Mortgage broker - ask me anything

K_S

Kerst83 said:

Hi, we’re buying a new build and have applied for a mortgage with platform via a broker. Our mortgage broker has let us down, 4 weeks into applying, no credit check yet and they keep asking the same questions that we’ve already answered three times  🤬🤯🤬

We need to go somewhere else, to make sure we get an offer and don’t lose the house. 

Is it ok to apply directly? (We’re thinking Halifax or HSBC) Or is it best to go via a different broker? Can we have two applications going at the same time and then take whichever comes in first? Any help highly appreciated! 

@kerst83 Platform are absolutely useless at the moment, asking moronic questions for the most straightforward cases and taking 10+ working days to simply pick up responses to queries. That combination means cases can go on endlessly. I've one last Platform case in the pipeline and won't recommend them unless they're the only option due to criteria or I've heard from my peers that they've noticeably improved. Thankfully they're rarely more than a tiny bit cheaper than the best of the rest. Sorry for the rant.

With regard to your question, I would always recommend using a broker, especially if you're new build is going to take a while to complete, but then I would say that wouldn't I

Kerst83

@kerst83 Platform are absolutely useless at the moment, asking moronic questions for the most straightforward cases and taking 10+ working days to simply pick up responses to queries. That combination means cases can go on endlessly. I've one last Platform case in the pipeline and won't recommend them unless they're the only option due to criteria or I've heard from my peers that they've noticeably improved. Thankfully they're rarely more than a tiny bit cheaper than the best of the rest. Sorry for the rant.

With regard to your question, I would always recommend using a broker, especially if you're new build is going to take a while to complete, but then I would say that wouldn't I

Hi K_S, thanks for the great reply even at this late hour! Really appreciate it and it’s great to hear the it’s Platform in general at the moment and not just us. 

Regarding the broker question, the issue is that the new build is not taking a while to complete. The expected completion date for the house is end of Oct/early Nov so the developer wants to move ahead quickly now and we obviously need to have a mortgage in place before we can exchange contracts. Is assume this won’t change anything though on your opinion? Ideally the broker would have insight into completion times and what makes sense, right? 

Ry12335

When remortgaging and borrowing more, how far back to banks check for unarranged overdraft on credit report? Bearing in mind everything else on credit report is looking spot on. Thanks 

K_S

Ry12335 said:

When remortgaging and borrowing more, how far back to banks check for unarranged overdraft on credit report? Bearing in mind everything else on credit report is looking spot on. Thanks 

@ry12335 There's no hard and fast rule. What impact (if any), the unarranged OD might have will depend on the lender, what's showing on your credit files and the rest of the case.

gollum007

kingstreet said:

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.

Your father is party to mortgage and ownership? Are you removing him by transfer of equity? Does he live in the property? Will he live in the property?

@kingstreet Correct.

A deed of trust has always been in place (99.9% myself, 0.01% him), not sure off the top of my head exactly what Land Registry says without going away and looking that up.

He's never lived in the property, and has had no intentions of doing so.

This was declared on the original application (along presumably with the contents of the deed of trust, as that was written by the original conveyancing solicitor), and hasn't been a problem in the last 15 years.

Liyana89

Question for all let gage advisors/brokers please:

When applying for a mortgage, If the whole sum of the deposit is from my parents for example as I don’t have savings, (I’m 30+ but haven’t had a chance to save) will lenders frown upon this and likely to decline me as a mortgage applicant?

would be grateful for replies thanks 

K_S

Liyana89 said:

When applying for a mortgage, If the whole sum of the deposit is from my parents for example as I don’t have savings, (I’m 30+ but haven’t had a chance to save) will lenders frown upon this and likely to decline me as a mortgage applicant?

@liyana89 The short answer is no, for most lenders it will not be an issue.

A few (very few) lenders will require a personal deposit but most will not. A 100% gifted deposit may have a slight impact on the specific lender's "credit-scoring" but is unlikely to mean the difference between an application being accepted or declined.

JohnSmith50

Hi, would love some help with this.... 

I own a house with my mother, where my I have lived at permanently and then periodically, including with my wife since I got married. We re-mortgaged the house and transferred ownership from another family member who is now deceased several years ago. I do not own another property, but my work has taken me to other parts of the country in the long term, so at times I have taken out leases at various points to live nearer to work, and split my time between the rented house and the house I own. 

It looks like my work will be away form the house I own in the long term. So I will be living away from my owned house, in rented accommodation for the foreseeable future. My mother will remain in the house I co-own with her. Do I need to do anything now from a mortgage perspective if I am only renting elsewhere?

Secondly, in the far off future when I finally buy another home, what will the implications be? Will I need to let the half of the house I own to her? Or can the arrangement just continue? I will speak to a financial advisor at some point but just trying to information gather

sterling6264

Hi, I'm hoping you can help, hopefully this is enough information to go off

Due to remortgage in a few months, my parent is currently on my mortgage (joint borrower sole proprietor mortgage) as was self employed now permanent contract.

Looking to take advantage of the low interest rates at the moment though without my parent on the mortgage 4.5 times my salary does not cover what is left, would I be eligible to most high street lenders or would I have to go back to the drawing board?

Info below

House value £175k
Outstanding mortgage £110k (think this works out at 64%)
My salary 23k a year so just comes a few grand short

Been in a fixed term mortgage paying £550pm for the last 2 years (no missed payments and my credit score is really good) and the deals I'm seeing would mean a reduce in term and payment by about £100 a month.

Just wondering if the terms are different when remortgaging in this kind of scenario and if the deals I'm seeing are unrealistic for my situation?

K_S

sterling6264 said:

Hi, I'm hoping you can help, hopefully this is enough information to go off

Due to remortgage in a few months, my parent is currently on my mortgage (joint borrower sole proprietor mortgage) as was self employed now permanent contract.

Looking to take advantage of the low interest rates at the moment though without my parent on the mortgage 4.5 times my salary does not cover what is left, would I be eligible to most high street lenders or would I have to go back to the drawing board?

Info below

House value £175k
Outstanding mortgage £110k (think this works out at 64%)
My salary 23k a year so just comes a few grand short

Been in a fixed term mortgage paying £550pm for the last 2 years (no missed payments and my credit score is really good) and the deals I'm seeing would mean a reduce in term and payment by about £100 a month.

Just wondering if the terms are different when remortgaging in this kind of scenario and if the deals I'm seeing are unrealistic for my situation?

@sterling6264 Based on the limited info in your post and assuming no debt, no significant financial commitments, no dependents, house not flat, relatively young, not looking to raise any cash from the remortgage - a couple of high street lenders may consider lending the 110k that you need for a like-for-like remortgage but most will max out at 103k (4.5x).

Assuming that you are with a high street lender now, there is always the option of doing a product switch and staying with the same lender, albeit with your parent still on the mortgage. Normally, this will involve no affordability checks, etc.