Mortgage broker - ask me anything

K_S

Pompom2021 said:

Hello, I am hoping you might be able to help with my query! We are currently in the final stages of purchasing our first home and have just been sent everything through from the solicitor so think we are nearly there with completion. We have been sent on a form from our mortgage provider that have asked for details for our building insurance but we were going to wait until we were in to purchase this. Is this a necessary to provide before the exchange?

Also, I had a quick query on our mortgage valuation. I have asked our mortgage advisor and he said it was correct but I just wanted to get a second opinion please! In total, our house has 3 WC's, and two bathrooms; one of the two bathrooms is an en-suite but does have a bath/shower. However on our valuation, they have put a total of 2 WC's and one bathroom. Our mortgage advisor said that this was because en-suite's are not counted as a bathroom but just a WC and then the 2nd WC would be our downstairs toilet, which would leave 1 main bathroom; therefore 2 WC's and 1 bathroom. Is this correct?

Thank you any help would be appreciated! 

@pompom2021 Your solicitor will usually require buildings insurance to be in place from the day of exchange and having buildings insurance on the property will be a condition of the mortgage.

Once you exchange, you are committed to completing on the purchase at the agreed price. The insurance is therefore to protect both you and your lenders in case something goes catastrophically wrong (the house burns down for instance) between exchange and completion and beyond that.

I don't have anything to add about the valuation. Whether the valuer puts down 1 bathroom or 10, it doesn't really matter as long as the property address on the valuation is correct and they have valued it at the amount you need it to be.

Pompom2021

K_S said:

Pompom2021 said:

Hello, I am hoping you might be able to help with my query! We are currently in the final stages of purchasing our first home and have just been sent everything through from the solicitor so think we are nearly there with completion. We have been sent on a form from our mortgage provider that have asked for details for our building insurance but we were going to wait until we were in to purchase this. Is this a necessary to provide before the exchange?

Also, I had a quick query on our mortgage valuation. I have asked our mortgage advisor and he said it was correct but I just wanted to get a second opinion please! In total, our house has 3 WC's, and two bathrooms; one of the two bathrooms is an en-suite but does have a bath/shower. However on our valuation, they have put a total of 2 WC's and one bathroom. Our mortgage advisor said that this was because en-suite's are not counted as a bathroom but just a WC and then the 2nd WC would be our downstairs toilet, which would leave 1 main bathroom; therefore 2 WC's and 1 bathroom. Is this correct?

Thank you any help would be appreciated! 

@pompom2021 Your solicitor will usually require buildings insurance to be in place from the day of exchange and having buildings insurance on the property will be a condition of the mortgage.

Once you exchange, you are committed to completing on the purchase at the agreed price. The insurance is therefore to protect both you and your lenders in case something goes catastrophically wrong (the house burns down for instance) between exchange and completion and beyond that.

I don't have anything to add about the valuation. Whether the valuer puts down 1 bathroom or 10, it doesn't really matter as long as the property address on the valuation is correct and they have valued it at the amount you need it to be.

Thank you for your reply and advice. So as soon as we have a date of exchange we can provide the building insurance. 
Thanks for the advice on the valuation. The property address is correct. It was down valued by £5k which is why we were concerned that the WC/bathroom details may not have been accurate and may have efected the valuation.

impatient2020

I am struggling to get a call back from any broker regarding a DIP. Our circumstances: me employed, 2 payslips after return from furlough. Husband self employed with up to date tax returns. 

Would this be possible to get a mortgage? I am desperate to start searching for houses but don’t want to start if there is any reason we wouldn’t get a mortgage offer. 

Do I have to wait for a 3rd month pay slip? 

I just want to speak to a broker!!! 

K_S

impatient2020 said:

I am struggling to get a call back from any broker regarding a DIP. Our circumstances: me employed, 2 payslips after return from furlough. Husband self employed with up to date tax returns. 

Would this be possible to get a mortgage? I am desperate to start searching for houses but don’t want to start if there is any reason we wouldn’t get a mortgage offer. 

Do I have to wait for a 3rd month pay slip? 

I just want to speak to a broker!!! 

@impatient2020 As long as your latest payslip is showing a full month's pay and does not have any mention of furlough on it, that should not by itself stop you from getting a mortgage.

metalloz

My mortgage is currently approved by Barclays subject to physical valuation. I was wondering if the sale falls through will it be easy to transfer this offer when I find another property and just get another valuation? Or does the whole application need to start again from scratch?

Athanasia

I am applying for a 95% LTV First Time Buyer mortgage with Santander, and I just discovered that they have issued a new product with £1,000 cashback, as opposed to the £250 that the product I have gone for has. It is exactly the same terms, same rate, same duration of mortgage etc, the only thing that changes is the product code and the cashback amount. I struggled to get a valuation booked as I am in NI and their timeline is terrible (initially offered a date 5 weeks away, now brought forward to Monday). Does anyone know if they are going to have to start the process from scratch? Applying direct and the person on the phone could not tell me.

K_S

metalloz said:

My mortgage is currently approved by Barclays subject to physical valuation. I was wondering if the sale falls through will it be easy to transfer this offer when I find another property and just get another valuation? Or does the whole application need to start again from scratch?

@metalloz I don't know how it is direct but as a broker it's fairly straightforward to change the security property for the application.

K_S

Athanasia said:

I am applying for a 95% LTV First Time Buyer mortgage with Santander, and I just discovered that they have issued a new product with £1,000 cashback, as opposed to the £250 that the product I have gone for has. It is exactly the same terms, same rate, same duration of mortgage etc, the only thing that changes is the product code and the cashback amount. I struggled to get a valuation booked as I am in NI and their timeline is terrible (initially offered a date 5 weeks away, now brought forward to Monday). Does anyone know if they are going to have to start the process from scratch? Applying direct and the person on the phone could not tell me.

@athanasia I don't know how it is direct but from what I remember reading on the forum the applicant is able to message them to switch products. Don't take me at my word, this is just what I understood. It's a similar process to what I need to do as a broker.

col81

How long is it taking as a rule now for a approval? start to finish? 999 credit score, no debts, no chain? 

K_S

col81 said:

How long is it taking as a rule now for a approval? start to finish? 999 credit score, no debts, no chain? 

@col81 No one-size-fits-all answer I'm afraid. Very very generally speaking, depends on lender, kind of income, details of requirements, how long the valuation takes, etc.