Mortgage broker - ask me anything

K_S

curiousalways said:

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.

@curiousalways I don't want to second guess your broker but I can't think of any good reason why you'd go with Santander for an SE application with a recent decline and a business that has restarted barely a few days ago. 

Santander currently even asks a specific question about any other application declines for this purchase. If your broker answered that honestly, he would have to put down Coventry and that it was declined for no recent income.

The hard check by itself should not be a major issue for a future application. There's nothing to be gained by cancelling the application now.

I can't say for sure as I don't have the whole picture, but at less than 75% LTV you may have other options, though it's not going to be at Santander rates.

All the best, I hope Santander goes on to offer, good luck!

MissRenter

Hi, 

if we have a DIP (Barclays) at 90%, if we want to try at 95% now they’re released would we need to submit a new app or can the existing one be changed? 

As we use a broker it was a hard search and we don’t really want another hard search done. 

Thanks

K_S

MissRenter said:

Hi, 

if we have a DIP (Barclays) at 90%, if we want to try at 95% now they’re released would we need to submit a new app or can the existing one be changed? 

As we use a broker it was a hard search and we don’t really want another hard search done. 

Thanks

@MissRenter Best ask your broker. Unsure how it is with the mortgage guarantee products as it's only just been released. I haven't (and don't expect to) use the Barclays 95% for my clients.

[Deleted User]

Hi
I am new to this forum and have a question. 

I have been employed in my professional job for 6 months now. I’m looking to apply for a mortgage with my fiancé. He has been in his job for 3 years and been continuously employed for the last 14 years in different occupations. 

Before I met him, so from 2017-2019 I was in a job that I do not wish to disclose to him. I worked as a cleaner on a very low wage. 

From 2019 to 2020 I was employed as an agency worker for the NHS, which he knows about. And for the last 6 months I have been employed full time in a professional job (which he also knows about)

I do not wish for my fiancé to know about the cleaning job. And I am wondering if he will find out through the mortgage application? I am wondering how much of the employment history will be checked? And revealed to him?

Respectfully to everyone reading this, I don’t want any advice on why I can’t tell him about the cleaning job, I just would like to know the answer to my question.

thank you very very much for any response

K_S

Ziaamina said:

Hi
I am new to this forum and have a question. 

I have been employed in my professional job for 6 months now. I’m looking to apply for a mortgage with my fiancé. He has been in his job for 3 years and been continuously employed for the last 14 years in different occupations. 

Before I met him, so from 2017-2019 I was in a job that I do not wish to disclose to him. I worked as a cleaner on a very low wage. 

From 2019 to 2020 I was employed as an agency worker for the NHS, which he knows about. And for the last 6 months I have been employed full time in a professional job (which he also knows about)

I do not wish for my fiancé to know about the cleaning job. And I am wondering if he will find out through the mortgage application? I am wondering how much of the employment history will be checked? And revealed to him?

Respectfully to everyone reading this, I don’t want any advice on why I can’t tell him about the cleaning job, I just would like to know the answer to my question.

thank you very very much for any response

@ziaamina Depends on the lender, but some may ask for a 3 year employment history (even when it isn't a factor in the assessment itself), others will just ask for the latest one as long as it's been a minimum period.

I don't know how it works direct (and it will differ from lender to lender) but if I were doing your application, there's no reason why one applicant would need to be told of the other's previous employment history from 2 jobs ago.

If however, either of the applicants later asked me to share a copy of the application form that was submitted to the lender, being a joint application it would contain all the details for both applicants, including a 3 year employment history if that were required to be entered as part of the application.

I hope that makes sense.

Capri84

Once a MA puts in an application - is there any way to track it without pestering the MA? 

[Deleted User]

Thanks a lot for your reply. I know this is probably a hard question, but I’ve been in my current employment for 6 months now. Would you know how often lenders ask for 3 year employment history? Or how common this is? Seeing I already have the 6 month worth of payslips from my current job 

[Deleted User]

I’m also wondering do they contact the previous employers? As the cleaning company I worked for doesn’t even exist now 

K_S

Ziaamina said:

Thanks a lot for your reply. I know this is probably a hard question, but I’ve been in my current employment for 6 months now. Would you know how often lenders ask for 3 year employment history? Or how common this is? Seeing I already have the 6 month worth of payslips from my current job 

@ziaamina No, I've never heard of a lender contacting previous employers.

Apologies, I can't answer that off of the top of my head. How it works is - the form may ask for current employer, start date. When I enter the start date it may (depending on the specific lender) add a new field asking for the previous employer and start/end dates.

If it's a lender that only requires a 6 months continous employment, then it may not ask for anything more at all. So if you were insistent on completely avoiding all reference to previous roles, you could just pick an appropriate lender.

[Deleted User]

Thank you. Lastly I’d also like to ask (not relating to the cleaning job question) 

Can my fiancé apply for a mortgage himself? And then I’d help with the deposit. Or does it have to be joint mortgage in U.K.?