Mortgage broker - ask me anything

James-may

kingstreet said:

James-may said:

I have a Santander mortgage, we are hoping to complete next week.
At what point do I get the £1000 cashback from Santander?, and does it pay automatically into the account the direct debit is paid from?
Thanks for any wisdom.

Usually paid to solicitor with mortgage funds. It would show on your draft completion statement. Check your offer though as a few lenders, Nationwide for one, pays the cashback into the account from which payments are made a few days after the first payment goes out.

Thanks for that, I'll check tonight, I'm with Santander, and have already paid all legal fees and they have my deposit.
I'll have a check tonight.
Thanks

Violetwishes18

Hi. I am really needing some help please. I contacted a broker last week and we had a telephone appointment on  Saturday. We were asked loads of questions and were promised a call Monday tea time to give us some update on what he had found out. I can see some soft searches on my credit file but no one has called us back. Now I’m worried I’ve been I touch with a rubbish company and it may affect us getting started with the process. Also we will need another broker but when I’m looking I’m so confused and can’t seem to find any near us that have decent reviews. Can anyone point us in the right direction please? First time buying doing right to buy 

K_S

Violetwishes18 said:

Hi. I am really needing some help please. I contacted a broker last week and we had a telephone appointment on  Saturday. We were asked loads of questions and were promised a call Monday tea time to give us some update on what he had found out. I can see some soft searches on my credit file but no one has called us back. Now I’m worried I’ve been I touch with a rubbish company and it may affect us getting started with the process. Also we will need another broker but when I’m looking I’m so confused and can’t seem to find any near us that have decent reviews. Can anyone point us in the right direction please? First time buying doing right to buy 

@violetwishes18 If you were promised a callback on Monday and haven't heard anything yet, the broker either doesn't want your business or is unable to place the case.

Unless you want face to face advice, the broker being local or not has no bearing on their quality of advice. If your RTB case is straightforward, you could try the brokers on the MSE guide or ask for recommendations from friends/family/colleagues, etc.

Violetwishes18

K_S said:

Violetwishes18 said:

Hi. I am really needing some help please. I contacted a broker last week and we had a telephone appointment on  Saturday. We were asked loads of questions and were promised a call Monday tea time to give us some update on what he had found out. I can see some soft searches on my credit file but no one has called us back. Now I’m worried I’ve been I touch with a rubbish company and it may affect us getting started with the process. Also we will need another broker but when I’m looking I’m so confused and can’t seem to find any near us that have decent reviews. Can anyone point us in the right direction please? First time buying doing right to buy 

@violetwishes18 If you were promised a callback on Monday and haven't heard anything yet, the broker either doesn't want your business or is unable to place the case.

Unless you want face to face advice, the broker being local or not has no bearing on their quality of advice. If your RTB case is straightforward, you could try the brokers on the MSE guide or ask for recommendations from friends/family/colleagues, etc.

Thank you for you reply. It’s quite a straightforward case really as we were told previously. I wasn’t aware there were on the guide. I will have a look now. Thanks again

Notlaw1976

Is there any chance of switching mortgage deals when my current deal is up, if I have got a CCJ in the time since I took out the mortgage?  Everything else on our credit files is in good order, but I got a CCJ due to losing my job and not ceontacting the card company to arrange something.  Will other lenders offer options, or will I have no choice but to revert to a standard rate with the original lender?

K_S

Notlaw1976 said:

Is there any chance of switching mortgage deals when my current deal is up, if I have got a CCJ in the time since I took out the mortgage?  Everything else on our credit files is in good order, but I got a CCJ due to losing my job and not ceontacting the card company to arrange something.  Will other lenders offer options, or will I have no choice but to revert to a standard rate with the original lender?

@notlaw1976 As long as you don't need to borrow more or change the term, you should be able to switch to a new deal with the current lender without any income checks, underwriting or credit checks. 

gollum007

Would be interested in a broker's opinion (before I try chasing / calling around on this) on this:
* Property value approx £190,000
* Required loan £25,000
* Income £21,000 (property is currently mortgaged jn joint names with my father.)
* Unable to switch deal with current lender as they've left the market
* Approx 2k on stooze (can pay off instantly), 1k in free cash & 10k in shares.
* Repayment over 5 years.

Is this likely to be placable without too much drama?

My income is low, but I've actually been paying this for the last 15 years, despite what affordability calculators say. We're now at the stage when they say it might be doable......
Ideally also want to get it into the single name also. 

If it's not placable easily, it'll end up being paid off anyway via other means, but that's something I'd like to avoid.

Cashy87

Hi just wondering whether it is important to tighten up spending before applying for a mortgage, I will be applying for a mortgage in January and obviously will be spending more money in December due to Christmas, will this affect my chances? Thanks. 

K_S

gollum007 said:

Would be interested in a broker's opinion (before I try chasing / calling around on this) on this:
* Property value approx £190,000
* Required loan £25,000
* Income £21,000 (property is currently mortgaged jn joint names with my father.)
* Unable to switch deal with current lender as they've left the market
* Approx 2k on stooze (can pay off instantly), 1k in free cash & 10k in shares.
* Repayment over 5 years.

Is this likely to be placable without too much drama?

My income is low, but I've actually been paying this for the last 15 years, despite what affordability calculators say. We're now at the stage when they say it might be doable......
Ideally also want to get it into the single name also. 

If it's not placable easily, it'll end up being paid off anyway via other means, but that's something I'd like to avoid.

@gollum007 Based on the limited info in your post, you appear to be looking to borrow 25k over 5 years with an income of 21k and 2k of background cc debt (whether it's 0% or not doesn't make a difference). It should be relatively easy to place unless there's other relevant info in the background.

K_S

Cashy87 said:

Hi just wondering whether it is important to tighten up spending before applying for a mortgage, I will be applying for a mortgage in January and obviously will be spending more money in December due to Christmas, will this affect my chances? Thanks. 

@cashy87 As long as the spending is discretionary (holidays, gifts, eating out a lot, etc) and funded from your income/savings (so not adding to your debt), it shouldn't have any material impact on your chances.