Mortgage broker - ask me anything

agx90

K_S said:

@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!

Many thanks @K_S. It’s all a bit late in the process so just wanted to see if this were a common occurrence with new builds, especially about the incorrect address! 

I’ll get on my broker! 🙂 

finishfirst

Hi,

question regarding mortgage valuations. We are fortunately buying a house with a fairly low ltv. (Around 45%).
if the mortgage lender think the property is overpriced, would they inform us, or will they Let it complete anyway as they don’t stand to lose anything? I’ve been told the lender doesn’t let you know the valuation figure if they are happy to proceed. I assume the only way to be sure is to get your own valuation done? (Unsure of possibility to do this on a new build home)
thank you 

K_S

finishfirst said:

Hi,

question regarding mortgage valuations. We are fortunately buying a house with a fairly low ltv. (Around 45%).
if the mortgage lender think the property is overpriced, would they inform us, or will they Let it complete anyway as they don’t stand to lose anything? I’ve been told the lender doesn’t let you know the valuation figure if they are happy to proceed. I assume the only way to be sure is to get your own valuation done? (Unsure of possibility to do this on a new build home)
thank you 

@finishfirst As long as a down-valuation doesn't take you into the next LTV (Unlikely at for most lenders the next band is at 60%) it shouldn't make a difference. Whether you/broker will know the valuation or not will depend on the lender.

[Deleted User]

If the property is down valued then this will show on the mortgage offer as this always references the lower of the purchase price or valuation.  

AJS90

Hi, my partner purchased a property with his friend three years ago and I am now looking to purchase their half as it is a 50/50 ownership spilt. They are three years into a five year mortgage. My understanding is that as the existing mortgage is with Barclays I will need to pay 3% early finish fee. Is there any way around this or any way I can purchase the legally property now without having to be added to the mortgage. 

Also as a first time buyer do I need to stamp duty and how is this calculated? 

I would absolutely love any help or advice anyone has. 

Sam3007

hi there,
I am a FTB and I received a mortgage offer from Halifax for a new build house. The house will be ready in August. I am renting privately but there is a big chance I might need to change address between now and completion in August. My question is:
Will changing the address (bank, driving license, council tax, electoral register) affect any more soft or hard checks done by Halifax before completion?
I am worried that changing the address will decrease my credit score or/and flag up if Halifax do any more hard checks as I was told that they do hard checks every three months before completion and changing address might take some time to update on credit score agencies ..etc. 
Thanks 

K_S

AJS90 said:

Hi, my partner purchased a property with his friend three years ago and I am now looking to purchase their half as it is a 50/50 ownership spilt. They are three years into a five year mortgage. My understanding is that as the existing mortgage is with Barclays I will need to pay 3% early finish fee. Is there any way around this or any way I can purchase the legally property now without having to be added to the mortgage. 

Also as a first time buyer do I need to stamp duty and how is this calculated? 

I would absolutely love any help or advice anyone has. 

@ajs90 Basically you want to replace your partner's friend on the deed and mortgage? 

Adsta

Does keeping money on a Credit Card affect the amount you could borrow from lenders? 

One of my friends has asked me but I'm not really sure. He has some money on a Credit Card which is a 0% interest at the moment. He has the money in his Bank Account to clear it if needed. But he seems to think that a lender would prefer to see money in his account compared to on a 0% interest Credit card. 

K_S

Adsta said:

Does keeping money on a Credit Card affect the amount you could borrow from lenders? 

One of my friends has asked me but I'm not really sure. He has some money on a Credit Card which is a 0% interest at the moment. He has the money in his Bank Account to clear it if needed. But he seems to think that a lender would prefer to see money in his account compared to on a 0% interest Credit card. 

@adsta Roughly speaking, a credit card balance equates to 3% of outstanding balance as a committed outgoing. Whether that will impact your borrowing or not will depend on the other details.

Another aspect is how big the amount is in relation to your income. This can also impact your chances of a mortgage, again depending on the rest of the scenario and the lender.

Adsta

Thanks for answer  

From what he's told me the amount is about 2k on Credit Card (about 30% usage) and DD to pay min. Sounds like he might be better at paying it off, since he can before going for the mortgage. He just seemed to think more money in is main account would look "better" to a lender. 

I'll tell him to maybe speak to a broker for more detailed advice.