Mortgage broker - ask me anything

[Deleted User]

Is it good the application (case) has been passed by the underwriters 
and is now going for valuation of the new build 

solicitors have draft contracts and searches were ordered at start of the week

mini_lidi

K_S said:

mini_lidi said:

Hoping you can help. 
Our solicitors have requested release of guns for completion Monday and today our mortgage lender has requested a copy of a passport before they will release the funds. 

Is this a coming thing or should we be worried?

@mini_lidi It's not usual but nothing to worry about. There are random checks sometimes prior to completion and in all likelihood your case just got picked for no particular reason.

Thank you for the response just been told via our broker that the funds have been authorised. 

We were due to exchange today and complete Monday so hoping we find out soon what the solicitors plan. As I assume they can only hold the funds for the certain time frame 

K_S

BuckfastLover said:

K_S said:

BuckfastLover said:

Just found out Nationwide has an 'over exposed list' for new build, and the new build I've reserved is on the list. This is such a bummer as I was planning to go with Nationwide for my mortgage.
Does any other lender have this 'list' or is it a Nationwide's thing?

@BuckfastLover This isn't limited to Nationwide.

Thanks@@K_S. Is over exposed list only accessible to the mortgage broker? I had a search on several lenders website but couldn't find anything apart from Nationwide.

Also I assume the lender would inform me whether my property is on their over exposed list when I apply for mortgage?

@buckfastlover I don't know how easy it would be but I would assume you may be able to get the information from the lender. As a broker, I'd just email or call the new-build team at the lender before recommending the lender to the client.

Depends on the lender but in your place I would not rely on the lender informing you, I would make sure in advance of submitting a full application.

artermissy

Hi- my husband’s sibling gifted him £1k to help with solicitor fees. The issue is he doesn’t have any photo ID (passport, driving license) and no bills under his name as he lives at home and all bills are under his parents name, so there’s no easy way to verify his identity. Will this cause us issues when we go through underwriters? Thanks for your help!

K_S

artermissy said:

Hi- my husband’s sibling gifted him £1k to help with solicitor fees. The issue is he doesn’t have any photo ID (passport, driving license) and no bills under his name as he lives at home and all bills are under his parents name, so there’s no easy way to verify his identity. Will this cause us issues when we go through underwriters? Thanks for your help!

@artermissy For a £1,000 gift, very unlikely imho.

arrows123

Finally had my mortgage offer through 3 weeks after being told it was on it's way. Trouble is in the special conditions section it says that they are aware that £30k of it will be a gifted deposit with a named person. There's been some sort of mistake, none of my deposit is gifted its all from my own savings and from the sale of a previous house. Is this just a simple case of my broker contacting them to advise and them removing it from the offer? Will it have to go through underwriters again?

Also there is no details of their valuation, assuming that it will have been done and all fine if the mortgage has been offered?

K_S

arrows123 said:

Finally had my mortgage offer through 3 weeks after being told it was on it's way. Trouble is in the special conditions section it says that they are aware that £30k of it will be a gifted deposit with a named person. There's been some sort of mistake, none of my deposit is gifted its all from my own savings and from the sale of a previous house. Is this just a simple case of my broker contacting them to advise and them removing it from the offer? Will it have to go through underwriters again?

@arrows123 Sounds like a mistake or crossed wires, should be fairly straightforward to rectify if needed.

longobongo_2

Hi, quick question if I may. I’m in last month of 5yr deal and am about to transfer onto a new 5yr deal with the same bank (Barclays). I’ve already made my 10% overpayment for this last year.

I’ve got a decent lump sum I can put down (about 30% of the outstanding balance) and wanted to do this before my new deal kicks in.

The person on the phone rather casually said I can make any lump sum payment I wanted in the last month of the current deal and it doesn’t count against the 10% overpayment rule, then just seemlessly transition into the new deal.

Is this normal or do I need to speak to someone again to verify in case I get penalised? Is it a standard thing?

hardquest

Hi, just a quick questions on how mortgage is being calculated and how you can predict what amount of money bank can lend you? For example I've had my promotion recently and only paying for a car and phone etc, no credit cards etc and household income is about +£90k a year. Some websites showing that we would be able to borrow 250k to 340k others showing more than 400k? Thanks

K_S

hardquest said:

Hi, just a quick questions on how mortgage is being calculated and how you can predict what amount of money bank can lend you? For example I've had my promotion recently and only paying for a car and phone etc, no credit cards etc and household income is about +£90k a year. Some websites showing that we would be able to borrow 250k to 340k others showing more than 400k? Thanks

@hardquest Assuming you have a combined basic income of 90k, low debt (including monthly car payments) and are relatively young (so no restriction on term), you may be able to borrow up to between 4.5 to 5.5 times income.

Where exactly you fall on this spectrum (or lower) will depend on the lender, the product, the specifics of your financial circumstances+requirements and the rate you are willing to pay.