Mortgage broker - ask me anything

K_S

Capri84 said:

A house has literally popped up this morning that we are very interested in. 

My wife is flexi-furloughed and I’m shielding. Both return to work over the next few weeks - would it be possible to get a DIP to allow us to make an offer, but then the ‘real’ payslips won’t be available until the back end of may? Is that doable?

@capri84 Except for the credit files in the background, the DIP largely works off of what you put into it. So, theoretically yes you could key in a DIP based on future income.

However, it isn't something I would normally do for a client (unless I had written confirmation of a return to work date and terms) or recommend that you do as it could potentially lead to issues (apologies in advance, not at liberty to elaborate) later on when you do another DIP or put in a full application a few months down the line.

stger2021

Barry627 said:

Hi

Barclays track it has my application at current status. Valuation approved. Got a green tick against it. The review said more information required. Which we submitted, it has a green tick against it. I’m I right in thinking the underwriting stage is complete? 

Hi, 
I finally made an account after reading through here. I’m a first time buyer and have the exact same status as you. Please let me know if you get clarity or if anyone else knows this one from experience. 

Thank you!

Capri84

K_S said:

Capri84 said:

A house has literally popped up this morning that we are very interested in. 

My wife is flexi-furloughed and I’m shielding. Both return to work over the next few weeks - would it be possible to get a DIP to allow us to make an offer, but then the ‘real’ payslips won’t be available until the back end of may? Is that doable?

@capri84 Except for the credit files in the background, the DIP largely works off of what you put into it. So, theoretically yes you could key in a DIP based on future income.

However, it isn't something I would normally do for a client (unless I had written confirmation of a return to work date and terms) or recommend that you do as it could potentially lead to issues (apologies in advance, not at liberty to elaborate) later on when you do another DIP or put in a full application a few months down the line.

Thanks K_S. 

Have you had any applicants who are shielding? And if so is shielding considered as the same as furlough in the eyes of the lenders?

Redwino222

Mortgage application in with virgin - valuation done on Monday.  Will they tell me what they valued the house at?

alanyau88

Can someone give me advice on possibility and rates please.  I have a semi detached house of which is worth £465,000.  The house is currently mortgaged with £200,000 outstanding.  The mortgage and deeds of house is in my name.  I would like to remortgage and borrow a further £170,000 but note my salary won't make it alone so I am thinking about applying for a Joint Borrower Sole Proprietor mortgage with my wife.  Together, we should earn £78,000 a year.  Is a remortgage for the amount stated possible and if so what rates are we looking at in the market currently?  Thanks in advance.

K_S

alanyau88 said:

Can someone give me advice on possibility and rates please.  I have a semi detached house of which is worth £465,000.  The house is currently mortgaged with £200,000 outstanding.  The mortgage and deeds of house is in my name.  I would like to remortgage and borrow a further £170,000 but note my salary won't make it alone so I am thinking about applying for a Joint Borrower Sole Proprietor mortgage with my wife.  Together, we should earn £78,000 a year.  Is a remortgage for the amount stated possible and if so what rates are we looking at in the market currently?  Thanks in advance.

@alanyau88 Capital raise remortgage to 80% LTV with combined basic income of 78k - with these numbers on it's own, in principle you may be able to borrow what you need depending on commitments, debt, etc.

For rates, you could check the MSE mortgage finder and check if those products offer JBSP options. Or else get in touch with a broker.

K_S

Capri84 said:

K_S said:

Capri84 said:

A house has literally popped up this morning that we are very interested in. 

My wife is flexi-furloughed and I’m shielding. Both return to work over the next few weeks - would it be possible to get a DIP to allow us to make an offer, but then the ‘real’ payslips won’t be available until the back end of may? Is that doable?

@capri84 Except for the credit files in the background, the DIP largely works off of what you put into it. So, theoretically yes you could key in a DIP based on future income.

However, it isn't something I would normally do for a client (unless I had written confirmation of a return to work date and terms) or recommend that you do as it could potentially lead to issues (apologies in advance, not at liberty to elaborate) later on when you do another DIP or put in a full application a few months down the line.

Thanks K_S. 

Have you had any applicants who are shielding? And if so is shielding considered as the same as furlough in the eyes of the lenders?

@capri84 I have had clients who were shielding but they were still working full time from home with normal pay on payslips. 

Capri84

K_S said:

Capri84 said:

K_S said:

Capri84 said:

A house has literally popped up this morning that we are very interested in. 

My wife is flexi-furloughed and I’m shielding. Both return to work over the next few weeks - would it be possible to get a DIP to allow us to make an offer, but then the ‘real’ payslips won’t be available until the back end of may? Is that doable?

@capri84 Except for the credit files in the background, the DIP largely works off of what you put into it. So, theoretically yes you could key in a DIP based on future income.

However, it isn't something I would normally do for a client (unless I had written confirmation of a return to work date and terms) or recommend that you do as it could potentially lead to issues (apologies in advance, not at liberty to elaborate) later on when you do another DIP or put in a full application a few months down the line.

Thanks K_S. 

Have you had any applicants who are shielding? And if so is shielding considered as the same as furlough in the eyes of the lenders?

@capri84 I have had clients who were shielding but they were still working full time from home with normal pay on payslips. 

Cheers. I actually spoke to Halifax today to get clarification. Due to the nature of my job I couldn’t work from home but needed to shield, so company put me on 100% OSP. Fella at Halifax said that if it’s OSP they would take that as evidence of income, as long as it’s not labelled as furlough on the payslips (which it isn’t because it’s not)

K_S

Capri84 said:

K_S said:

Capri84 said:

K_S said:

Capri84 said:

A house has literally popped up this morning that we are very interested in. 

My wife is flexi-furloughed and I’m shielding. Both return to work over the next few weeks - would it be possible to get a DIP to allow us to make an offer, but then the ‘real’ payslips won’t be available until the back end of may? Is that doable?

@capri84 Except for the credit files in the background, the DIP largely works off of what you put into it. So, theoretically yes you could key in a DIP based on future income.

However, it isn't something I would normally do for a client (unless I had written confirmation of a return to work date and terms) or recommend that you do as it could potentially lead to issues (apologies in advance, not at liberty to elaborate) later on when you do another DIP or put in a full application a few months down the line.

Thanks K_S. 

Have you had any applicants who are shielding? And if so is shielding considered as the same as furlough in the eyes of the lenders?

@capri84 I have had clients who were shielding but they were still working full time from home with normal pay on payslips. 

Cheers. I actually spoke to Halifax today to get clarification. Due to the nature of my job I couldn’t work from home but needed to shield, so company put me on 100% OSP. Fella at Halifax said that if it’s OSP they would take that as evidence of income, as long as it’s not labelled as furlough on the payslips (which it isn’t because it’s not)

@capri84 That's very useful to know, thank you for sharing.

ZSC

Hi! 

We have submitted our mortgage application and there is a physical valuation next Tuesday. Does anyone know what virgin/Clydesdale bank are like for their valuations? I’ve not seen them mentioned much. 

Thanks!