Mortgage broker - ask me anything

James-may

K_S said:

James-may said:

K_S said:

James-may said:

K_S said:

@rennes99 I don't know about how it shows on reports but I can say with certainty that a NatWest AIP would not be issued without a soft-footprint or hard-footprint credit check.

While I don't doubt you know what you are talking about, as you work in this field.
I had an aip from NatWest, once I had an offer accepted I applied properly and was instantly declined, I later that day spoke to someone who resubmitted the application and again was declined, they said they didn't have a specific answer as to why other than the checks for aip were different to the pre checks for mortgage proper.
However looking back at all my credit checks.
No soft it hard checks were done for my aip, but 2 appear for both times I was declined on the same day.
Seems NatWest aren't doing a soft check to give aip, at least nothing appears on my credit report.

@james-may You might well be right about your case and I don't know anything about it. But as you would expect, I do NatWest apps for clients every week (they're very competitive at the moment) and I can assure you that they do do credit-checks (soft-footprint at DIP and hard-footprint at FMA) and specifically mention that prior to clicking the 'Submit' button on the broker portal for both the DIP and the FMA. There is no way for a high-street lender to run a 'credit-score' without that. It could be that footprints did not show in the cases you've mentioned due to a technical error or something I guess.

Perhaps it is a technical issue, only 2 searches from NatWest on all 3 report companies I use and both searches were on the same day from when I put the pre application through proper, and both were soft searches.
With Santander they did one soft fir aip, and what looks like a hard search when applying proper, at least that's what my reports say.
As you said it might have been a glitch that the search didn't appear, or could have been a glitch that the system didn't do a search on aip.
Guess I'll never know.

@james-may Finally found it! I was most likely incorrect. It came back to me later and I've been meaning to correct the record but didn't find the time to dig out the post.

Many years ago during training I remember one of the selling-points we were coached on was that NatWest direct DIPs sometimes don't do a credit-check (of any kind) and so it's less reliable than a broker one and to use that in our conversations with potential clients. At that time this used to be mentioned in the small print on the DIP letter/certificate.

In that case sometimes a positive DIP can be followed by an instant decline at Full Application when a credit-check is actually done. Which I'm assuming is what happened with youself. I'm actually quite surprised to see that they might still be issuing this kind of pointless DIP so many years later. Thanks for pointing this out and apologies for giving you incorrect/incomplete information.

Not a problem in the slightest, you can't be aware of every quirk with every lender out there.
Thanks for letting me know.
You are right it's a pointless aip then.

Debs757

Hi

Santander adv mortgage surveyor has classed our purchase property as a new build so won't sign off valuation without a Disclosure of Incentives form.
 (our property was built in 1950s - its a complete refurbishment but not in any way a new build) 

The seller completed the Discloser of Incentives form as much as he could and sent to Santander

Today - Discloser of Incentives form has been rejected by Santander as needs a Professional Consultants Certificate to be included and won't progress our application without one. 

However can't get this certificate as only for new builds. Is this just Santander or are we going to find this problem with any lender? 

What normally happens with new bsthrooms/kitchens/extensions etc? 

Thanks 

K_S

@debs757 What year was the property fully refurbed? What kind of work was done (eg: detached house split into 4 flats, etc)

Will you be the first people living in it after the refurb? Are you buying from a developer/builder?

You need to first understand exactly why the valuer has classified it as a new-build. If you are using a broker they can speak to BDM and understand the exact reason. Once you know, then you can assess if Santander will consider or whether a different lender may consider or whether it's the builder/developer who's messed it up.

Debs757

K_S said:

@debs757 What year was the property fully refurbed? What kind of work was done (eg: detached house split into 4 flats, etc)

Will you be the first people living in it after the refurb? Are you buying from a developer/builder?

You need to first understand exactly why the valuer has classified it as a new-build. If you are using a broker they can speak to BDM and understand the exact reason. Once you know, then you can assess if Santander will consider or whether a different lender may consider or whether it's the builder/developer who's messed it up.

The property was brought by thr seller in March 2021 just to refurb and sell. On.

It's a 3 bed semi and a partition wall has been put in the middle of one of the bedrooms to make it a 4 bed semi.other than that it's all refurb. 

Yes we are buying from builder. 

Santander told broker classing it as a refurb but still need this certificate! 

K_S

Debs757 said:

K_S said:

@debs757 What year was the property fully refurbed? What kind of work was done (eg: detached house split into 4 flats, etc)

Will you be the first people living in it after the refurb? Are you buying from a developer/builder?

You need to first understand exactly why the valuer has classified it as a new-build. If you are using a broker they can speak to BDM and understand the exact reason. Once you know, then you can assess if Santander will consider or whether a different lender may consider or whether it's the builder/developer who's messed it up.

The property was brought by thr seller in March 2021 just to refurb and sell. On.

It's a 3 bed semi and a partition wall has been put in the middle of one of the bedrooms to make it a 4 bed semi.other than that it's all refurb. 

Yes we are buying from builder. 

Santander told broker classing it as a refurb but still need this certificate!

