Mortgage broker - ask me anything

NewToThis2021

Hi, qq for any brokers that use Santander - please can you help me understand how you keep track of your clients application status i.e. does it show as 'reviewing documents', 'with underwriters' etc? 

Also, do you as brokers get a direct notification if the lender has questions or requires information or does the process rely on you being proactive enough to check the portal for updates?

Many thanks in advance. 

K_S

@newtothis2021 This is the kind of Santander tracking information we can see with further detail in the dropdowns. Generally speaking, we get emails when the lender has a query or a documentation request. Small firms like myself might still check the tracker or call the lender if there isn't movement on something as expected. But that might not. be practical for larger firms where the application is farmed out to adminsitrators or a case management team.

NewToThis2021

K_S said:

@newtothis2021 This is the kind of Santander tracking information we can see with further detail in the dropdowns. Generally speaking, we get emails when the lender has a query or a documentation request. Small firms like myself might still check the tracker or call the lender if there isn't movement on something as expected. But that might not. be practical for larger firms where the application is farmed out to adminsitrators or a case management team.

@K_S This is incredibly helpful, thanks for taking the time to answer, much appreciated.

Smoulder80

How do Barclays usually view access over land where there is no legal easement but indemnity insurance is in place should the land owner come forward?
There is essentially a ransom strip covering the width of a pavement where an access lane meets the main road, purchasing a new build house but the land owners and previous owners have had over 70 years of access through the lane.

NewhouseDH

Advise needed - any recommendations on lenders who are more open to lending with credit commitments. Looking to get an 85% ltv, mortgage amount of 389k. Have joint income of £115K. Credit commitments total 1500 per month which is made up of unsecured loan, car finance pcp, car lease and a credit card which will be cleared in a few months. Total credit is around 60k. Never missed payments, credit scores in the high 900’s. Broker i have used doesnt fill me with confidence

K_S

Smoulder80 said:

How do Barclays usually view access over land where there is no legal easement but indemnity insurance is in place should the land owner come forward?
There is essentially a ransom strip covering the width of a pavement where an access lane meets the main road, purchasing a new build house but the land owners and previous owners have had over 70 years of access through the lane.

@smoulder80 These kind of matters will not be part of the published criteria unfortunately. If I asked Barclays, they would most likely ask me to contact their panel surveyors and run it past them. The surveyors may not decline this at valuation but simply mark it for the conveyancer's attention in their valuation report.

If you have deeper knowledge about these matters, it might be contained somewhere in the CML conveyancing handbook for Barclays. You can look it up here -

https://lendershandbook.ukfinance.org.uk/lenders-handbook/

K_S

NewhouseDH said:

Advise needed - any recommendations on lenders who are more open to lending with credit commitments. Looking to get an 85% ltv, mortgage amount of 389k. Have joint income of £115K. Credit commitments total 1500 per month which is made up of unsecured loan, car finance pcp, car lease and a credit card which will be cleared in a few months. Total credit is around 60k. Never missed payments, credit scores in the high 900’s. Broker i have used doesnt fill me with confidence

@newhousedh Based on the limited info in your post, unless you are severely term restricted, you should have options at 85% LTV. I can't name lenders as I know nothing about your circumstances and it could be construed as advice based on little to no information. The 60k background debt size means that you may need to use lenders that don't have a black-and-white approach to debt-to-income ratios and can use a bit of common sense in underwriting.

MitchellSJM

Advice needed: we need a mortgage to buy our next home but my partner is a freelancer and does not have contracted hours. Are you able to advise of a company that specialises in this area.  The broker we have spoken to seems to think we won’t be able to get a mortgage now. We have sold our house and looking to get mortgage in principle ready for when we do find a house. TIA

K_S

MitchellSJM said:

Advice needed: we need a mortgage to buy our next home but my partner is a freelancer and does not have contracted hours. Are you able to advise of a company that specialises in this area.  The broker we have spoken to seems to think we won’t be able to get a mortgage now. We have sold our house and looking to get mortgage in principle ready for when we do find a house. TIA

@mitchellSJM It's not really a specialist area any more. Most experienced brokers should be able to give you a realistic idea of your options (if any). If the broker you spoke to is one of the volume brokers, then this kind of case may not fit in with their business model.  

Pj841

Cross Post from own thread 

 I'm a first time buyer in a slightly unusual situation. My husband and I live together with our two children and have been in this rental for the past four years. We both pay the rent 50/50. When we applied for a mortgage we were declined but when I applied alone I was successful. So the mortgage will be in my name only until his defaults have expired. 

We've now found a house and had a decision in principle. I'm about to apply for the full mortgage and have just realised that recently, my non-essential outgoings mean on paper, I don't have enough left to pay the full mortgage. My husband will be paying half the mortgage, so I have only just realised that this might be a problem when the lender looks at my bank statements.

If I stop spending- and I'll admit that the past month or so, I've been spending on trips and treats for the boys - I can comfortably afford the mortgage after bills, credit card and loan payments.

So I think my question is, which outgoings does the lender consider? Just committed expenditure, or all the lipsticks, ice creams and trips to the cinema too?! 

Thanks in advance 

PJ