Mortgage broker - ask me anything

silvermountains

silvermountains said:

Hello! At a 90% LTV, would you go for a 5 year (3.49%) or 2 year (2.99%) fix right now? 

Considerations include

1. That we are probably buying at the top of the 'pandemic bubble' market right now, so concerned that the house value might not automatically go up over the next two years.  
2. If the house value stayed exactly the same, we would just scrape into the 85% band after two years.
3. We are hoping to have children and so in two years I would either be on maternity leave or would be just about to incur £££ nursery fees.
4. We generally have a low approach to risk.

And 5. Salaries won't increase much in the next two years but should do after four years. 

K_S

silvermountains said:

silvermountains said:

Hello! At a 90% LTV, would you go for a 5 year (3.49%) or 2 year (2.99%) fix right now? 

Considerations include

1. That we are probably buying at the top of the 'pandemic bubble' market right now, so concerned that the house value might not automatically go up over the next two years.  
2. If the house value stayed exactly the same, we would just scrape into the 85% band after two years.
3. We are hoping to have children and so in two years I would either be on maternity leave or would be just about to incur £££ nursery fees.
4. We generally have a low approach to risk.

And 5. Salaries won't increase much in the next two years but should do after four years. 

@silvermountains

- based solely on the considerations listed and the subtext, you're probably going to be happier with fixing for the longer period.

Carmen12

Hello
last Friday my revaluation has been done
how long will be until a mortgage offer extension ... is with Barclays ... 

curiousalways

Hello 

I wanted to ask if we took a business grant and restart grant will this affect the mortgage application if self employed with santander or any other lenders?
And is santander making a new rules for self employed in coming days like calculator for self employed mortgages who have been affected because of covid.
Thank you very much

silvermountains

K_S said:

silvermountains said:

silvermountains said:

Hello! At a 90% LTV, would you go for a 5 year (3.49%) or 2 year (2.99%) fix right now? 

Considerations include

1. That we are probably buying at the top of the 'pandemic bubble' market right now, so concerned that the house value might not automatically go up over the next two years.  
2. If the house value stayed exactly the same, we would just scrape into the 85% band after two years.
3. We are hoping to have children and so in two years I would either be on maternity leave or would be just about to incur £££ nursery fees.
4. We generally have a low approach to risk.

And 5. Salaries won't increase much in the next two years but should do after four years. 

@silvermountains

- based solely on the considerations listed and the subtext, you're probably going to be happier with fixing for the longer period.

Thanks @K_S, I am intrigued as to what you mean by the subtext? [smile]

K_S

curiousalways said:

Hello 

I wanted to ask if we took a business grant and restart grant will this affect the mortgage application if self employed with santander or any other lenders?
And is santander making a new rules for self employed in coming days like calculator for self employed mortgages who have been affected because of covid.
Thank you very much

@curiousalways

- which grants exactly are you talking about?

- is the business up and running again normally?

- From my current experience, Santander would not be a go-to lender for anything other than very straightforward self-employed cases.

K_S

silvermountains said:

K_S said:

silvermountains said:

silvermountains said:

Hello! At a 90% LTV, would you go for a 5 year (3.49%) or 2 year (2.99%) fix right now? 

Considerations include

1. That we are probably buying at the top of the 'pandemic bubble' market right now, so concerned that the house value might not automatically go up over the next two years.  
2. If the house value stayed exactly the same, we would just scrape into the 85% band after two years.
3. We are hoping to have children and so in two years I would either be on maternity leave or would be just about to incur £££ nursery fees.
4. We generally have a low approach to risk.

And 5. Salaries won't increase much in the next two years but should do after four years. 

@silvermountains

- based solely on the considerations listed and the subtext, you're probably going to be happier with fixing for the longer period.

Thanks @K_S, I am intrigued as to what you mean by the subtext? [smile]

@silvermountains Setting aside the numbers, fixed term lengths also boil down to client preferences, and from your post it seemed like you were leaning heavily towards a 5-yr fix

isaacgiz

First time posting here but I’ve received an aip with Kent reliance.Broker advised me they’d run a soft credit check however they’ve sent back the aip the following day which was accepted however I’ve had no soft search on my credit file? i’m signed up with credit karma who let you instantly when a search has been done soft or hard. I’ve seen Kent reliance use equifax who credit karma also report for if that makes sense. Is this anything to worry about ? As I’m just a little cornered about it 

Many thanks 

K_S

isaacgiz said:

First time posting here but I’ve received an aip with Kent reliance.Broker advised me they’d run a soft credit check however they’ve sent back the aip the following day which was accepted however I’ve had no soft search on my credit file? i’m signed up with credit karma who let you instantly when a search has been done soft or hard. I’ve seen Kent reliance use equifax who credit karma also report for if that makes sense. Is this anything to worry about ? As I’m just a little cornered about it 

Many thanks 

@isaacgiz CreditKarma reports on TransUnion. Clearscore reports on Equifax. If you've got a KR DIP, they have done a soft-check.

curiousalways

K_S said:

curiousalways said:

Hello 

I wanted to ask if we took a business grant and restart grant will this affect the mortgage application if self employed with santander or any other lenders?
And is santander making a new rules for self employed in coming days like calculator for self employed mortgages who have been affected because of covid.
Thank you very much

@curiousalways

- which grants exactly are you talking about?

- is the business up and running again normally?

- From my current experience, Santander would not be a go-to lender for anything other than very straightforward self-employed cases.

Hello KS 
We have applied through broker and he said 99% chance of getting the mortgage sanctioned but now bank has asked for recent last three bank statements and accountant projection reports.
Business grants to support the business, business is up and running but from 12th april and was it was closed from jan till april, 
we took furlough and business grants too.
I checked my credit history and on hard search it shows santander checking application, will it effect my chance in future for applying again. we applied through coventry prior santander but it got denied because of no transaction in past three months and that does not show any thing on my hard search.
I feel like cancelling the application and wait for three month and re apply again, only regret will be the house won't stay as it was such a lovely house.
Thank you very much for your concerns and reply.