Mortgage broker - ask me anything

Incognito212

Hi there,
Does any broker or anyone have any recent experience with Skipton BS? 
How long there processing takes, Valuation etc..
Thank you

K_S

@incognito212 Valuation depends on the area and availability of surveyors. Processing wise the intermediary team are taking about 10-12 working days to pick up a fully packaged case.

Slips36

I bought my house 2 months ago and I need to relocate up north. Will I be able to get let to buy mortgage for my present property?
My property is worth £350k. I should be able to rent for £1600.
I have mortgage of 70k
I'm disabled and retired with pension of £5990 and esa benefit of £5800. My wife’s salary is £14000.
Thanks.

K_S

Slips36 said:

I bought my house 2 months ago and I need to relocate up north. Will I be able to get let to buy mortgage for my present property?
My property is worth £350k. I should be able to rent for £1600.
I have mortgage of 70k
I'm disabled and retired with pension of £5990 and esa benefit of £5800. My wife’s salary is £14000.
Thanks.

@slips36 A few potential stumbling blocks are that you only bought it 2 months ago (lot of lenders require at least 6 months to elapse), your income will not meet the minimum income requirements for a lot of BTL lenders, you appear to be first time landlords, etc.

Do you need to release any cash (to use for a deposit up north) or would be happy with a like-for-like remortgage for 70k?

Slips36

K_S said:

Slips36 said:

I bought my house 2 months ago and I need to relocate up north. Will I be able to get let to buy mortgage for my present property?
My property is worth £350k. I should be able to rent for £1600.
I have mortgage of 70k
I'm disabled and retired with pension of £5990 and esa benefit of £5800. My wife’s salary is £14000.
Thanks.

@slips36 A few potential stumbling blocks are that you only bought it 2 months ago (lot of lenders require at least 6 months to elapse), your income will not meet the minimum income requirements for a lot of BTL lenders, you appear to be first time landlords, etc.

Do you need to release any cash (to use for a deposit up north) or would be happy with a like-for-like remortgage for 70k?

Thanks for your reply,
Yes I would like to release cash from this property, I was hoping to mortgage the property for around £265k let to buy and then small mortgage of 40k for property up north.

K_S

Slips36 said:

K_S said:

Slips36 said:

I bought my house 2 months ago and I need to relocate up north. Will I be able to get let to buy mortgage for my present property?
My property is worth £350k. I should be able to rent for £1600.
I have mortgage of 70k
I'm disabled and retired with pension of £5990 and esa benefit of £5800. My wife’s salary is £14000.
Thanks.

@slips36 A few potential stumbling blocks are that you only bought it 2 months ago (lot of lenders require at least 6 months to elapse), your income will not meet the minimum income requirements for a lot of BTL lenders, you appear to be first time landlords, etc.

Do you need to release any cash (to use for a deposit up north) or would be happy with a like-for-like remortgage for 70k?

Thanks for your reply,
Yes I would like to release cash from this property, I was hoping to mortgage the property for around £265k let to buy and then small mortgage of 40k for property up north.

@slips36 Should be doable in principle based on the limited info in your post, assuming you are happy for a simultaneous completion of both transactions. However, if you can wait for a 6 month period to elapse since purchase, that will open up your options more (including possibly a couple of mainstream options) and take away the limitation of being restricted to lenders who will allow a day 1 remortgage of a property bought with a mortgage. Definitely one for an experienced broker when it's time to go ahead with the plan.

Prolatarian

I'm a first time buyer. I just came out of a relationship, we were saving for a mortgage and I've ended up with £21,000 in my savings. I am 40 years old, currently living with my parents (who I get on with very well) and am able to save around £2,000 a month (I earn £40k a year, taking home £2450). I'm looking at houses (online, not got in touch with agents yet) anywhere between £80k and £140k in Swansea. Is it better to engage with a mortgage advisor/broker now or wait a few months for a better deposit? I am wary of interest rates rising in the near future.

Just want a, informed opinion before I move forward.

Kind Regards, FTB

[Deleted User]

Hi I currently have a full mortgage offer with Halifax and have exchanged with a completion date of June 24. I have heard a lot about random audits between exchange and completion. I am compiling a file of docs (payslips, bank statements etc) on the off chance I get selected. I have had some very helpful advice from forumites about previous queries I had but was wondering if you could explain what exactly an audit entails and what docs they may ask for. I want to have them all at the ready just in case my solicitor requests funds and it triggers an audit. Thanks in advance. 

K_S

Prolatarian said:

I'm a first time buyer. I just came out of a relationship, we were saving for a mortgage and I've ended up with £21,000 in my savings. I am 40 years old, currently living with my parents (who I get on with very well) and am able to save around £2,000 a month (I earn £40k a year, taking home £2450). I'm looking at houses (online, not got in touch with agents yet) anywhere between £80k and £140k in Swansea. Is it better to engage with a mortgage advisor/broker now or wait a few months for a better deposit? I am wary of interest rates rising in the near future.
Just want a, informed opinion before I move forward.
Kind Regards, FTB

@prolatarian With a 15% deposit (21k on a 140k house), looking to borrow no more than 3 times income, there's no evident reason to wait that I can see in your post. If you have a heavy adverse credit history or are looking to buy a non-standard property, then yes you may need a bigger deposit to improve your chances, but it all depends on the specifics. 

K_S

kal-el said:

Hi I currently have a full mortgage offer with Halifax and have exchanged with a completion date of June 24. I have heard a lot about random audits between exchange and completion. I am compiling a file of docs (payslips, bank statements etc) on the off chance I get selected. I have had some very helpful advice from forumites about previous queries I had but was wondering if you could explain what exactly an audit entails and what docs they may ask for. I want to have them all at the ready just in case my solicitor requests funds and it triggers an audit. Thanks in advance. 

@kal-el It's very rare tbh, I'm not sure where you got the impression that it happens often. There's no identikit reason for a post-offer concern coming up, the reasons could be as varied as -

- concern that it may be a backdoor BTL (BTL purchase being disguised as a residential one to get over the large minimum deposit requirement)

- concern that applicant is misrepresenting themselves as employed when they are actually self-employed (usually ltd co directors)

- suspicions about the source of deposit being misrepresented

- doubts about the authenticity of the documents submitted

- doubts about the broker/firm who placed the case 

- any other potentially dodgy scenarios you can think of