Mortgage broker - ask me anything

sonyarita

@K_S that makes perfect sense thanks ever so much

Dorb

Hi, I'm looking into taking out an interest only mortgage. The current repayment mortgage on my house is £9,500 and the term ends in 2025. I want to take out an interest only mortgage to pay off the current repayment mortgage (early - redemption fee is £500) and purchase a new property outright with cash. I would pay off the interest only mortgage when I complete the sale of my existing house, so the term of the interest only mortgage would be 2 years maximum. Is this possible? practical? Thank you.

Bobthebuildercanyoufixit

Hi,
do aldermore accept payday loan use (last one used 6months ago).
I meet affordability but have a high DTI and unsecured loans as well as interest free overdraft.

K_S

Bobthebuildercanyoufixit said:

Hi,
do aldermore accept payday loan use (last one used 6months ago).
I meet affordability but have a high DTI and unsecured loans as well as interest free overdraft.

@Bobthebuildercanyoufixit Aldermore may consider if over 6 months ago, subject to underwriting and the rest of the case stacking up.

missyp123

hello,
i have a question please.

we are selling with equity and would like to use some of this to pay for a personal loan we currently have (paid for the renovations), and the rest will be our deposit on a new house. do we still have to declare this in the mortgage application if it will be getting paid? 
if so will they take this into account when looking at affordability?


thank you in advance

K_S

missyp123 said:

hello,
i have a question please.

we are selling with equity and would like to use some of this to pay for a personal loan we currently have (paid for the renovations), and the rest will be our deposit on a new house. do we still have to declare this in the mortgage application if it will be getting paid? 
if so will they take this into account when looking at affordability?

thank you in advance

@missyp123 Generally speaking, you will be expected to declare it (and mark it as to be paid off upon completion). Whether or not the lender will take it into account for affordability calculations will depend on the specific lender and the rest of the case.

Rebecca01

Can anyone tell me what is meant by final checks? 

My broker says my documents have been assessed and accepted. Waiting on final checks before the offer is issued. What are the final checks? A hard search was done a week ago. 

I asked my broker but think he must have gone home now. 

Carmen12

I have received an email from my Broker the underwritters need to do a final standad check what that’s mean ?? 

What are the standards check for barclays underwritters ?? 

Carmen12

Rebecca01 said:

Can anyone tell me what is meant by final checks? 

My broker says my documents have been assessed and accepted. Waiting on final checks before the offer is issued. What are the final checks? A hard search was done a week ago. 

I asked my broker but think he must have gone home now. 

I don’t know I got the same question .... hopefully somebody can help us 

Elisabetheyre

Thinking about trying to get a joint mortgage with my partner, he has perfect credit and is currently selling his house so will have a deposit of around £50,000 after. Unfortunatly my credit score is very poor, I have a ccj from 4 years ago which has just been paid off in full, and 3 missed payments on my credit card last year, and high credit utilization on my credit card, which I'm slowly paying off.

Does it sound like a lost cause trying to get a joint? best for him to do it solo?