Mortgage broker - ask me anything

becky8690

haras_n0sirrah said:

becky8690 said:

Just one more question about the LBS timescales, its just jumped right down to 20 working days for a standard application for the offer turnaround, again is the from the day after application? Or after underwriters have reviewed 

That may mean they are starting to catch up which would make my job a lot easier 

Its good news! We're currently on day 11 

EMJ_87

I’m due to complete in a couple days and spent on my credit card. No new applications made since my application and my credit utilisation is still £2.5k less than what was stated at application. I’ve read that spending on your credit card can jeopardise your mortgage. Do I have anything to worry about at this stage? My next statement isn’t due until after completion. It’s probably me over worrying but thought I’d ask! 

haras_n0sirrah

EMJ_87 said:

I’m due to complete in a couple days and spent on my credit card. No new applications made since my application and my credit utilisation is still £2.5k less than what was stated at application. I’ve read that spending on your credit card can jeopardise your mortgage. Do I have anything to worry about at this stage? My next statement isn’t due until after completion. It’s probably me over worrying but thought I’d ask! 

That should be fine - using credit you already have as long as balances don't go above the original amount on the application is fine. Where people get into trouble is apply for new credit cards

EMJ_87

haras_n0sirrah said:

EMJ_87 said:

I’m due to complete in a couple days and spent on my credit card. No new applications made since my application and my credit utilisation is still £2.5k less than what was stated at application. I’ve read that spending on your credit card can jeopardise your mortgage. Do I have anything to worry about at this stage? My next statement isn’t due until after completion. It’s probably me over worrying but thought I’d ask! 

That should be fine - using credit you already have as long as balances don't go above the original amount on the application is fine. Where people get into trouble is apply for new credit cards

Thank you! I thought as much but had a nagging worry. Thanks so much for answering my query. It is much appreciated!

Lorenzo94

Hi, I had an offer from Halifax, and my purchase fell through. I have found another one (cheaper) and I have informed Halifax to change property on the offer. Will they just carry out a a new evaluation or will they go into underwriting again?

haras_n0sirrah

Lorenzo94 said:

Hi, I had an offer from Halifax, and my purchase fell through. I have found another one (cheaper) and I have informed Halifax to change property on the offer. Will they just carry out a a new evaluation or will they go into underwriting again?

They may need updated payslips to show your income hasn't changed

Lorenzo94

haras_n0sirrah said:

Lorenzo94 said:

Hi, I had an offer from Halifax, and my purchase fell through. I have found another one (cheaper) and I have informed Halifax to change property on the offer. Will they just carry out a a new evaluation or will they go into underwriting again?

They may need updated payslips to show your income hasn't changed

Thanks

Dinpraad

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

You wont get an offer until after the valuation is done

Natwest has asked for proof of deposit. We are  short of £1200  from our existing savings which we will be paying into out joint account when we get paid end of this month. We do not exchange until the 19th of October. Will that be an issue?

If it is the end of this month (i.e. a couple of days) just wait until you have it and then send the full deposit proof

£600 will be paid in by my partner tomorrow. 
My balance of £600 will be paid in on the 7th October when I get paid. Will it pose a problem? Or I should borrow £600 from family member and pay into the account and give it back on the 7th October when am paid.

@haras_n0s@haras_nosirrah

haras_n0sirrah

Dinpraad said:

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

You wont get an offer until after the valuation is done

Natwest has asked for proof of deposit. We are  short of £1200  from our existing savings which we will be paying into out joint account when we get paid end of this month. We do not exchange until the 19th of October. Will that be an issue?

If it is the end of this month (i.e. a couple of days) just wait until you have it and then send the full deposit proof

£600 will be paid in by my partner tomorrow. 
My balance of £600 will be paid in on the 7th October when I get paid. Will it pose a problem? Or I should borrow £600 from family member and pay into the account and give it back on the 7th October when am paid.

@haras_n0s@haras_nosirrah

if you start going down the gift deposit route you would need to declare it and get a letter 

Madhouse2_2

@horas_n0sirrah
How have you found getting mortgages offered with an element of flexi furlough still involved?