Mortgage broker - ask me anything

goodwithsaving

Hi @K_S . If I am going with a lender (NW) who request proofs dated within 42 days, is a statement issued quarterly, for which the latest was 43 days ago, okay? I know it is a silly question perhaps, but I am wondering if it would be considered. Thank you

Owleyes00

Hi,

I have never missed a payments on my credit card and pay all my bills by direct debit which means they still get paid even when I get a new card.

However, unbeknownst to me, my Disney plus subscription is paid by auto credit (which I hadn’t heard of but relies on having the long number on the front instead) I got a new bank card recently and not realising it they have tried to take payment and it has failed. I have updated my payment card now and they will try again in a few days.

My question is, does this count as a late payment in the same way? Is this going to leave a black mark against my file? We are supposed to be applying for a mortgage next month and I would be devastated if something as stupid as a £7.99/month subscription would have a negative impact.

K_S

goodwithsaving said:

Hi @K_S . If I am going with a lender (NW) who request proofs dated within 42 days, is a statement issued quarterly, for which the latest was 43 days ago, okay? I know it is a silly question perhaps, but I am wondering if it would be considered. Thank you

@goodwithsaving If that's the latest, then I would send that along with a transaction statement covering the more recent period as well.

K_S

Owleyes00 said:

Hi,

I have never missed a payments on my credit card and pay all my bills by direct debit which means they still get paid even when I get a new card.

However, unbeknownst to me, my Disney plus subscription is paid by auto credit (which I hadn’t heard of but relies on having the long number on the front instead) I got a new bank card recently and not realising it they have tried to take payment and it has failed. I have updated my payment card now and they will try again in a few days.

My question is, does this count as a late payment in the same way? Is this going to leave a black mark against my file? We are supposed to be applying for a mortgage next month and I would be devastated if something as stupid as a £7.99/month subscription would have a negative impact.

@owleyes00 Generally speaking, assuming this is like a Netflix subscription which doesn't (normally) appear on your credit report, it should be not be an issue.

polar400

Good Evening,
We are FTB going through a broker using the HTB Equity Loan. Said broker obtained a DIP with Santander on Tuesday, then applied via Santander on Wednesday and we have heard nothing since. From a conversation with the developer today, apparently our valuation has been booked for 27th May but we haven’t been told anything directly from the broker yet, including whether or not the application has reached the underwriters. Our question is: do Santander usually arrange the valuation alongside/after/before the underwriting? (We’ve heard conflicting stories) Surely, having the valuation booked means that they are moving forward with the application and are happy with our application? 
Thanks in advance.

goodwithsaving

K_S said:

goodwithsaving said:

Hi @K_S . If I am going with a lender (NW) who request proofs dated within 42 days, is a statement issued quarterly, for which the latest was 43 days ago, okay? I know it is a silly question perhaps, but I am wondering if it would be considered. Thank you

@goodwithsaving If that's the latest, then I would send that along with a transaction statement covering the more recent period as well.

Thank you. There isn't anything more recent but hopefully they'll accept it.

You're very helpful on here, I'm sure I'm not alone in being grateful and reassured.

Kirkii27

Hi my partner did an error on a mortgage application didn’t put we have 1 dependant (not sure as to why he missed that) Santander today have noticed on his bank statement and asked us to explain which we replied it was error we have 1 dependant no maintenance or nursery fees as grandparents help. Will they ask us to re do the application again as this will be a third time if we do.. first one was approved but the gift wasn’t classed as gifted to solicitor. I don’t want to do a third hard search.

K_S

polar400 said:

Good Evening,
We are FTB going through a broker using the HTB Equity Loan. Said broker obtained a DIP with Santander on Tuesday, then applied via Santander on Wednesday and we have heard nothing since. From a conversation with the developer today, apparently our valuation has been booked for 27th May but we haven’t been told anything directly from the broker yet, including whether or not the application has reached the underwriters. Our question is: do Santander usually arrange the valuation alongside/after/before the underwriting? (We’ve heard conflicting stories) Surely, having the valuation booked means that they are moving forward with the application and are happy with our application? 
Thanks in advance.

@polar400 There isn't a black and white answer to your question. Generally speaking, the valuation having been booked means the applicat9on is in progress. FWIW (not a lot as your case might be completely different), here are the timelines on two of my recent Santander offers -

Case 1
Day 0 - FMA
Day 1 - Valuation instructed
Day 1 - Underwritten and agreed
Day 27 - Physical valuation carried out
Day 28 - Valuation received
Day 30 - Offered

Case 2
Day 0 - FMA
Day 1 - Valuation instructed
Day 1 - Underwritten and agreed
Day 8 - Physical valuation carried out
Day 12 - Valuation received
Day 12 - Offered

It might be worth keeping an eye on the Santander mortgage timeline thread as well https://forums.moneysavingexpert.com/discussion/6164348/santander-mortgage-timeline

K_S

Kirkii27 said:

Hi my partner did an error on a mortgage application didn’t put we have 1 dependant (not sure as to why he missed that) Santander today have noticed on his bank statement and asked us to explain which we replied it was error we have 1 dependant no maintenance or nursery fees as grandparents help. Will they ask us to re do the application again as this will be a third time if we do.. first one was approved but the gift wasn’t classed as gifted to solicitor. I don’t want to do a third hard search.

@kirkii27 Depends on how material the dependent is. If affordability is comfortably fine with or without the dependent, they may just see it as a mistake. If having a dependent means you now are treading water on affordability, they may look at it a bit more sceptically.

I don't know how the correction works direct unfortunately. Generally speaking, if it was my application that I had made a mistake on, I wouldn't have to resubmit but *should* be able to amend the app.

Kirkii27

We are only wanting to borrow 78k and the mortgage in principal was for 190k. Hopefully we won’t have to reapply as it was a general mistake. If they looked on a previous application the 1 dependant was on there but doubt they will.