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Mortgage broker - ask me anything
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safvoxi said:
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.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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I’ve joined up to ask a question on Bitcoin and deposits.
Currently awaiting back from a lender as to whether we can use funds from Bitcoin (now GBP) to fund part of the deposit.
Broker enquired previously and was told as long as the funds have been transferred from an exchange to a GBP bank account, then all is good. However a second enquiry is in place (department above the underwriters) and we are waiting on that now.
We have provided all transaction history to show it is all above board.
What lenders do you know of that are crypto friendly, in the way of deposits? I’m just trying to gauge the outcome and hedge bets if it does fall through.
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noob12345 said:I’ve joined up to ask a question on Bitcoin and deposits.
Currently awaiting back from a lender as to whether we can use funds from Bitcoin (now GBP) to fund part of the deposit.
Broker enquired previously and was told as long as the funds have been transferred from an exchange to a GBP bank account, then all is good. However a second enquiry is in place (department above the underwriters) and we are waiting on that now.
We have provided all transaction history to show it is all above board.
What lenders do you know of that are crypto friendly, in the way of deposits? I’m just trying to gauge the outcome and hedge bets if it does fall through.@noob12345 This is still an evolving area of criteria with only a few lenders explicitly saying that they are ok with crypto as a source of deposit. Many don't have clear criteria and others disallow it (though on ocassion they will consider depending on the specifics).Sorry about the waffly answer but unfortunately it is a bit of a grey area and depends on the whole case. On the positive side, I've never not been able to place a client because their deposit source had a crypto component to it, so your broker should be able to sort it out in the end. If the lender told the broker that it was fine prior to placing the case, you should be fine. Good luck!I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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I know that it gets easier to get a mortgage when defaults are close to falling off a credit report but if someone has say 5 which were all 4-5 years old but had done well since, would a mortgage to buy a new home be possible?0
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K_S said:noob12345 said:I’ve joined up to ask a question on Bitcoin and deposits.
Currently awaiting back from a lender as to whether we can use funds from Bitcoin (now GBP) to fund part of the deposit.
Broker enquired previously and was told as long as the funds have been transferred from an exchange to a GBP bank account, then all is good. However a second enquiry is in place (department above the underwriters) and we are waiting on that now.
We have provided all transaction history to show it is all above board.
What lenders do you know of that are crypto friendly, in the way of deposits? I’m just trying to gauge the outcome and hedge bets if it does fall through.@noob12345 This is still an evolving area of criteria with only a few lenders explicitly saying that they are ok with crypto as a source of deposit. Many don't have clear criteria and others disallow it (though on ocassion they will consider depending on the specifics).Sorry about the waffly answer but unfortunately it is a bit of a grey area and depends on the whole case. On the positive side, I've never not been able to place a client because their deposit source had a crypto component to it, so your broker should be able to sort it out in the end. If the lender told the broker that it was fine prior to placing the case, you should be fine. Good luck!
From a money laundering angle, contrary to popular belief, it is actually very easy to track funds back to an exchange. I am hoping that they look at our case realistically as we have provided some solid history for them.
It is very late in the application stage (past valuation) so we should be hearing back from them very soon...positive I hope!
Thanks again!0 -
I am about to sell my home and will release about 50k equity, I am buying a share to buy property and putting 35k towards the the price (85k for 35%+ share) So i would need a mortgage of 50k.Can i get a RIO, HOLD or lifetime mortgage for the 50k, I am 58.Alternatively could I get a mortgage which is more than 15 years or a standard interest only mortgage?.I am on severe disability benefits and not expected to be working for the foreseeable future..I have no plans to move once I have bought the share to buy property.What are the cheapest options available to me (if any) ?0
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Penguin_ said:I know that it gets easier to get a mortgage when defaults are close to falling off a credit report but if someone has say 5 which were all 4-5 years old but had done well since, would a mortgage to buy a new home be possible?@penguin_ The short answer to your question is yes.Whether you would be eligible for mainstream/mainstream-ish or specialist rates/products would depend on the specifics of the defaults as shown in your credit reports and the details of the rest of your financial circumstances and mortgage requirements.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Penguin_ said:Thank you @K_S that is very re-assuring, I have 5 defaults all from 2018 on my file.
In terms of potential amounts, is it still 3.5 to 4 times a couples earnings?@penguin_ Very generally speaking, the upper limit of what one can borrow usually ranges from 4x to 6x income. Where your specific case falls on this spectrum will depend on the lender, your borrowing requirements, the kind of product you are eligible for, etc.It is important to remember that the multiple cited above is simply an upper limit. What you can actually borrow may also be impacted by things like your age (which can limit the maximum term and hamper affordability), background debt, dependents, pension projections (whether you can strech the term into lending if required), etc.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Hi there!
We are currently waiting to see if an offer will be accepted - we already have a buyer.
We offered at the weekend and they advised although there's no more viewings, they are making Thursday the deadline for any offers to come in and to give anyone a chance to increase their offer.
Obviously that's stressful - however they're also pressuring me to talk with their broker Thursday morning even though I have a DIP from another broker.
I'm worried if I say no it's not needed that they won't represent my offer with full honesty - what's the likelihood of this please?0
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