Mortgage broker - ask me anything

K_S

Deleted_User said:

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

@jrob1982 Quick thoughts

- Delay in applying is a service-levels thing. Once I'm given the go-ahead to submit a full application and all required documents, I aim to submit within 24 hours. Other brokers might have different timelines. 2 days is not abnormal.

- Accord requires all non-borrowing occupiers to be declared on the application, hence the question. Some lenders even ask for the full names and dates of birth for dependent children.

[Deleted User]

K_S said:

Deleted_User said:

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

@jrob1982 Quick thoughts

- Delay in applying is a service-levels thing. Once I'm given the go-ahead to submit a full application and all required documents, I aim to submit within 24 hours. Other brokers might have different timelines. 2 days is not abnormal.

- Accord requires all non-borrowing occupiers to be declared on the application, hence the question. Some lenders even ask for the full names and dates of birth for dependent children.

Thank you for your response. 
so just to clarify them asking for my partners name wont effect my application at all?

K_S

Deleted_User said:

K_S said:

Deleted_User said:

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

@jrob1982 Quick thoughts

- Delay in applying is a service-levels thing. Once I'm given the go-ahead to submit a full application and all required documents, I aim to submit within 24 hours. Other brokers might have different timelines. 2 days is not abnormal.

- Accord requires all non-borrowing occupiers to be declared on the application, hence the question. Some lenders even ask for the full names and dates of birth for dependent children.

Thank you for your response. 
so just to clarify them asking for my partners name wont effect my application at all?

@jrob1982 It *shouldn't* have a significant impact but it's hard to say without knowing the whole case. Good luck!

[Deleted User]

K_S said:

Deleted_User said:

K_S said:

Deleted_User said:

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

@jrob1982 Quick thoughts

- Delay in applying is a service-levels thing. Once I'm given the go-ahead to submit a full application and all required documents, I aim to submit within 24 hours. Other brokers might have different timelines. 2 days is not abnormal.

- Accord requires all non-borrowing occupiers to be declared on the application, hence the question. Some lenders even ask for the full names and dates of birth for dependent children.

Thank you for your response. 
so just to clarify them asking for my partners name wont effect my application at all?

@jrob1982 It *shouldn't* have a significant impact but it's hard to say without knowing the whole case. Good luck!

well she definitely isn't on the mortgage application. could they credit check her without permission and then decline my application?

mortgage_noob

Is 2 or 5 years recommended at the moment? I'm a first time buyer the difference in payment per month seems pretty negligible (£60 more for 5 year) but I'm wondering if it's a good idea to remortgage after 2 years to  get a better LTV as we'll have paid some of the mortgage off and the house will likely be worth more? 

mortgage_noob

Hi, I'm a FTB looking to out down a 20% deposit. Is 2 or 5 years recommended at the moment?  The difference in payment per month seems pretty negligible (£60 more for 5 year) but I'm wondering if it's a good idea to remortgage after 2 years to  get a better LTV as we'll have paid some of the mortgage off and there's a good chance the house will be worth more? 

Adsta

I have a mortgage offer that has a special condition to pay off my credit card before completion. I knew this was going to be a stipulation as my broker asked me and have no problems with clearing it (in fact it's been cleared by the time I got the offer).

I'm just curious if anyone knows does the lender actually check any special conditions, like clearing a credit card, before completion? Not sure if this is the right thread to ask, thought one of the brokers would know. 

K_S

mortgage_noob said:

Hi, I'm a FTB looking to out down a 20% deposit. Is 2 or 5 years recommended at the moment?  The difference in payment per month seems pretty negligible (£60 more for 5 year) but I'm wondering if it's a good idea to remortgage after 2 years to  get a better LTV as we'll have paid some of the mortgage off and there's a good chance the house will be worth more? 

@mortgage_noob There's no black and white answer to that as it depends partly on the numbers and more so on your attitude and what you think about interest rates rising/falling in the coming years.

Generally speaking, 80% LTV rates are pretty competitive so if you are the kind of person who doesn't mind long contracts, would rather not have to think about the mortgage for a while and is unlikely to move in the interim, you may want to go for a 5 year fix.

Otoh, if you expect to make significant overpayments, think rates will go down further, might need to move in a few years or simply don't like signing up to long contracts, it might be worth considering a 2 year fix/discount/tracker product.

Lots of different permutations and combinations of the above.

EmzJenks

@K_S Submitted our full application via Kensington - they've questioned a couple of cash deposits on my bank statements (we went into sell all things mode to get deposit via facebook market place, gumtree and to friends etc) amounts are for £1225 and £1100. We sold stuff waited until we hit £1000 and then paid them into the bank. Are lenders generally ok with the explanation of where the funds came from or do they ask for receipts? As that may be difficult given we literally handed over items on the doorstep and took the cash... 

EmilyS21

We submitted our application with Kensington a few weeks back, hard checks happened straight away. Our MA is fantastic and had everything together before sending it so they have no questions and two weeks ago booked the valuation for next week... is it likely we will get an offer after?
we’re buying a new build so hoping the valuation will be ok.