Mortgage broker - ask me anything

superblade

@K_S does that mean that each time a query is raised i go to the back of the queue and have to wait until the document processing hits the day we responded to the query? I'm just concerned that each time a query is asked it could be another week we hear back. I'm buying a new build in Scotland where the time frame to conclude missives is 28 days hence me stressing!

K_S

superblade said:

@K_S does that mean that each time a query is raised i go to the back of the queue and have to wait until the document processing hits the day we responded to the query? I'm just concerned that each time a query is asked it could be another week we hear back. I'm buying a new build in Scotland where the time frame to conclude missives is 28 days hence me stressing!

@superblade Pretty much. But you may get lucky with the specific underwriter, sometimes they will flag straighforward cases and pick up the thread without waiting for its turn to come around.

On the plus side, if it was a straightforward query and your broker has drafted the response well then there will hopefully be no more follow-ups.

K_S

EmzJenks said:

So just realised my husbands passport has expired (no holidays so hasn't been looked at....) is this going to be an issue for mortgage? he doesn't drive so doesn't have a driving license either. We can apply to renew but that could take weeks - will this hold the whole thing up?

EDIT - lenders website says "If we are unable to verify an applicant via Electronic Identity Verification" does that involve a passport?! Lender is Kensington 

@emzjenks It could be an issue depending on the specific lender and/or broker that you are using. If it comes to that, they will have alternate ways of providing ID proof which may be more cumbersome but should give you a way forward.

For example, if I had a client in your situation, I run their details through an online IDV system. If it returns a positive verification, then I can use that in place of the ID. And then it's only a matter of clearing the lender's electronic IDV, which is usually straightforward for UK passport holders with a decent length of credit history. If it fails electronic IDV then yes you will need to satisfy ID requirements one way or the other.

mellerdsmrs

Hi, I have an agreement in principle with the Halifax who I also bank with. 

Today I had a notification from my banking app that I’d had a returned direct debit a couple of days ago for £5 for a PayPal payment. I’d recently sponsored a friend and paid via PayPal. In the meantime my bank cards had expired so I removed them from my PayPal account and added the new card. PayPal tried to take the payment from my old debit card and then when they couldn’t they tried to take it from my old bank account with the Halifax which is now basically defunct. I get tax credits paid into here before they are moved over to my current account. It’s now showing as a returned DD on my statement. 

I haven’t missed any payments or bills for years. 

Have I just screwed up my chances of being approved on a full mortgage application? 

K_S

@mellerdsmrs Based on the limited info in your post, a £5 returned DD for a PayPal payment that isn't on your credit files is unlikely to be an issue.

chatlow

hi. about the apply for a 3 year fixed mortgage (90% LTV, 1st time buyer borrowing 210k) through an independent broker. Looking at rates today and have just seen a deal with Tipton BS which is 2k less over the 3 year term, less interest and fees. Never heard of this BS, but my broker only has deals with them, with slightly higher fees and higher cost overall.

They seem to be offering through both L&C and Trussle. Previously had a MIP with L&C so might not have to go through all the steps again but has anyone used Tipton before and do they come recommended? 

We don't move until October so a fixed rate until closer to then is preferred. His recommendation has been Metro bank. 

Thanks

Savingupsally29

Becuase of our circumstances we know which lender we need to go to . Having approached a broker we have been approved in principal. My question is what benefit is it to pay £500 to a broker ( countrywide ) if the mortgage is freely available and I can go direct. What am I getting for me money ? Do they packager it up better ? Am I more likely to be approved ? First time buyer 

I’m nervous that the mortgage broker is based elsewhere in the country and wen have never met them in person . Does it matter ? 

Capri84

If you go with a advisor/broker, does that exclude you from having access/viewing trackers with your lender? Would save on pestering the mortgage advisor for updates....

K_S

Capri84 said:

If you go with a advisor/broker, does that exclude you from having access/viewing trackers with your lender? Would save on pestering the mortgage advisor for updates....

@capri84 Differs from lender to lender, a few offer customer-facing progress trackers even for intermediary business, most don't. I don't know about Coventry though.

[Deleted User]

Good Afternoon,
I have a couple of questions i hope you can help.
I issued all my details to my broker i.e. wage slips bank statements, ID, credit reports. He has got me a DIP with accord. Now I don't have any adverse credit. Never missed any payments, No defaults, Nothing. I just assume it was the better deal. This was 2 days ago and he still hasn't submitted the application Is this normal? what are the chances of it been declined?
Today he has asked me for my partners full name who will be living with me at the property. She isn't going to on the mortgage application so why would he need this information? will it effect anything? will they do a credit check on her?
Thank you