Mortgage broker - ask me anything

[Deleted User]

Hi. Would like some advise please.  My dear OH was told by a work colleague that he was able to use this benefit in kind amount (on his P11D) towards his total income to get a mortgage (company car) as it's a taxable income. Is this true?

K_S

MrsBrownBear said:

Hi. Would like some advise please.  My dear OH was told by a work colleague that he was able to use this benefit in kind amount (on his P11D) towards his total income to get a mortgage (company car) as it's a taxable income. Is this true?

@mrsbrownbear Off of the top of my head, not afaik. Generally speaking the only kinds of income that counts for affordablity are those that can actually be used to make a mortgage payment.

Your OH should ask the colleague which lender he used, and tell me too!

Madeinireland101

Madeinireland101 said:

K_S said:

@madeinireland101

- Generally speaking, yes Principality usually will take longer than the likes of Halifax.

- You've only had an offer accepted a few days ago, I don't see any reason why the EA would be spooked by a change in solicitors.

- As you have described it, the time away on holiday is unlikely to be an issue.

Update: The saga goes on. Principality have rejected her on the basis that she doesn’t have residency in this country for the last 3 years at a UK address. I suppose this means Principality don’t lend to anyone who has been on any form of working holiday abroad until they have been back in the country for 3 years. I find that a bit hard to believe but there you go. We have a follow up call with the Halifax for this Friday where her earnings for the last week will hopefully satisfy their affordability checks. If not I might just give her the money myself and be her Mortgage lender 😀

Update: Finally Halifax have moved on and accepted (prior to underwriter review) the new boosted payslip this week which takes us over the amount required to get the mortgage amount required. My daughter took holiday pay on it as well to boost the level so hopefully that doesn’t lead to an issue. So as far as I know the application is underway and they have taken the valuation fee. Might even hear by end of next week according to the advisor 😀

K_S

@Madeinireland101 Glad to hear that! Hope it goes smoothly here on.

isaacgiz

Do lenders (Kent reliance) only use one surveying company? 

I’ve had a valuation instructed and booked but for the end of June.. I’ve spoken to my MB and was told this was the next available slot for the valuer due to holiday and how busy they are. 

Obviously would like them to bring this forward but unsure if it’s worth speaking to the broker to ask if they can request another surveying company to do it.

cheers

K_S

@isaacgiz It's unlikely the broker will be able to bring this forward I'm afraid. Is this a new-build / flat?

isaacgiz

@K_S  

Okay no worries just wonder if the lender would appoint a different surveying company to do the valuation or do they just tend to stick to one company. 

And it isn’t. 

Thanks

K_S

@isaacgiz Generally speaking, no. Each lender will have a contract with a panel of surveyors and will only use them to carry out their valuations. Off of the top of my head, KR use Connells so I guess they only have availability in your postcode at the end of June.

You could ask your broker to check with his/her BDM to see if there's any way to make it quicker but I'd be surprised if there were. Good luck!

jazzyja

When a hard check is done for a mortgage....can that come back as an instant decline? I've had a hard search done on Friday and heard nothing.....could that mean good news? Or am I just overthinking absolutely everything 🙈

rq9292

Hi, I want to get a mortgage with my mother. I am a homeowner in my late twenties with a mortgage and she (aged 67) owns her home with a fully paid off mortgage on a house worth about £60k. She would like a home that is more accessible for her including downstairs loo amongst other things but this would require a mortgage to fund as the only houses that meet the criteria start at about £115k+. To make this affordable I am in a position to partially fund this but a mortgage would still be needed.

My question is is it possible to get a joint mortgage to buy a house as joint owners? This would technically be a second home for me but a primary residence for her. If so what type of mortgage could we get given it would be my second home? I am not selling my home and won't live at the new house but she will sell her house to fund the new one. 

I am aware that we will have to pay more stamp duty and we will both be responsible for making the monthly mortgage payment. However this will hopefully allow her to meet affordability criteria and would not leave her with a lump sum at risk to possible future in-home care costs if for example I were to buy the house myself with a family BTL mortgage. 

Thanks