Mortgage broker - ask me anything

hellosunshine17

Thanks @K_S it certainly is a valuation circle of hell! Do you know where I can find out which lenders use which surveyors? I know ours was done by esurv.   

Any lender you would suggest in our situation?

Thanks again

Matty1111

Hi Self Employed here - 

A big percentage of my income currently comes from my stocks and shares portfolio. Can you tell me how lenders assess the stocks and shares portfolio when used for income? in the past when I had mostly property income I always used Natwest as they would take 100% of BTL rental income into account. Now I'm mostly in non-dividend paying Stocks and Shares I need to find lenders who will count this in a similar way.

I've heard on another forum that Clydesdale will count a notional 5% of an investment portfolio as income. Can anyone confirm this or whether other lenders are similar?

The lenders intermediaries sites usually just say "investment income" with no further information which isn't particularly helpful.

K_S

Matty1111 said:

Hi Self Employed here - 

A big percentage of my income currently comes from my stocks and shares portfolio. Can you tell me how lenders assess the stocks and shares portfolio when used for income? in the past when I had mostly property income I always used Natwest as they would take 100% of BTL rental income into account. Now I'm mostly in non-dividend paying Stocks and Shares I need to find lenders who will count this in a similar way.

I've heard on another forum that Clydesdale will count a notional 5% of an investment portfolio as income. Can anyone confirm this or whether other lenders are similar?

The lenders intermediaries sites usually just say "investment income" with no further information which isn't particularly helpful.

@matty1111 If you aren't able to evidence receipt of regular income from your S&S portfolio (usually through dividends or income distributing products), you will struggle to find a lender willing to consider it as income for affordability purposes. Income through banking profit is unlikely to meet their 'sustainability' requirement.

If your income is from trading stocks and you have been doing it profitably for 2+ years, there may be options.

K_S

hellosunshine17 said:

Thanks @K_S it certainly is a valuation circle of hell! Do you know where I can find out which lenders use which surveyors? I know ours was done by esurv.   

Any lender you would suggest in our situation?

Thanks again

@hellosunshine17 You could just call up a few lenders and ask them who they use for valuations prior to putting in an application. Apologies, as a regulated mortgage broker I can't name any lenders as that could be construed as advice based on little to no information. Good luck!

ndf9876

Hopefully this will be an easy one to answer, but it's worrying me a bit so hopefully I'll be able to get a bit of clarity....

I'll be looking to remortgage in around 6 months' time, but there will be 2 payday loans still on my credit file still showing (which will be 5 years and 11 months old). No other negative markers on my credit file - no missed payments (the payday loans were repaid on time in full), no debt, no nothing. I have two credit cards with large (£10k) limits which I use monthly and repay in full, only to keep them "ticking over" (I spend maybe £100 max on each card).

My question is : will the old payday loans have any significant impact on my remortgage? Ideally I'd not like to drop onto SVR for a month to let them drop off my credit file, but if that's a better bet then so be it. I had no problems getting my current mortgage with a high street lender at a decent rate, so perhaps I'm worrying over nothing....

1982_8230

Hello! New here and in the middle of selling and buying. Do you have any experience with Clydesdale bank? Our buyers are trying to secure a mortgage through them but it's now a month post-offer and they still don't have the mortgage offer - the valuation (desktop) happened two weeks ago. Are they always this slow or is there something to worry about? The offer wasn't ridiculously high - in fact it was quite low.

K_S

ndf9876 said:

Hopefully this will be an easy one to answer, but it's worrying me a bit so hopefully I'll be able to get a bit of clarity....

I'll be looking to remortgage in around 6 months' time, but there will be 2 payday loans still on my credit file still showing (which will be 5 years and 11 months old). No other negative markers on my credit file - no missed payments (the payday loans were repaid on time in full), no debt, no nothing. I have two credit cards with large (£10k) limits which I use monthly and repay in full, only to keep them "ticking over" (I spend maybe £100 max on each card).

My question is : will the old payday loans have any significant impact on my remortgage? Ideally I'd not like to drop onto SVR for a month to let them drop off my credit file, but if that's a better bet then so be it. I had no problems getting my current mortgage with a high street lender at a decent rate, so perhaps I'm worrying over nothing....

@ndf9876 2 payday loans taken out more than 5 years ago is not going to have any material impact on your mortgage chances.

K_S

1982_8230 said:

Hello! New here and in the middle of selling and buying. Do you have any experience with Clydesdale bank? Our buyers are trying to secure a mortgage through them but it's now a month post-offer and they still don't have the mortgage offer - the valuation (desktop) happened two weeks ago. Are they always this slow or is there something to worry about? The offer wasn't ridiculously high - in fact it was quite low.

@1982_8230 Clydesdale can be quite slow in underwriting so a month from app isn't very long tbh. Unfortunately, there's not barely enough information to speculate on whether there's anything to worry about or not at this stage.

Matty1111

K_S said:

@matty1111 If you aren't able to evidence receipt of regular income from your S&S portfolio (usually through dividends or income distributing products), you will struggle to find a lender willing to consider it as income for affordability purposes. Income through banking profit is unlikely to meet their 'sustainability' requirement.

If your income is from trading stocks and you have been doing it profitably for 2+ years, there may be options.

Thanks that is a shame since dividend paying stocks aren't often the best way to create an income. Selling down a growth portfolio at say 4% is basically the same thing but time will tell if I can find a lender who will see it the same way 

muswellblue

Hi. My mum passed away and left her house 50:50 between myself and my brother. I have been living in the house and want to buy my brothers half. The house is worth approximately £380000. I also have £110000 in stocks and shares, so am looking at a mortgage of about £80000. 

I earn £31000/year, have no debts, clear credit score and have had my job almost 26 years. The problem I may have applying for a mortgage maybe my costs commuting which are £6500/year. 

I am a first time buyer and do not have a great knowledge of mortgage applications. What sort of mortgage would I be looking for and will it go in my favour that I already own half the house and have a large deposit? Thanks.