Mortgage broker - ask me anything

K_S

Ziaamina said:

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.?

@ziaamina Depends on the lender - but yes there are lenders who will allow the application to be in his sole name and you as a non-borrower occupier contributing to the deposit. In this scenario your income will not be taken into account for affordability purposes.

K_S

Capri84 said:

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

@capri84 Depends on the lender. For intermediary applications, some may have customer facing trackers, most don't.

Liyana89

For the brokers out there, just wondering what is an acceptable sum for my parents to gift me as a present to put down as a deposit? For example can my parents gift me 70k which I can then put down as a deposit? Will any there be any red flags in terms of the bank?

K_S

Liyana89 said:

For the brokers out there, just wondering what is an acceptable sum for my parents to gift me as a present to put down as a deposit? For example can my parents gift me 70k which I can then put down as a deposit? Will any there be any red flags in terms of the bank?

@liyana89 Depends on the specific lender policy but in principle with the right lender there's nothing stopping you from getting a mortgage with 70k of your deposit as a gift from your parents. You will of course need to fulfill any money laundering checks etc initiated by the solicitor.

lis1320

My partner has received a job offer today and we’re looking for some advice on how it will affect our mortgage approval next year. 

He is currently completing a PGCE and has been offered fixed term maternity cover contract for a year starting in September. He was employed elsewhere all the way up until his full time PGCE. I’m also a teacher and on a permanent contract. 

I assume that him taking a fixed contract will reduce the pool of lenders? A co-worker also just told me that you can’t get a mortgage if you’re on probation, and with teaching that’s usually around 6 months. Would we now be considered high risk?

We have no adverse credit history, a 10% deposit. I’m worried about this limiting us to mortgages with higher rates  

anjyeah

Newbie and very naive poster here hoping to get on the property ladder soon. I'm currently overthinking the process and would like to get started with as much information as I can. 

In terms of selecting or asking a mortgage broker - where do I start? 
I have a few recommendations from friends (who were previous clients) which I might consider or do I have other options like suggestions from my bank. If so, which option would be better? 

K_S

lis1320 said:

My partner has received a job offer today and we’re looking for some advice on how it will affect our mortgage approval next year. 

He is currently completing a PGCE and has been offered fixed term maternity cover contract for a year starting in September. He was employed elsewhere all the way up until his full time PGCE. I’m also a teacher and on a permanent contract. 

I assume that him taking a fixed contract will reduce the pool of lenders? A co-worker also just told me that you can’t get a mortgage if you’re on probation, and with teaching that’s usually around 6 months. Would we now be considered high risk?

We have no adverse credit history, a 10% deposit. I’m worried about this limiting us to mortgages with higher rates  

@lis1320

- Yes, being on your first fixed term contract may reduce the pool of lenders

- Being a teacher means that you may have a few extra options at mainstream/mainstream-ish rates

- your co-worker is incorrect. There are lenders who will not lend while on probation, but that's not the norm at all

- impossible to say what your options (or the market) will look like in 2022 unfortunately 

K_S

anjyeah said:

Newbie and very naive poster here hoping to get on the property ladder soon. I'm currently overthinking the process and would like to get started with as much information as I can. 

In terms of selecting or asking a mortgage broker - where do I start? 
I have a few recommendations from friends (who were previous clients) which I might consider or do I have other options like suggestions from my bank. If so, which option would be better? 

@anjyeah Recommendations from friends and family is a good start. Whenever I have referrals from existing clients, they are treated with extra care and it's the same with most self-employed brokers.

sonyarita

Hi thanks for the thread.

My mum bought a property for myself and nephew to live in with a mortgage.
I pay the mortgage in lieu of rent.

The plan was when my credit improves to take over the mortgage but unsure how this works. Would I need to buy the property at market value?

My mum doesn't require the deposit back and doesn't want me to buy anything from her as I have been giving her money to pay the mortgage.


My mum has never lived at the property,but it is owned as a 2nd property and not a BTL.

Thanks.

K_S

sonyarita said:

Hi thanks for the thread.

My mum bought a property for myself and nephew to live in with a mortgage.
I pay the mortgage in lieu of rent.

The plan was when my credit improves to take over the mortgage but unsure how this works. Would I need to buy the property at market value?

My mum doesn't require the deposit back and doesn't want me to buy anything from her as I have been giving her money to pay the mortgage.


My mum has never lived at the property,but it is owned as a 2nd property and not a BTL.

Thanks.

@sonyarita Essentially you would buy the property from your mum at the price she wants (which from what you say appears to be the outstanding mortgage on the property). If that price is significantly below the market value, it's called a "concessionary purchase" and the difference between the market value and the price you buy at will be the "deposit".

I hope that makes sense.