Mortgage broker - ask me anything

[Deleted User]

If I have 3 months payslips, will they ask me about my employment history? Or are they okay with 3 months payslip 

Newbie598

Hi

Sorry if this question has been asked loads of times! 
I have a mortgage offer from Santander at the moment, and we are still doing searches surveys etc, but since the offer was issued the mortgage rates have dropped.

Is it an easy and quick process to see if our offer can be changed to reflect the new rates?

also, is it worth us checking we are happy with the survey before we do this? Not sure on how long it would all take?
thanks! 

KerfuffleInc

Hi, I've just received confirmation of offer for a mortgage. Having done another mortgage search recently I can see that rates have dropped on a rival bank and they now offer a more favourable mortgage. Can applying for a new mortgage with another bank cause the original offer to be rescinded? I don't want to shoot myself in the foot hunting for a better deal.

I'm buying at 70% LTV but at close to my borrowing limit and have a pretty good credit rating in case that makes a difference to the answer.

Thank you!

K_S

Newbie598 said:

Hi

Sorry if this question has been asked loads of times! 
I have a mortgage offer from Santander at the moment, and we are still doing searches surveys etc, but since the offer was issued the mortgage rates have dropped.

Is it an easy and quick process to see if our offer can be changed to reflect the new rates?

also, is it worth us checking we are happy with the survey before we do this? Not sure on how long it would all take?
thanks! 

@newbie598 It should be fairly straightforward to change the product post-offer. I'm not sure what the process is direct, perhaps just give Santander a call.

K_S

KerfuffleInc said:

Hi, I've just received confirmation of offer for a mortgage. Having done another mortgage search recently I can see that rates have dropped on a rival bank and they now offer a more favourable mortgage. Can applying for a new mortgage with another bank cause the original offer to be rescinded? I don't want to shoot myself in the foot hunting for a better deal.

I'm buying at 70% LTV but at close to my borrowing limit and have a pretty good credit rating in case that makes a difference to the answer.

Thank you!

@kerfuffleinc It's unlikely to lead to an existing offer being withdrawn.

Newbie598

K_S said:

Newbie598 said:

Hi

Sorry if this question has been asked loads of times! 
I have a mortgage offer from Santander at the moment, and we are still doing searches surveys etc, but since the offer was issued the mortgage rates have dropped.

Is it an easy and quick process to see if our offer can be changed to reflect the new rates?

also, is it worth us checking we are happy with the survey before we do this? Not sure on how long it would all take?
thanks! 

@newbie598 It should be fairly straightforward to change the product post-offer. I'm not sure what the process is direct, perhaps just give Santander a call.

Thank you 

Si_Haworth

Hopefully this is a straightforward question...

We're coming to the end of a 2 year fixed deal with Santander. We have a help to buy loan outstanding which we are currently paying interest only on and would like to clear this by way of re-mortgage come November/December when our deal ends.

Credit scores are excellent online (for what that is worth), we have no missed payments/defaults etc. on any credit going back before we first got the mortgage, 7 years +.

We currently have some outstanding debt spread across 2 CC's and 1 personal loan and unsure what will look best affordability wise? Outstanding loan amount is roughly £2900 and we pay £310 per month so would be cleared April/May next year. We have £4500 on one CC (£10400 limit) and £600 on another CC (£8000 limit).

• Would the affordability look better if we removed the personal loan debt and moved it onto a CC and carried on paying it off there?
• Or would a lender acknowledge that the personal loan debt would be cleared in the near future and discount this?
• Would I be adversely effecting my credit utilisation if I moved everything on to one card? It would roughly be £8000 used on the £10400 limit. (75%)

For simplicity I'd like to get everything on to the one card with the £10400 limit and pay it all down that way but I'm mindful I want finances to look the best they can be come application time.

Any advice or guidance appreciated. 

kingstreet

Check affordability with different lenders with/without loan payments and card balances and adjust them to see the impact. Credit utilisation not much of an issue for mortgages - one or two cards isn't going to matter.

Only debt you enter as "to be repaid on completion" will be ignored if has more than six months left to run.

Purplestars89

Hopefully someone can help ! Myself and my partner are looking to move into a bigger property the beginning of next year . Our current property is in my husbands name only as I had adverse credit in the past . Currently the situation is I completed a debt management plan in feb so by the time we come to apply it will have been settled for a year . I have 2 defaults remaining on my file but one is due to drop off in September and the following in November so after that there will be nothing. I have also had payday loans in the past but the last one was settled over a year ago now with no adverse on those. What are our chances or obtaining a mortgage at a decent rate ? I should add my partner has an excellent credit history and we will also have a large deposit under 75% ltv

K_S

Purplestars89 said:

Hopefully someone can help ! Myself and my partner are looking to move into a bigger property the beginning of next year . Our current property is in my husbands name only as I had adverse credit in the past . Currently the situation is I completed a debt management plan in feb so by the time we come to apply it will have been settled for a year . I have 2 defaults remaining on my file but one is due to drop off in September and the following in November so after that there will be nothing. I have also had payday loans in the past but the last one was settled over a year ago now with no adverse on those. What are our chances or obtaining a mortgage at a decent rate ? I should add my partner has an excellent credit history and we will also have a large deposit under 75% ltv

@purplestars89 At 75% LTV, with no defaults on your credit report and a DMP that is more than 12 months old, you should have access to mainstream/mainstream-ish rates.