Mortgage broker - ask me anything

emmalou2645

FTB who have gone to mortgage broker. Husband is SE and I am full time employed £34,000. We are looking for just under 90LTV and have AIP for £200,000 with both Santander and Barclays. Barclays have actually registered a hard search on me which I wasn’t expecting. Can I assume this is a good sign and will they have to do further credit checks? I am surprised at Santander confining AIP as I thought SE required min 25% deposit. We are viewing a property tomorrow which is ideal for us and would be around £180,000 my question is Given we are looking for less than top end AIP and the fact they have done hard credit check, or could underwriting still be difficult for us with self employment. 

K_S

emmalou2645 said:

FTB who have gone to mortgage broker. Husband is SE and I am full time employed £34,000. We are looking for just under 90LTV and have AIP for £200,000 with both Santander and Barclays. Barclays have actually registered a hard search on me which I wasn’t expecting. Can I assume this is a good sign and will they have to do further credit checks? I am surprised at Santander confining AIP as I thought SE required min 25% deposit. We are viewing a property tomorrow which is ideal for us and would be around £180,000 my question is Given we are looking for less than top end AIP and the fact they have done hard credit check, or could underwriting still be difficult for us with self employment. 

@emmalou2645 75% LTV max for SE at Santander is what I thought as well. Perhaps criteria has changed in the last few days and I missed the memo. I've been avoiding Santander as much as I can for SE clients, they've been an absolute nightmare since Covid, a law unto themselves.

Assuming both are broker DIPs, there's no inference to be drawn from whether it's a hard check vs soft check.

I don't know your case specifics so can't really comment on whether underwriting will be difficult or not. All high LTV SE cases will be looked at closely by most lenders. Good luck!

kathrynproost

Please can someone help

we are currently waiting for our mortgage with Santander. We have a mortgage free property worth £650k. I earn £52k, husband earns 27k but is furloughed. We are borrowing £160k interest only to buy a property for our daughter from the equity in our house

i have a settled mobile phone default which was my daughters from 2017

timeline - decision in principle 17 april
Full application 19 april

valuation 4 may
sent to underwriters yesterday - we are using a broker. Broker had previously said no issues with credit check, income, valuation and underwriters had not requested anything else 

my questions are

why is it taking so long
has it been to underwriters already and why has it gone back
how long can I expect to wait now

i am very worried that something is going wrong - we have had an offer accepted on a house, instructed solicitors and searches all paid for and done

please can anyone offer advice 



 

K_S

@kathrynproost Your case ticks all the boxes for Santander I/O. I don't see anything in your post that stands out as a writer.

If I had to guess, the final review would be because you included an applicant on furlough so an actual person needs to take a final pre-offer look at it before giving it the ok.

In these kind of cases, if you meet affordability on your income I put down the second applicant as zero income and put a note to that effect on the application so that they don't have to unnecessarily verify his income etc.

kathrynproost

K_S said:

@kathrynproost Your case ticks all the boxes for Santander I/O. I don't see anything in your post that stands out as a writer.

If I had to guess, the final review would be because you included an applicant on furlough so an actual person needs to take a final pre-offer look at it before giving it the ok.

In these kind of cases, if you meet affordability on your income I put down the second applicant as zero income and put a note to that effect on the application so that they don't have to unnecessarily verify his income etc.

Thank you for this
whats I/O? Sorry! 

Husband is on application but they haven’t asked for any of his financial details - just asked for my payslips and bank statements 

it just seems to be taking a long time since valuation! I’m an absolute bag of nerves 

K_S

@kathrynproost Apologies, I/O just means interest only. 

If it's been more than 10 days since valuation and 4 weeks since full application for a PAYE income applicant, I'm not really sure what the delay might be down to. 

kathrynproost

Ok thank you. 

Redwino222

My buyer is with nationwide and it has been frustratingly slow.  We agreed the sale six weeks ago, the valuation happened on 10 May and the latest position is the mortgage is now with the underwriters. Does this mean the valuation was okay, does going to underwriters signal a problem?

 They also have to apply to release their ISA.

should I be worried?  My mortgage came through in a week.

K_S

@redwino22 Nationwide is quite swamped at the moment. I don't see anything overly unusual in what you have described.

kathrynproost

K_S said:

@kathrynproost Apologies, I/O just means interest only. 

If it's been more than 10 days since valuation and 4 weeks since full application for a PAYE income applicant, I'm not really sure what the delay might be down to. 

Our MA has said that they haven’t requested anything extra. Credit check, income and valuation all fine so they are saying in theory it is just a formality. Would we have heard by now if there was a problem? I’m sick with worry. Can’t sleep. I don’t remember it being this stressful when I bought a house last