Mortgage broker - ask me anything

col81

Any guide 1 month? 2 months? longer i have no idea. I appreciate it could be a while

FashionHeart

col81 said:

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

No set 'rule' I'm afraid. It does generally depend on the lender, their workload, demand and your individual case.
They have to thoroughly review everything extensively.
Basically the saying - how long's a piece of string?!

poppy10_2

My 5 year fixed rate mortgage comes to an end next April. When is the earliest I can lock in a new deal? And when putting in the value of my property do I use the purchase price or one of the house price estimators of the current value?

Churchfarm

Getting off to a complex start!!       My partner is still named on (but doesnt pay towards) a joint mortgage with her (still married and reasonably amicable) ex from a previous life at another address who still lives there. The house will eventually be sold, but not just yet due to his family situation. He is not in a position to buy her out of the mortgage. I have seen a recent mortgage statement from the lender addressed to them both. however this doesnt appear anywhere on any of her 3 credit files, which I have looked over thoroughly and appear to be good. We have also applied for her National Hunter and CIFAS files but they have not yet arrived. She has not lived at the previous address for nearly 7 years now and has successfully applied for various new personal credit products at her current address in the past couple of years, so on the face of it all appears good. Obviously if CIFAS and NH show anything about this then there is only one route to go, which would probably be down a dead end, but if not would anyone know? She wants to apply for a new mortgage on her own but is unsure how to proceed with this as no doubt questions would be asked about “any other mortgages” Answering no would be lying, but would anyone know if its not on the credit files? I am worried that answering yes might open up a can of worms regarding his adverse credit history, possibly create an unwelcome linked address and also affect affordability. Any advice on how to proceed please?

K_S

Churchfarm said:

Getting off to a complex start!!       My partner is still named on (but doesnt pay towards) a joint mortgage with her (still married and reasonably amicable) ex from a previous life at another address who still lives there. The house will eventually be sold, but not just yet due to his family situation. He is not in a position to buy her out of the mortgage. I have seen a recent mortgage statement from the lender addressed to them both. however this doesnt appear anywhere on any of her 3 credit files, which I have looked over thoroughly and appear to be good. We have also applied for her National Hunter and CIFAS files but they have not yet arrived. She has not lived at the previous address for nearly 7 years now and has successfully applied for various new personal credit products at her current address in the past couple of years, so on the face of it all appears good. Obviously if CIFAS and NH show anything about this then there is only one route to go, which would probably be down a dead end, but if not would anyone know? She wants to apply for a new mortgage on her own but is unsure how to proceed with this as no doubt questions would be asked about “any other mortgages” Answering no would be lying, but would anyone know if its not on the credit files? I am worried that answering yes might open up a can of worms regarding his adverse credit history, possibly create an unwelcome linked address and also affect affordability. Any advice on how to proceed please?

@churchfarm I can only answer this one way If your partner's name is one of two on a joint mortgage, it has to be declared as a commitment. And depending on how large it is, it may impact affordability.

Having said that, it's very very unusual if it isn't showing on any of her credit files. Is it showing on her closed accounts at all? Is she sure that she is a joint borrower and not linked in some other way - guarantor for example?

mamabuddah

I’m going to post this a couple of forums, 1) for general help and 2) help from the mortgage brokers (ask me anything…thanks for your earlier advice👍) on here as there are financial implications and logistics involved, if this isn’t ok perhaps the mods can place it in the right thread…thanks for your help guys.

You’ll see from some of my posts how I’m struggling and stressing with house buying, probably down to my age (I’m 65 OH is 67) and last time we bought a house was 37 years ago, our only house purchase! We live in Northern Ireland, have a house to sell (no mortgage) and want to move to Northumberland.

So how’s this for a scenario?

We’ve found a development we like, family and OH will visit site in September and look at plots. (£159995)

Is it possible we can purchase house there, using £16k deposit (bearing in mind what restrictions we might have with age, and length of term, g’teed incomes from pensions etc approx £41k) make the mortgage payments, set up home there, simultaneously putting our home here on the market, living here until it sells…at that stage moving to Northumberland into our already prepared home…and paying off the remainder of the mortgage when we go.

We’d make sure home in Northumberland wouldn’t be empty as family members would be living in it until we’re ready to move.

Does it sound feasible, is it something that could be done? I’m sure it might have its own problems but in our minds it’s certainly less stressful and worrying than our other options.

K_S

@mambuddah Given the numbers in your post - pension income of 41k, house price, ages, it definitely sounds feasible with an appropriate lender.

The only sticking point might *potentially* be the 10% deposit on a new build.

mamabuddah

K_S said:

@mambuddah Given the numbers in your post - pension income of 41k, house price, ages, it definitely sounds feasible with an appropriate lender.

The only sticking point might *potentially* be the 10% deposit on a new build.

Thanks for the quick reply, I went with 10% as that’s a figure I hear mentioned a lot, £20k is possible, my rationale was buy as opposed to paying a similar amount in rent, whilst looking, which to us (in older peoples terms lol) is money wasted, would the fact as soon as we sold our home here and pay e.g. £120k off the mortgage bal there help in the lenders decision?

K_S

mamabuddah said:

K_S said:

@mambuddah Given the numbers in your post - pension income of 41k, house price, ages, it definitely sounds feasible with an appropriate lender.

The only sticking point might *potentially* be the 10% deposit on a new build.

Thanks for the quick reply, I went with 10% as that’s a figure I hear mentioned a lot, £20k is possible, my rationale was buy as opposed to paying a similar amount in rent, whilst looking, which to us (in older peoples terms lol) is money wasted, would the fact as soon as we sold our home here and pay e.g. £120k off the mortgage bal there help in the lenders decision?

@mamabuddah If you were looking for an interest only mortgage on the new purchase, that would potentially help. If looking for a capital repayment mortgage, then it's unlikely to make a material difference.

Deposit - 15% deposit on the new-build would definitely make it easier.

BrunoYMY

Hi I’m currently in a unique situation and looking for as much help/info as possible. My father in law is funding an extension for us atm and my plan is to pay him back once we remortgage. However I have a DIP for 80% mortgage as I told my advisor I would be clearing debt (£9.5k loan and £14k credit cards) after I remortgage also so I can’t get anymore than 80% as it goes down as a debt consolidation mortgage.  I was wondering if I took out a home improvement loan and used it to clear the existing loans and cards would I make my chances of getting a 85/90% mortgage better. I currently make £54k a year, and my current mortgage is £94k. I’m hoping once the work is completed my house will be worth between £170-200k. Any feedback would be appreciated. Thanks