Mortgage broker - ask me anything

haras_n0sirrah

Madhouse2_2 said:

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

lenders are now looking for clients to be off furlow - once you have a return to full work date it is a lot easier.

vakgta2018

haras_n0sirrah said:

vakgta2018 said:

HI, thanks for doing this thread! WE have just had our offer accepted on a very competitive market and are therefore keen to get moving asap as our vendors may pull out if it takes too long. As a result I was wondering what happens if you apply for multiple mortgages? We want to for two reasons - 1) some are saying at the moment it might take minimum 30 days to get a decision, and 2) I have some defaults on my credit file so we're worried not everyone will accept us.
Will it affect the credit file and therefore make us even more of a risk? Is it possible to do this? If we wait 30 days to get a 'no' we're gonna be really stuck. And do lenders actually do physical valuations?

Don't do multiple mortgages as too many applications will cause their own problems.- choose one broker who can help you and do one mortgage to the right lender. As a mortgage broker we would get a copy of the credit report upfront so we would factor any adverse into a recommendation. I did a mortgage for someone from here recently who tried for 2 months to get a mortgage via l&c and we got him an offer in 10 days as he specified he needed to move quickly so we chose a lender who would facilitate this. If you don't have a broker those of us who post here can be pm'd if you would like our assistance.
Do one application correctly rather than sending in a lot of applications and seeing if one will stick.

Thanks for your reply. What kind of problems will they cause? The brokers we've dealt with seem to progress slowly, offer us worse rates than available online, as well as charging an upfront fee because we're first time buyers.

haras_n0sirrah

vakgta2018 said:

haras_n0sirrah said:

vakgta2018 said:

HI, thanks for doing this thread! WE have just had our offer accepted on a very competitive market and are therefore keen to get moving asap as our vendors may pull out if it takes too long. As a result I was wondering what happens if you apply for multiple mortgages? We want to for two reasons - 1) some are saying at the moment it might take minimum 30 days to get a decision, and 2) I have some defaults on my credit file so we're worried not everyone will accept us.
Will it affect the credit file and therefore make us even more of a risk? Is it possible to do this? If we wait 30 days to get a 'no' we're gonna be really stuck. And do lenders actually do physical valuations?

Don't do multiple mortgages as too many applications will cause their own problems.- choose one broker who can help you and do one mortgage to the right lender. As a mortgage broker we would get a copy of the credit report upfront so we would factor any adverse into a recommendation. I did a mortgage for someone from here recently who tried for 2 months to get a mortgage via l&c and we got him an offer in 10 days as he specified he needed to move quickly so we chose a lender who would facilitate this. If you don't have a broker those of us who post here can be pm'd if you would like our assistance.
Do one application correctly rather than sending in a lot of applications and seeing if one will stick.

Thanks for your reply. What kind of problems will they cause? The brokers we've dealt with seem to progress slowly, offer us worse rates than available online, as well as charging an upfront fee because we're first time buyers.

Too many credit checks will reduce your credit score plus if the applications are different it can flag on national hunter. There was someone who posted on the boards who put in 3 mortgage applications at the same time and ended up with a cifas marker so that is the risk.
Not all brokers charge an upfront fee - in fact a lot of us who do charge a fee only do so on successful mortgage offer.
If you want a second opinion I am happy to take a look but will leave it up to you. We brokers who post here are not allowed to approach posters but we can respond to pm's if people do want our help. In terms of the rates there may be something in your credit profile or your affordability which means those rates are not available to you. 

LZRBOI

Got my valuation back today. £14,000 down valued!!!  
Not sure if the seller will accept that. He is an investor who bought the house last year £13,000 less than what Nationwide have offered. He renovated it so nicely, hence us offering £14,000 more than Nationwide have valued it.
Any advice would be greatly appreciated.

haras_n0sirrah

LZRBOI said:

Got my valuation back today. £14,000 down valued!!!  
Not sure if the seller will accept that. He is an investor who bought the house last year £13,000 less than what Nationwide have offered. He renovated it so nicely, hence us offering £14,000 more than Nationwide have valued it.
Any advice would be greatly appreciated.

you can present comparables - generally 3 are needed within 1 mile who have sold within the last 6 months. It is difficult to get surveyors to change their minds but you can try
Alternatively if they won't drop the price the only other option is to change lender and see if another lender is a bit more generous

LZRBOI

haras_n0sirrah said:

LZRBOI said:

Got my valuation back today. £14,000 down valued!!!  
Not sure if the seller will accept that. He is an investor who bought the house last year £13,000 less than what Nationwide have offered. He renovated it so nicely, hence us offering £14,000 more than Nationwide have valued it.
Any advice would be greatly appreciated.

you can present comparables - generally 3 are needed within 1 mile who have sold within the last 6 months. It is difficult to get surveyors to change their minds but you can try
Alternatively if they won't drop the price the only other option is to change lender and see if another lender is a bit more generous

Thanks for your help. How successful do you think I would be asking the seller to reduce to the valuation price? Most houses in that area sell for less than the Nationwide valuation, the only reason we went for this was because it was done so nicely on the inside and out. It was actually listed for sale £23,000 above the valuation but we had an offer accepted £14,000 less than the Nationwide valuation.

haras_n0sirrah

LZRBOI said:

haras_n0sirrah said:

LZRBOI said:

Got my valuation back today. £14,000 down valued!!!  
Not sure if the seller will accept that. He is an investor who bought the house last year £13,000 less than what Nationwide have offered. He renovated it so nicely, hence us offering £14,000 more than Nationwide have valued it.
Any advice would be greatly appreciated.

you can present comparables - generally 3 are needed within 1 mile who have sold within the last 6 months. It is difficult to get surveyors to change their minds but you can try
Alternatively if they won't drop the price the only other option is to change lender and see if another lender is a bit more generous

Thanks for your help. How successful do you think I would be asking the seller to reduce to the valuation price? Most houses in that area sell for less than the Nationwide valuation, the only reason we went for this was because it was done so nicely on the inside and out. It was actually listed for sale £23,000 above the valuation but we had an offer accepted £14,000 less than the Nationwide valuation.

All you can really do is ask the question

becky8690

Just found out someone who had an application in with leeds a week after mine has already gone to the underwriter, is it normal that they do then out of order of when they were submitted. 
Or my mortgage broker just hasn't mentioned its gone to them 

Nichelette

Sorry if this has already been asked! For remortgaging purposes, if I'm bang on 75% LTV, will I be offered the deals in the 60-75% bracket, or the 75-whatever %. I'd like to remortgage as soon as possible due to the situation but would like to get into the lower bracket. 

haras_n0sirrah

Nichelette said:

Sorry if this has already been asked! For remortgaging purposes, if I'm bang on 75% LTV, will I be offered the deals in the 60-75% bracket, or the 75-whatever %. I'd like to remortgage as soon as possible due to the situation but would like to get into the lower bracket. 

if you are dead on you should be in the 60-75% bracket