Mortgage broker - ask me anything

akay92

Hi wanted to ask I’ve been in a job for 1 year and got a gradual pay rise as the company started getting busy after covid  and more work load from April my salary has stayed the same and I have payslips however my mortgage broker is concerned that the underwriter will decline this as there have been changes in my salary and said it would be better to wait for 6 months of play slips not sure what to do think or so we’ve had a offer accepted so any answers ? 

K_S

akay92 said:

Hi wanted to ask I’ve been in a job for 1 year and got a gradual pay rise as the company started getting busy after covid  and more work load from April my salary has stayed the same and I have payslips however my mortgage broker is concerned that the underwriter will decline this as there have been changes in my salary and said it would be better to wait for 6 months of play slips not sure what to do think or so we’ve had a offer accepted so any answers ? 

@akay92 You should be ok to apply based on your current salary as long as you have one full month's payslip on the new pay. There isn't enough information in your post to guess, but there may be other relevant information in the rest of the case which caused the broker to suggest what he did.

Given that you have an offer accepted and need to proceed, what is your broker suggesting as a next step?

akay92

I have payslips for the last 5 months with the same salary he’s advised me to wait for 6 months of payslips so end of September but the offer has already been accepted.

K_S

akay92 said:

I have payslips for the last 5 months with the same salary he’s advised me to wait for 6 months of payslips so end of September but the offer has already been accepted.

@akay92 Unless he is trying to fob you off, I am struggling to understand what would change by waiting for another month if you have already been on this pay for 5 months! And in any case, the vendor isn't going to wait around that long.

If he refuses to put in an application, I would recommend getting in touch with another broker and seeing what they say. Good luck!

akay92

I thought the same one month is not going to make a huge impact is if it been there for the last 3 months hopefully Thankyou I have a appointment with Barclays tommrow so let’s see what they say thanks so much for your help 

hanif0202

Hi hope I can get answers just wanting to know can you do 2 mortgage applications say one with the mortgage broker one with the bank and see which comes out with better deals ? Has anyone experienced this the offer on the house has been accepted don’t want any heart ache. 

sunriseandgo

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello, 

I have a question! 

Hubby owns our house with his brother. Inherited and owned outright. We want to buy him out. Do mortgages exist to buy out half a house? Is it more complex than what it seems? 

K_S

sunriseandgo said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello, 

I have a question! 

Hubby owns our house with his brother. Inherited and owned outright. We want to buy him out. Do mortgages exist to buy out half a house? Is it more complex than what it seems? 

@sunriseandgo It is a fairly straightforward process. What you are looking at is remortgaging the currently unencumbered property in your names and adding you to the deeds (will be done by the conveyancer). There's no special kind of mortgage required.

K_S

hanif0202 said:

Hi hope I can get answers just wanting to know can you do 2 mortgage applications say one with the mortgage broker one with the bank and see which comes out with better deals ? Has anyone experienced this the offer on the house has been accepted don’t want any heart ache. 

@hanif0202 Nothing stopping you from doing the above but I don't see the point. You don't need to apply to know what "deal" you will get. You apply for a specific product after confirming that you are eligible and meet the criteria for that product.

safvoxi

Hi, can I ask how do brokers compare products for clients (assuming no issues with affordability or complexity of application)?

Do brokers compare the total cost over the fixed term (5yr fixed inital rate)?

My broker has recommended a deal which works out as slightly more expensive than a product I’ve looked into. I’m not sure if I’m missing something in my calculations (monthly payments x 60 plus fees minus cashback). The recommended product is .02% higher in interest and £500 more in fees but does offer £500 more in cashback.