Mortgage broker - ask me anything

JarraLad24

Hi
Just looking for some advice i've been given the chance to buy my dad's house from him and i currently have a mortgage on my property which is about £68,000 which i could potentially port over to the new property for free or if i complete this current deal i'm on then it will cost me about £2000 in early exit fees as i'm 3yrs into a 5yr fixed deal, but after October it will drop down a bit because i would be in the 4th year of the deal.

Just wondering if people have any insight to this, my current deal is with skipton building society and the interest rate is 2.62% so would there be any deals out there in the current climate that would be worth getting instead and paying the early exit fee.

Cheers

scott1986

Have my AIP from Halifax but just been informed they’re no longer accepting furlough pay at all - change of policy since I did the AIP apparently...I’m back to work on part-time furlough now, but they don’t know what their policy is on that so awaiting a decision 🤞🏻 Are any banks still accepting applications from people on furlough?

Times_Are_Hard

haras_n0sirrah said:

Times_Are_Hard said:

I am putting my house on sale via an agent soon.
The first mortgage advisor I spoke to said his fees are £130 for the mortgage application and another £500 (can't remember exactly what he said ) for something else. I always thought the lender would give him a commission, so what would the £500 be for?
They all seem to say they have access to special/exclusive/blah blah deals, don't they all because that's what they have on the system they log into?

Most brokers charge these days (e.g. I dont hide I charge £399 on receipt of a mortgage offer) - those fees you have been quoted are quite high and a lot of estate agents have panels rather than being whole of market. I have no issue with brokers charging fees however make sure you are getting value for your fee. Is the broker contactable and respond quickly to messages and emails? Do they know their stuff? 
Are they whole of market as some small regional lenders are cheaper than the high street.
Can they act quickly especially as rates are rising? What are you getting for your money and then you can decide if it is worth paying 

Thanks for the reply.
So a £130 fee for mortgage application, plus £500 fee for I don't know what plus the (mortgage loan) commission they get from lender is the norm?

haras_n0sirrah

Times_Are_Hard said:

haras_n0sirrah said:

Times_Are_Hard said:

I am putting my house on sale via an agent soon.
The first mortgage advisor I spoke to said his fees are £130 for the mortgage application and another £500 (can't remember exactly what he said ) for something else. I always thought the lender would give him a commission, so what would the £500 be for?
They all seem to say they have access to special/exclusive/blah blah deals, don't they all because that's what they have on the system they log into?

Most brokers charge these days (e.g. I dont hide I charge £399 on receipt of a mortgage offer) - those fees you have been quoted are quite high and a lot of estate agents have panels rather than being whole of market. I have no issue with brokers charging fees however make sure you are getting value for your fee. Is the broker contactable and respond quickly to messages and emails? Do they know their stuff? 
Are they whole of market as some small regional lenders are cheaper than the high street.
Can they act quickly especially as rates are rising? What are you getting for your money and then you can decide if it is worth paying 

Thanks for the reply.
So a £130 fee for mortgage application, plus £500 fee for I don't know what plus the (mortgage loan) commission they get from lender is the norm?

As I say it depends - a fee charging broker would usually be between £250 and £500 so if you are being charged £630 for a straight forward case that is on the high side.

Toyo_86

Hi Haras
I had my valuation + Home buyer report done today for Natwest. Do you know when Connell (surveyor) would provide me with the Home Buyer report? Will they also give me the valuation they provided to Natwest?
Thanks

haras_n0sirrah

becky8690 said:

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 

It should be being done in date order - currently 11 working days

haras_n0sirrah

JarraLad24 said:

Hi
Just looking for some advice i've been given the chance to buy my dad's house from him and i currently have a mortgage on my property which is about £68,000 which i could potentially port over to the new property for free or if i complete this current deal i'm on then it will cost me about £2000 in early exit fees as i'm 3yrs into a 5yr fixed deal, but after October it will drop down a bit because i would be in the 4th year of the deal.

Just wondering if people have any insight to this, my current deal is with skipton building society and the interest rate is 2.62% so would there be any deals out there in the current climate that would be worth getting instead and paying the early exit fee.

Cheers

It will depend on what your loan to value is - I have done a mortgage for someone today at 1.29% but that was with a 40% deposit. 

haras_n0sirrah

scott1986 said:

Have my AIP from Halifax but just been informed they’re no longer accepting furlough pay at all - change of policy since I did the AIP apparently...I’m back to work on part-time furlough now, but they don’t know what their policy is on that so awaiting a decision 🤞🏻 Are any banks still accepting applications from people on furlough?

lenders are certainly now shying away from anyone still getting any furlow - off the top of my head I don't know if anyone is still accepting furlow (not come up against anyone on flexi furlow in real life) but can do some research

haras_n0sirrah

Toyo_86 said:

Hi Haras
I had my valuation + Home buyer report done today for Natwest. Do you know when Connell (surveyor) would provide me with the Home Buyer report? Will they also give me the valuation they provided to Natwest?
Thanks

connells will send the valuation to natwest and send you the home report. I would expect it to take about a week to get the home buyer

idkwhattosay

I've been following this thread from the beginning and read all 44 pages and I just want to say wow, if some of you are able to get a mortgage then I should be flying through the application (no offence) . I wanted to save the praise for my own thread after completion, but I can just say it right now to those who are not sure about having a mortgage broker. Please do yourself a favour, it will save you so much headache! I can't recommend Sarahharas_n0sirrah) enough! Honestly I still don't understand what's going on, it's been the busiest two weeks of my life (from talking to Sarah to getting mortgage agreed). So many millions of papers! If I didn't have her I don't know how all this would have played out and how long it would take, we went 0-60 in literally two weeks! She's super speedy, she manages to be active on the forums and answer my emails within minutes .

Just thinking of going through all that by myself is giving me a rash, I don't know how some people do it. I mean for £399 you can save yourself any potential problems of not doing things right or worrying about updates and how the process goes, if you did things right etc. Especially people who don't have a clean credit rating. I like to think I'm doing well on that and still wouldn't go through the application myself. There are just caveats that you're not aware of, which are being revealed to you by a broker and you both avoid problems and handle things in a way you haven't thought of before.

I already recommended Sarah to two of my friends who will be looking to buy soon(ish) and I'm happy to come back when my remortgage is due! I only do reviews if I'm super p-d off or super happy.