Mortgage broker - ask me anything

Safe'n'Sound

First time buyer and 50 next year - If I ask for a mortgage term until age 74 or 75 (24-25yrs), instead of age 70 (19-20yrs), does that massively affect my options on lenders? I've been told it does but not by how many lenders I will lose. If anyonme knows a rough percentage of what it goes down to from 100% age 70 to XX% age 75.
My affordability is good and I'm looking at at least 80% LVT.
Thanks

K_S

Safe'n'Sound said:

First time buyer and 50 next year - If I ask for a mortgage term until age 74 or 75 (24-25yrs), instead of age 70 (19-20yrs), does that massively affect my options on lenders? I've been told it does but not by how many lenders I will lose. If anyonme knows a rough percentage of what it goes down to from 100% age 70 to XX% age 75.
My affordability is good and I'm looking at at least 80% LVT.
Thanks

@safe'n'sound I'd have to do a root and branch criteria review to give you an accurate (or even ballpark) percentage

What I can say is that if you are PAYE employed, you intend to work past 70, your job is plausible to continue post 70, there are mainstream lenders who will consider a term going up to 75 or even 80 without necessarily requiring a pension projection.

Capri84

Brand new to this game. Currently got about £18k deposit saved up... so likely going to be a 5% mortgage around here. 

For arguments sake, if I saw a property tomorrow pop up on the market, what’s my next step? If I viewed it and wanted to make an offer, do I need to wait until I’ve spoken to a broker and/or arranged a mortgage? 

K_S

Capri84 said:

Brand new to this game. Currently got about £18k deposit saved up... so likely going to be a 5% mortgage around here. 

For arguments sake, if I saw a property tomorrow pop up on the market, what’s my next step? If I viewed it and wanted to make an offer, do I need to wait until I’ve spoken to a broker and/or arranged a mortgage? 

@capri84 The next step would indeed be making an offer. But no half-decent Estate Agent is going to consider the offer seriously with a 5% deposit unless you can back it up with a DIP or a broker confirmation that your finances are in order to make good on the offer. I hope that makes sense.

Capri84

How long does a DIP last for? Market is slow here just now (possibly everywhere?) and there’s not much coming to market. Feel like it might make sense to get ready so if something falls out of the sky tomorrow I can pounce. 

K_S

Capri84 said:

How long does a DIP last for? 

@capri84 Generally speaking, 3 months.

CLJ2986

I'm curious, if you have an application in progress and the interest rate for the product you applied for changes, would you benefit from the change if you're accepted or would your mortgage be at the rate quoted at the start? Thanks in advance!!

RG_87

Hi,
wondering if someone could give me some feedback/advice on the following;

Took out first mortgage with ex partner around 14 years ago, after 2 years she declared bankruptcy & left me liable for other half of debt. In the end house was repossessed by bank, they sent me correspondence to begin with which I never acknowledged. They then passed this on to a solicitor who then in turn have sent me correspondence which I have never acknowledged(last correspondence was in 2019). They have never said anything regarding CCJ etc, repossession does not show on my credit report and I have a fairly good credit report.

Am I right in thinking that after 12 years they can no longer “chase” me for the debt?
 If I was to apply for a mortgage would I have to declare this & how likely is it to affect my application?

thanks.

K_S

CLJ2986 said:

I'm curious, if you have an application in progress and the interest rate for the product you applied for changes, would you benefit from the change if you're accepted or would your mortgage be at the rate quoted at the start? Thanks in advance!!

@clj2986 When you submit an application, it is for a specific product and any changes to interest rates do not apply automatically.

CLJ2986

K_S said:

CLJ2986 said:

I'm curious, if you have an application in progress and the interest rate for the product you applied for changes, would you benefit from the change if you're accepted or would your mortgage be at the rate quoted at the start? Thanks in advance!!

@clj2986 When you submit an application, it is for a specific product and any changes to interest rates do not apply automatically.

That's what I thought lol no idea how interest rates actually work. Was just checking Aldermores current times and happened to notice the reduction and wondered if it would apply to us if we get approved.