Mortgage broker - ask me anything

K_S

sk101 said:

Hi 
Just after a bit of advice please. We have had an offer accepted on a house (no EA ). Is it best to hold off on the mortgage App until vendor has found somewhere to buy. Straightforward application (salaried earnings etc). Vendor is happy for us to wait. 

@sk101 If the vendor is happy then it makes sense to wait.

K_S

RyanT1992 said:

Hi, this may be a more general mortgage question, but hopefully you can point me in right direction if you don’t know the answer 😊

If we were to get a mortgage at the top of our salary multiple, but then also wanted to borrow extra to do up the house, what’s the best way of doing that?

Are there lenders that allow you to borrow extra on top of a mortgage, or would it always be a separate loan (probably from a separate company)?

What I’m basically asking, is what the chances are of a first time buyer being able to buy a doer upper & be able to get that work done at the start using a long-term, low interest loan that sits alongside the mortgage and doesn’t kill us financially. Rather than having to wait years to save up to afford it/have enough equity to re-mortgage.

We’re weighing up what sort of property to go for, eg project vs bit of work vs no work

Cheers in advance! 

@ryant1992 Depends on the total LTV (both loans included), amounts and what you consider to be "low interest".
Mainstream residential purchase mortgages will help you buy the house, that's it. If you want spare funds to do work on the house, you will need to hold that back from your savings and get a bigger mortgage.

pinksteven

Hi, I am looking to remortgage in the next few months and want to take out around £20k of equity, do most mortgage providers want proof of what you intend to use the money for?

K_S

pinksteven said:

Hi, I am looking to remortgage in the next few months and want to take out around £20k of equity, do most mortgage providers want proof of what you intend to use the money for?

@pinksteven All lenders will want to know the reason for releasing cash through a capital-raise remortgage on a residential mortgage. Depending on the reason, the lender, the specific amount and the rest of the scenario, they may request proof as well.

Hopelesslydystopian

Hi, following the RICS guidance coming in on 6 April, have you seen lenders actually properly lending on flats without the EWS1? Waiting for a mortgage to come through lending on a property that RICS guidance would say was out of scope, with no news and a very delayed provider (Nationwide) and on tenterhooks to hear. Is it working? 

K_S

Hopelesslydystopian said:

Hi, following the RICS guidance coming in on 6 April, have you seen lenders actually properly lending on flats without the EWS1? Waiting for a mortgage to come through lending on a property that RICS guidance would say was out of scope, with no news and a very delayed provider (Nationwide) and on tenterhooks to hear. Is it working? 

@hopelessydystopian As a broker who only charges a fee on offer, I mostly avoid cases with EWS1/cladding issues as the effort involved and fall-through rate is far too high for me to be able to absorb. So I'm not the best judge of what's happening in this part of the market.

Hopefully the new changes will make more of a difference than the earlier reforms did.

dc285

Hi,
Hoping someone can give me some advice/hope!

Looking to move home, credit history isn't great- checkmyfile score of 602, 3 defaults more than 4 years old all under £500,  last missed payment was last July & only 1 before that over the last few years. Partners score on checkmyfile is 729 & credit history is pretty sound.

We will have around £60k deposit once our house is sold & any existing debt is paid off.

Mortgage advisor has tried Halifax & an other lender but both failed on credit score. They've advised me to keep an eye on my score and try again in couple of months.

Getting disheartened now so was just wondering if the brokers on here think it's possible for me to get a new mortgage? Would be happy to pay a bit extra per month due to credit score.

Thanks in advance.

dc285

dc285 said:

Hi,
Hoping someone can give me some advice/hope!

Looking to move home, credit history isn't great- checkmyfile score of 602, 3 defaults more than 4 years old all under £500,  last missed payment was last July & only 1 before that over the last few years. Partners score on checkmyfile is 729 & credit history is pretty sound.

We will have around £60k deposit once our house is sold & any existing debt is paid off.

Mortgage advisor has tried Halifax & an other lender but both failed on credit score. They've advised me to keep an eye on my score and try again in couple of months.

Getting disheartened now so was just wondering if the brokers on here think it's possible for me to get a new mortgage? Would be happy to pay a bit extra per month due to credit score.

Thanks in advance.

Sorry,  I meant to add that I'm self employed & have 3 years of accounts.

Thanks 

K_S

dc285 said:

Hi,
Hoping someone can give me some advice/hope!
Looking to move home, credit history isn't great- checkmyfile score of 602, 3 defaults more than 4 years old all under £500,  last missed payment was last July & only 1 before that over the last few years. Partners score on checkmyfile is 729 & credit history is pretty sound.
We will have around £60k deposit once our house is sold & any existing debt is paid off.
Mortgage advisor has tried Halifax & an other lender but both failed on credit score. They've advised me to keep an eye on my score and try again in couple of months.
Getting disheartened now so was just wondering if the brokers on here think it's possible for me to get a new mortgage? Would be happy to pay a bit extra per month due to credit score.
Thanks in advance.

@dc285 Unless you are at 95% LTV (unlikely I would assume with a £60k deposit), only looking at chart-topping rates, I don't see enough in there to suggest that your case is a no-go. But of course that is based on the very limited information in front of me.

mrebeccam93

Hello! 
Would love some advice. Me and my partner are FTB - we had a couple of meetings with a Mortgage Advisor, following that she completed a credit check and gave us a Mortgage in Principle. We are wanting to use the Help-to-Buy scheme on a new build and have just reserved a plot that we LOVE. 

We have a meeting on Wednesday with our Mortgage advisor to complete a mortgage application. We are looking to borrow £30k less than what we had been given in principle but I can't stop worrying that we'll still be rejected for the mortgage. I know the principle doesn't really mean much in terms of actually getting approved but what is the likelihood of our application being rejected. 

Thanks!