Mortgage broker - ask me anything

LRmortgage

Amazing post Haras, you got an amazing response 

Sorry I haven’t been able to help out with many answers, been swamped, as I’m sure you have too! 

haras_n0sirrah

LRmortgage said:

Amazing post Haras, you got an amazing response 

Sorry I haven’t been able to help out with many answers, been swamped, as I’m sure you have too! 

Ha ha - does this count as 'going viral' lol. Happy to have helped people with questions and a few people have approached me privately to assist on mortgages as well so good all round. 

kirky17

Hi,
Just a quick question, we have an offer accepted on a house with an annexe. The annexe is detached with its own kitchen, bathroom, living room and bedroom. We plan to use it for storage and extra living space when our children get older. Definitely won't be renting it out.

Our broker says there will be no problem getting a mortgage on it as we don't plan to rent it out. The information I've seen on this forum suggest otherwise.

Am I right to be wary about which lender we approach?
Thanks 

haras_n0sirrah

Not all lenders are happy with two kitchens on 1 title. I have had clients before who we have placed (last was pre Corona so would need to recheck criteria) but it isnt for every lender 

somerlouise

Hi!
Thank you for this thread. 

Our mortgage broker is paid once we successfully get a mortgage. Our situation is complicated but he has managed to get a AIP from HSBC. He seems confident that it will all be ok. Is his confidence a good sign- as he won’t be getting paid if we can’t get a mortgage. 

It keeps me up at night, worrying about not being able to get a mortgage. 

haras_n0sirrah

somerlouise said:

Hi!
Thank you for this thread. 

Our mortgage broker is paid once we successfully get a mortgage. Our situation is complicated but he has managed to get a AIP from HSBC. He seems confident that it will all be ok. Is his confidence a good sign- as he won’t be getting paid if we can’t get a mortgage. 

It keeps me up at night, worrying about not being able to get a mortgage. 

As a broker I only charge on mortgage offer which means I would only submit an application I am pretty sure will succeed (otherwise it is a waste of time for everyone) - I would hope your broker would be the same 

somerlouise

haras_n0sirrah said:

somerlouise said:

Hi!
Thank you for this thread. 

Our mortgage broker is paid once we successfully get a mortgage. Our situation is complicated but he has managed to get a AIP from HSBC. He seems confident that it will all be ok. Is his confidence a good sign- as he won’t be getting paid if we can’t get a mortgage. 

It keeps me up at night, worrying about not being able to get a mortgage. 

As a broker I only charge on mortgage offer which means I would only submit an application I am pretty sure will succeed (otherwise it is a waste of time for everyone) - I would hope your broker would be the same 

Thank you- I just worry because it is all taking such a long time and I know our broker is working flat out and has little time for hand holding. 

He is paid on offer so I’m sure you are right, he wouldn’t waste time otherwise as he certainly has plenty of work on the go these days. 

LRmortgage

haras_n0sirrah said:

LRmortgage said:

Amazing post Haras, you got an amazing response 

Sorry I haven’t been able to help out with many answers, been swamped, as I’m sure you have too! 

Ha ha - does this count as 'going viral' lol. Happy to have helped people with questions and a few people have approached me privately to assist on mortgages as well so good all round. 

Most definitely viral, biggest post I’ve seen on here for years! 

NikNak90

Hi,
Not strictly a question about mortgages but hoping it is alright to ask this question.

We have our mortgage offer through and are currently awaiting to exchange in the near future - before exchanging contracts it's a condition of the housing association we are buying the house from (we are buying shared ownership) to have contents insurance in place before we exchange. Will taking out contents insurance affect my credit file before the mortgage funds are released? I'm aware that lenders usually do a final credit check before releasing funds and just wondering whether they will think we've taken out new credit if that makes sense?

Thanks

haras_n0sirrah

NikNak90 said:

Hi,
Not strictly a question about mortgages but hoping it is alright to ask this question.

We have our mortgage offer through and are currently awaiting to exchange in the near future - before exchanging contracts it's a condition of the housing association we are buying the house from (we are buying shared ownership) to have contents insurance in place before we exchange. Will taking out contents insurance affect my credit file before the mortgage funds are released? I'm aware that lenders usually do a final credit check before releasing funds and just wondering whether they will think we've taken out new credit if that makes sense?

Thanks

Contents insurance will not impact your credit file in any way