated that his salary was split £28k basic and £17k guarenteed bonus. My partner has spoken to the company Financial Director and they have said that the HR woman has made a mistake and should not have put this and that he is happy to write a letter confirming that my partners basic salary is £45k, as stated in his employment contract.
Are Halifax likely to take this into consideration and do they ever change their minds once they have decided they cannot offer you the amount you require? 

@hollisandchar I'm sorry to hear that. I don't know the details, so can't really give an opinion on what the chances of appealing your decline are.

Based on the limited info in your post - 45k guaranteed pay in the contract, paid in equal instalments over the year, if you were my client I would run this past a couple of other mainstream lenders (those who have the freedom to use a bit of common sense) and place accordingly. Tbh with a payslip that says "drawings" on it, I'd have dug into the pay details right at the outset and put the app with an appropriate lender.

But if you are tied to Halifax for whatever reason and time isn't an issue, perhaps there is some way to appeal a decline for direct customers? If you're using a broker, what are they suggesting as next steps?

Thank you. We are not tied to Halifax. I think I will see what they come back with tomorrow as we should be getting a call back. They didn't decline us, they offered us a lower amount, is this the same thing? Would we be required to submit the application from the beginning of the process again? 
My partner earns £45k salary and I earn £12k salary, both in permanent jobs and with no debts at all. We pay £212 childcare a month. Looking to borrow £249k. 
If we have no luck with Halifax then I think we will contact a broker.

Also we are putting down 10% deposit of £27.7k

hollisandchar

hollisandchar said:

hollisandchar said:

K_S said:

hollisandchar said:

Halifax refused to lend us the amount we need today . This is because my partners HR lady wrote my partner a letter and stated that his salary was split £28k basic and £17k guarenteed bonus. My partner has spoken to the company Financial Director and they have said that the HR woman has made a mistake and should not have put this and that he is happy to write a letter confirming that my partners basic salary is £45k, as stated in his employment contract.
Are Halifax likely to take this into consideration and do they ever change their minds once they have decided they cannot offer you the amount you require? 

@hollisandchar I'm sorry to hear that. I don't know the details, so can't really give an opinion on what the chances of appealing your decline are.

Based on the limited info in your post - 45k guaranteed pay in the contract, paid in equal instalments over the year, if you were my client I would run this past a couple of other mainstream lenders (those who have the freedom to use a bit of common sense) and place accordingly. Tbh with a payslip that says "drawings" on it, I'd have dug into the pay details right at the outset and put the app with an appropriate lender.

But if you are tied to Halifax for whatever reason and time isn't an issue, perhaps there is some way to appeal a decline for direct customers? If you're using a broker, what are they suggesting as next steps?

Thank you. We are not tied to Halifax. I think I will see what they come back with tomorrow as we should be getting a call back. They didn't decline us, they offered us a lower amount, is this the same thing? Would we be required to submit the application from the beginning of the process again? 
My partner earns £45k salary and I earn £12k salary, both in permanent jobs and with no debts at all. We pay £212 childcare a month. Looking to borrow £249k. 
If we have no luck with Halifax then I think we will contact a broker.

Also we are putting down 10% deposit of £27.7k

And nothing adverse on our credit reports (very positive)

K_S

@hollisandchar 90% LTV is always going to be subject to a lot of scrutiny. Hopefully Halifax reconsiders with the FD letter.

Capri84

Once I’ve returned the mortgage questionnaire, how long typically before I would hear back with quotes? 

sjeap

We will shortly complete on our property with Halifax as the lender. We ported our existing deal which ends in July and fixed the remaining part so will effectively have two loans. I just wanted to double check if anyone knows whether  I will be able to re-fix using product transfer the part that ends soon. Thanks 

K_S

sjeap said:

We will shortly complete on our property with Halifax as the lender. We ported our existing deal which ends in July and fixed the remaining part so will effectively have two loans. I just wanted to double check if anyone knows whether  I will be able to re-fix using product transfer the part that ends soon. Thanks 

@sjeap Yes, you should.

K_S

Ronster1984 said:

Once I’ve returned the mortgage questionnaire, how long typically before I would hear back with quotes? 

@ronster1984 Which mortgage questionnaire are you referring to exactly?

Capri84

K_S said:

Ronster1984 said:

Once I’ve returned the mortgage questionnaire, how long typically before I would hear back with quotes? 

@ronster1984 Which mortgage questionnaire are you referring to exactly?

Affordability information, names, address, incomings, outgoings, credit commitments etc. 

K_S

Ronster1984 said:

K_S said:

Ronster1984 said:

Once I’ve returned the mortgage questionnaire, how long typically before I would hear back with quotes? 

@ronster1984 Which mortgage questionnaire are you referring to exactly?

Affordability information, names, address, incomings, outgoings, credit commitments etc. 

@ronster1984 On what website? Or was this an online form sent by a broker or lender?