@debs757 If the valuer is adamant then they are unlikely to move. In your broker's place I would lodge an appeal with Santander if it is possible. Alongside that, I would also get as much info as I can and then run it past a couple of other lenders as well.

BrunoYMY

Hi 

I’m currently dealing with a broker to remortgage after some extension work to our house. I make £50k a year and I am around £28k in debt with a current mortgage of £93k, hoping to have the house valued at £200k once extension is finished. Spent the last 2/3 years fixing my credit score after some bad life choices, hence the debt. We have a DIP for 80% of the house value once finished, although we were knocked back from the high street banks, my broker couldn’t see why, only thing he could think was we took out a debt consolidation loan last September. I was hoping to get 85% (my father in law is covering cost of extension work and we are going to remortgage and pay him back) , how long do you think the debt consolidation loan will effect me? Everything’s paid on time and debt is coming down and credit score is on the rise. 

Debs757

K_S said:

Debs757 said:

K_S said:

@debs757 What year was the property fully refurbed? What kind of work was done (eg: detached house split into 4 flats, etc)

Will you be the first people living in it after the refurb? Are you buying from a developer/builder?

You need to first understand exactly why the valuer has classified it as a new-build. If you are using a broker they can speak to BDM and understand the exact reason. Once you know, then you can assess if Santander will consider or whether a different lender may consider or whether it's the builder/developer who's messed it up.

The property was brought by thr seller in March 2021 just to refurb and sell. On.

It's a 3 bed semi and a partition wall has been put in the middle of one of the bedrooms to make it a 4 bed semi.other than that it's all refurb. 

Yes we are buying from builder. 

Santander told broker classing it as a refurb but still need this certificate!

@debs757 If the valuer is adamant then they are unlikely to move. In your broker's place I would lodge an appeal with Santander if it is possible. Alongside that, I would also get as much info as I can and then run it past a couple of other lenders as well.
Fingers crossed 

We are getting no where with Santander so I've asked my broker to start a new application with another lender. Just hoping the next valuation isn't thr same issue. 

My solicitor and estate agent both said they have never heard of this form being needed for a conversion 

cornish42

A question for the mortgage brokers on these boards please.

My current deal with NatWest ends at the of Septemer 2021. By the end of September I will owe about 97k on my mortgage. I estimate my house is worth 275K (although Zoopla says in the range of 303k-340k but my house needs a fair amount of work so I know it wouldn't get that much for it!).

The best deal NatWest are offering me is 1.39% 5 year fixed with a £995 fee (via Manage my mortgage online. I haven't called them to discuss yet).

I've used the MSE best buys and it's showing HSBC 1.39% no fee as my best option. Trussle, L&C and Habito have come back with different options as my best deals!

1) Has anyone had any luck negotiating rates/fees with NatWest for remortgaging?
2) Can anyone recommend who to go through to remortgage if I have no luck with NatWest?

K_S

cornish42 said:

A question for the mortgage brokers on these boards please.

My current deal with NatWest ends at the of Septemer 2021. By the end of September I will owe about 97k on my mortgage. I estimate my house is worth 275K (although Zoopla says in the range of 303k-340k but my house needs a fair amount of work so I know it wouldn't get that much for it!).

The best deal NatWest are offering me is 1.39% 5 year fixed with a £995 fee (via Manage my mortgage online. I haven't called them to discuss yet).

I've used the MSE best buys and it's showing HSBC 1.39% no fee as my best option. Trussle, L&C and Habito have come back with different options as my best deals!

1) Has anyone had any luck negotiating rates/fees with NatWest for remortgaging?
2) Can anyone recommend who to go through to remortgage if I have no luck with NatWest?

@cornish42

1. Not that I've heard of.   

I imagine the slightly different recommendations are due to how they incorporate cashback in the cashback vs free-legal remo products.

K_S

Debs757 said:

K_S said:

Debs757 said:

K_S said:

@debs757 What year was the property fully refurbed? What kind of work was done (eg: detached house split into 4 flats, etc)

Will you be the first people living in it after the refurb? Are you buying from a developer/builder?

You need to first understand exactly why the valuer has classified it as a new-build. If you are using a broker they can speak to BDM and understand the exact reason. Once you know, then you can assess if Santander will consider or whether a different lender may consider or whether it's the builder/developer who's messed it up.

The property was brought by thr seller in March 2021 just to refurb and sell. On.

It's a 3 bed semi and a partition wall has been put in the middle of one of the bedrooms to make it a 4 bed semi.other than that it's all refurb. 

Yes we are buying from builder. 

Santander told broker classing it as a refurb but still need this certificate!

@debs757 If the valuer is adamant then they are unlikely to move. In your broker's place I would lodge an appeal with Santander if it is possible. Alongside that, I would also get as much info as I can and then run it past a couple of other lenders as well.
Fingers crossed 

We are getting no where with Santander so I've asked my broker to start a new application with another lender. Just hoping the next valuation isn't thr same issue. 

My solicitor and estate agent both said they have never heard of this form being needed for a conversion 

@debs757 Makes sense. Hopefully it's just one cranky surveyor. Out of professional interest, please do update the thread when you have a new valuation carried out. Good luck!