Mortgage broker - ask me anything

haras_n0sirrah

Toyo_86 said:

Hi, 
The surveyor (Connells) has scheduled an appointment for next week with the vendor for a valuation/homebuyer report for Natwest.  2 questions please
1. How long after the valuation is the report provided to Natwest
2. Will Natwest be only looking at the valuation side or will they look at the homebuyer report and put an opinion on this if they offer?
Thanks

generally natwest will only be interested in the valuation - the home buyer is for you
Timescale wise I had a first update on a natwest case today which was submitted on 8th sept so they are looking to be around 12 working days.

Toyo_86

haras_n0sirrah said:

Toyo_86 said:

Hi, 
The surveyor (Connells) has scheduled an appointment for next week with the vendor for a valuation/homebuyer report for Natwest.  2 questions please
1. How long after the valuation is the report provided to Natwest
2. Will Natwest be only looking at the valuation side or will they look at the homebuyer report and put an opinion on this if they offer?
Thanks

generally natwest will only be interested in the valuation - the home buyer is for you
Timescale wise I had a first update on a natwest case today which was submitted on 8th sept so they are looking to be around 12 working days.

Oh not another wait. Finally got a mortgage subject to valuation after applying on the 12th of August. I was hoping this would be sorted faster. Will I be given the result of the valuation as well?
Thanks

[Deleted User]

haras_n0sirrah said:

dahj said:

Hi, had great AIP from HSBC 5yr fix 1.99% but their current offerings are poor now I'm proceeding to full application.

AIB NI, Platform, Accord and TSB are coming top now - all are in the same ballpark so are any much better than others or ones to definitely avoid? 

Hi - what is your loan to value and are you going through a broker?
AIB is a northern ireland lender so are you in Northern Ireland?

Considering 80% LTV now (my HSBC one was 85%) 
I had approached a broker but he advised me to go direct as he didn't offer HSBC and his next best was far off.

I'm in the mainland/GB but AIB said they cover England, Scotland and Wales along with NI.

Tuesday1510

Hi, me and my partner hoping to do h2b equity loan scheme. House price 270k, deposit 25k and loan 54k. We would need a mortgage of 191k.

im full time employed 20k and partner is self employed 34,100 on last years tax returns and last 3 years have been up each year. He did take both grants and had 11 weeks out during the start of lockdown but business is back to normal if not better since June 1st.

I have a couple of late payments in 2018, one pay day loan jan 2019 with some historical use in 2018 and before that, and a settled default for 1500 from May 2016 (uni days).
partners credit history is squeaky clean.
neither of us have any debt.

what are our chances in the current climate with this please? I’m feeling like it won’t be possible thank you!

haras_n0sirrah

dahj said:

haras_n0sirrah said:

dahj said:

Hi, had great AIP from HSBC 5yr fix 1.99% but their current offerings are poor now I'm proceeding to full application.

AIB NI, Platform, Accord and TSB are coming top now - all are in the same ballpark so are any much better than others or ones to definitely avoid? 

Hi - what is your loan to value and are you going through a broker?
AIB is a northern ireland lender so are you in Northern Ireland?

Considering 80% LTV now (my HSBC one was 85%) 
I had approached a broker but he advised me to go direct as he didn't offer HSBC and his next best was far off.

I'm in the mainland/GB but AIB said they cover England, Scotland and Wales along with NI.

I am getting the below for AIB
Products are available through the intermediary channel in Northern Ireland ONLY

Only available for properties in Northern Ireland.

It may be that direct they can lend in other areas or that they have non northern Ireland products - I have never used them
I would speak to a broker to ensure you fit criteria with the lenders. It isn't just a case of choosing the cheapest but also ensuring they will lend in your circumstances. If you don't have a broker some of us who post here are brokers and we are identifiable by our signatures. We who post here cannot approach posters but most of us are happy to answer pm's asking for help
In terms of service standards I got a first update for a platform case today - I submitted it on 24th august so 23 working days. There are lenders in a similar ballpark rate wise who are more like 5 or 6 working days.

haras_n0sirrah

Tuesday1510 said:

Hi, me and my partner hoping to do h2b equity loan scheme. House price 270k, deposit 25k and loan 54k. We would need a mortgage of 191k.

im full time employed 20k and partner is self employed 34,100 on last years tax returns and last 3 years have been up each year. He did take both grants and had 11 weeks out during the start of lockdown but business is back to normal if not better since June 1st.

I have a couple of late payments in 2018, one pay day loan jan 2019 with some historical use in 2018 and before that, and a settled default for 1500 from May 2016 (uni days).
partners credit history is squeaky clean.
neither of us have any debt.

what are our chances in the current climate with this please? I’m feeling like it won’t be possible thank you!

If the business is back to normal (evidenced by latest 3 months business bank statements) then I think you may well be ok due to the age of the settled default.
Obviously would need to do an aip to be sure but nothing you have said sounds like a deal breaker as long as your partner can evidence income post lockdown

withaspritz

I am the seller of a leasehold apartment, and our buyer's conveyancer has raised with our buyer's lender NatWest the subject of the lease (the ground rent doubles every 25 years).  The buyer already had a mortgage offer, so....

who does this decision whether or not to lend based on post-offer-information coming to light land on in NatWest? The underwriters, valuers or another role?  Roughly how long should we expect to wait currently - it's approaching 2 weeks without a peep from the bank

haras_n0sirrah

Ground rent doubling every 25 years should be ok. Lenders have an issue with every 10
The solicitor has probably reported the doubling ground rent to the lender who then need to confirm they are ok to proceed. Lenders are slow at the moment. Ask the ea to chase the solicitor to get a time frame 

Move2B

Hello  

We are currently selling our home and the valuation was done yesterday by HSBC. The surveyor made a few odd remarks which made us think he may downvalue. Our buyers have gone to HSBC direct and won’t benefit from broker advice. Are HSBC down valuations common right now? Our road sale prices have been up and down but the area is consistently high. 

Also on our DIP it says mortgage amount is £460k — is that the total house price or loan amount? As our broker said we are near our max despite only asking for £360k mortgage. 

Any help gratefully received. 

haras_n0sirrah

The dip will just show the loan amount not the house price. We are seeing downvaluation at the moment - surveyors are being somewhat cautious