Mortgage broker - ask me anything

BillStruthBear

Hi
What are your views on applying for a phone contract prior to completion? Smashed my phone screen, not economical to repair. Would rather not shell out £6-700 for a sim-free only but not completing until January according to housebuilder. 
Mortgage offer is with Nationwide 
Thoughts welcome! 

bell2020

Hi, we are due to put a full application in tomorrow through broker/packager.

Our broker said she will also instruct solicitor too. Does this mean the process will be quicker if solicitors do their stuff along side the lenders rather than waiting for a mortgage offer and then instructing a solicitor? Or is this normal practice? 

Thank you 

haras_n0sirrah

bell2020 said:

Hi, we are due to put a full application in tomorrow through broker/packager.

Our broker said she will also instruct solicitor too. Does this mean the process will be quicker if solicitors do their stuff along side the lenders rather than waiting for a mortgage offer and then instructing a solicitor? Or is this normal practice? 

Thank you 

It will be quicker- the risk is that if you can't get a mortgage then you will have lost any upfront fees paid to the solicitor but as things currently stand with lender timescales that may be a risk you have to take

haras_n0sirrah

BillStruthBear said:

Hi
What are your views on applying for a phone contract prior to completion? Smashed my phone screen, not economical to repair. Would rather not shell out £6-700 for a sim-free only but not completing until January according to housebuilder. 
Mortgage offer is with Nationwide 
Thoughts welcome! 

If you can avoid it I would - has anyone got an old phone lying around you can use in the interim?

peppapig14

full application to nationwide 14/9, valuation took place 17/9. No news since, broker says application is in underwriters queue- does it mean they should have the valuation and we could hear about a mortgage offer soon?

haras_n0sirrah

peppapig14 said:

full application to nationwide 14/9, valuation took place 17/9. No news since, broker says application is in underwriters queue- does it mean they should have the valuation and we could hear about a mortgage offer soon?

I have a client I am hoping for an update on today and docs went in on the 10th so you may have another week or so I am afraid

Sgrange121

I'm thinking about extending my mortgage payment holiday and using the money to go towards a bathroom redurb... 23 years left on the mortgage. Similar to releasing equity to pay for a renovation is it not? Do you think this is sensible, what are the downsides?
Thanks! 

annetheman

How likely do you think leasehold reform promises will be honoured by the end of 2020 and do you have any advice for Shared Ownership applicants facing EWS1 form issues?

bell2020

haras_n0sirrah said:

bell2020 said:

Hi, we are due to put a full application in tomorrow through broker/packager.

Our broker said she will also instruct solicitor too. Does this mean the process will be quicker if solicitors do their stuff along side the lenders rather than waiting for a mortgage offer and then instructing a solicitor? Or is this normal practice? 

Thank you 

It will be quicker- the risk is that if you can't get a mortgage then you will have lost any upfront fees paid to the solicitor but as things currently stand with lender timescales that may be a risk you have to take

thank you. The quote we have from the solicitor (via the broker) states "no completion, no fee" 🤷‍♀️ 

nicthemighty

Hi, 90% LTV offer with HSBC in July. Purchase fell through so we've found somewhere else to move to but it's 8k more. HSBC have refused to change property on offer as they claim it's a new application and 90% not available.

Offer letter said we could make changes as long as they didn't affect the interest rate (but they wouldn't extend expiry) - what changes do they actually refer to if we can't change the property or expiry date!?

Current hope to keep this chain going is that our broker is hoping if we pay the shortfall ourselves then HSBC may be ok with it - just seems that the offer letter is misleading!