Mortgage broker - ask me anything

anjyeah

Hi, got another question. 

I am in the process of getting all my information in order before I start the process of looking for homes to buy. 

At present, it is still full mortgage versus SO, sadly. 

However, what are your thoughts of having my family member (over 65) who is still full time, looking to retire in maybe 2-3 years, joining on the application? She earns more than me but obviously the disadvantage is some lenders may be looking at age etc. 

K_S

anjyeah said:

Hi, got another question. 

I am in the process of getting all my information in order before I start the process of looking for homes to buy. 

At present, it is still full mortgage versus SO, sadly. 

However, what are your thoughts of having my family member (over 65) who is still full time, looking to retire in maybe 2-3 years, joining on the application? She earns more than me but obviously the disadvantage is some lenders may be looking at age etc. 

@anjyeah It's not clear why you want her on the application? Is it to boost affordability?

anjyeah

K_S said:

anjyeah said:

Hi, got another question. 

I am in the process of getting all my information in order before I start the process of looking for homes to buy. 

At present, it is still full mortgage versus SO, sadly. 

However, what are your thoughts of having my family member (over 65) who is still full time, looking to retire in maybe 2-3 years, joining on the application? She earns more than me but obviously the disadvantage is some lenders may be looking at age etc. 

@anjyeah It's not clear why you want her on the application? Is it to boost affordability?

Oops sorry, I should have mentioned that. 
Boost affordability, yes, and she will be living with me when she transitions to part-time work before fully retiring. 

I also have this impression that applying alone isn't going to get me much these days. 

K_S

anjyeah said:

K_S said:

anjyeah said:

Hi, got another question. 

I am in the process of getting all my information in order before I start the process of looking for homes to buy. 

At present, it is still full mortgage versus SO, sadly. 

However, what are your thoughts of having my family member (over 65) who is still full time, looking to retire in maybe 2-3 years, joining on the application? She earns more than me but obviously the disadvantage is some lenders may be looking at age etc. 

@anjyeah It's not clear why you want her on the application? Is it to boost affordability?

Oops sorry, I should have mentioned that. 
Boost affordability, yes, and she will be living with me when she transitions to part-time work before fully retiring. 

I also have this impression that applying alone isn't going to get me much these days. 

@anjyeah If it's to boost affordability, it's not going to work as the max term on employed income will be based on her retirement age / 70. If she has sufficient post-retirement income that can be evidenced (pension) then you may be able to go beyond that on the term.

You need to start off with getting a realistic budget of what borrowing can be achieved on your sole income and your potential options, it may be higher than you imagine.

Capri84

Evening K_S

Have you had any dealings with Coventry and their 95% products?

MA says they are requesting 2020/21 P60’s but they are hot off the press and neither mine nor my wife’s company have sent ours out yet. My payroll says mid May at the earliest before I get mine. Was hoping they’d accept 3 payslips, especially as the March ones have ‘end of year’ figures at the bottom. 

K_S

Capri84 said:

Evening K_S

Have you had any dealings with Coventry and their 95% products?

MA says they are requesting 2020/21 P60’s but they are hot off the press and neither mine nor my wife’s company have sent ours out yet. My payroll says mid May at the earliest before I get mine. Was hoping they’d accept 3 payslips, especially as the March ones have ‘end of year’ figures at the bottom. 

@capri84 Haven't done any 95% with Cov but they ask for "latest" P60 anyway for employed cases.

It's a bit early in the year to insist on 20/21 as latest but it's covid times so not entirely surprising. I'd just ask them for alternatives. 

Capri84

They likely to accept? 

If not I might ask broker to try another lender. Looks like Barclays accept ‘end of year’ payslip.

Worried too as wife was furloughed but is now back at work. Read on the Coventry ‘for intermediaries’ site that they won’t accept furlough income... but there will be some element of it on two out of 3 of the payslips she has. 

K_S

Capri84 said:

They likely to accept? 

If not I might ask broker to try another lender. Looks like Barclays accept ‘end of year’ payslip.

Worried too as wife was furloughed but is now back at work. Read on the Coventry ‘for intermediaries’ site that they won’t accept furlough income... but there will be some element of it on two out of 3 of the payslips she has. 

@capri84 As long as your wife is back to work and has one full payslip to show, I doubt that'll be an issue. 

agx90

Hi!

I have a couple of questions which hopefully you can help me with as it’s stressing me somewhat! 

We have exchanged on a new build house with everything ready for completion hopefully next month. 

However a couple of points have cropped up which I hope you can advise relating to my mortgage offer. 

1) We had a stamp duty incentive as we reserved before the stamp duty holiday extension. Now that we will luckily enough be completing within the extension window, the developer has agreed to switch the incentive to an “allowance on completion” to ensure that we still get the financial benefit of the saving - they have only this week updated the required documents (CML/disclosure form) and sent to my solicitor. 

2) Probably more critically, we also got informed that the house address that we were provided had a typo in the postcode meaning that this now needs to be updated with the lender and legal documents. 

Therefore my 2 question to you experts are:

1) As my solicitor has had to inform my lender (Barclays) of the change to both, might this have any impact on my existing mortgage offer on the basis that a) the monetary value of my incentives remain the same and below their 5% threshold and b) the property itself is the same, just correcting a typo! 

2) My solicitor has informed the lender of the above and whilst my broker is aware, does he need to manage this with the lender or will the solicitor manage the lender from here on out? - i.e my broker won’t have to inform them again. 

Being so close to completion, it would give me so much comfort to understand if the above are fairly common changes and a straight forward process for the lenders.

Thank you so much!

K_S

@agx90 Based on the limited info in your post -

1. Hard to say for sure without all the background info, but it shouldn't.

2. If the offer needs to be corrected, usually the broker will be involved.The best person to ask about it would be your broker.

Best speak to your broker about your concerns, any opinions on this thread/forum (including mine) are likely to be far less informed. Good luck!