Mortgage broker - ask me anything

K_S

bhhm3 said:

Morning!

I wonder if I could get your opinion on my situation —

First time buyer based in London, relocating to the North East.

£50K annual salary. 2.5 years in perm role. Work remote. 48% debt to income ratio. Proven credit history (8+ years, numerous active and settled accounts, no missed payments, no ccjs, on electoral roll, squeaky clean)

Offer accepted at £71K. Deposit at 5%. Borrowing £67450.

Would the relatively high existing debt (although properly managed) stop me from getting an approval? 

@bhhm3 50k income (assuming your employer is happy to give a home working confirmation if requested), 25k debt, looking to borrow 67k, all adds up fine. The only fly in the ointment is the 95% LTV (which means high lender 'credit-scoring' requirements where the debt levels might have an impact) and the low property value which will rule out some lenders. Overall you should be fine and have a few options.

bhhm3

K_S said:

bhhm3 said:

Morning!

I wonder if I could get your opinion on my situation —

First time buyer based in London, relocating to the North East.

£50K annual salary. 2.5 years in perm role. Work remote. 48% debt to income ratio. Proven credit history (8+ years, numerous active and settled accounts, no missed payments, no ccjs, on electoral roll, squeaky clean)

Offer accepted at £71K. Deposit at 5%. Borrowing £67450.

Would the relatively high existing debt (although properly managed) stop me from getting an approval? 

@bhhm3 50k income (assuming your employer is happy to give a home working confirmation if requested), 25k debt, looking to borrow 67k, all adds up fine. The only fly in the ointment is the 95% LTV (which means high lender 'credit-scoring' requirements where the debt levels might have an impact) and the low property value which will rule out some lenders. Overall you should be fine and have a few options.

Thank you for coming back to me so quickly!

Habito suggested I used Natwest so I have done so. Hopefully it all goes through and they give me a hand to get my first step on the ladder 🤞🏻

scottie21

NatWest survey didn’t inspect our loft, private survey did. The private survey has found spray foam insulation in the roof
 Survey has been sent on to our solicitor.
Estate agents seem to think it’s as simple as a price re-negotiation, we’re worried the bank won’t lend, or if we don’t mention to them and our solicitor is obliged to disclose we could lose our deposit (we haven’t exchanged yet). 

Where do we go from here? 

FTBSolihull

can anyone recommend a mortgage advisor. first time buyer here. thank you

Lowe_Queen

Barclays mortgage applications… is it normal to take 2 weeks? We’ve still not heard anything since they said they’d done their ‘initial assessment’ and I’m not even sure what that means. Hard search on credit file at DIP. Slowly losing my marbles…. 

hellosunshine17

Do surveys / reports have to be dated within a certain time period to be accepted by the lender?

E.g. we have a damp report done in June during a previous application with a different lender - will this be acceptable to the new lender?

Really hope so because we can't afford to pay for surveys etc all over again!

K_S

hellosunshine17 said:

Do surveys / reports have to be dated within a certain time period to be accepted by the lender?

E.g. we have a damp report done in June during a previous application with a different lender - will this be acceptable to the new lender?

Really hope so because we can't afford to pay for surveys etc all over again!

@hellosunshine17 You'll have to ask the lender / valuer I'm afraid. It'll depend on what the reason is for requesting a damp survey and the contents of the existing report.

More broadly, does this mean that a previous purchase fell through even after a damp report, etc was done?

K_S

Lowe_Queen said:

Barclays mortgage applications… is it normal to take 2 weeks? We’ve still not heard anything since they said they’d done their ‘initial assessment’ and I’m not even sure what that means. Hard search on credit file at DIP. Slowly losing my marbles…. 

@lowe_queen Depends on the case and what's happened till now. I would recommend giving Barclays a call (if direct) or ask your broker for an update.

Lowe_Queen

K_S said:

Lowe_Queen said:

Barclays mortgage applications… is it normal to take 2 weeks? We’ve still not heard anything since they said they’d done their ‘initial assessment’ and I’m not even sure what that means. Hard search on credit file at DIP. Slowly losing my marbles…. 

@lowe_queen Depends on the case and what's happened till now. I would recommend giving Barclays a call (if direct) or ask your broker for an update.

Thank you. I don’t feel like we are a difficult case. My husband is self employed but he’s sub contracted and has full 5 years’ worth of accounts/sa302/payslips etc. I am full time employed on a perm contract, my salary is good (lecturer) and we both have good credit files. We have applied for 85% LTV. Joint income suggests over 50% disposable income after all outgoings and not just debts (debt to income is under 30%). We contacted our MA yesterday and she said she’s chasing for us daily, they told her yesterday that they would have ‘checked it’ by end of play yesterday but still nothing. I’m terrible for over thinking so I’m just losing the will with waiting. I suppose I just have to suck it up and keep my fingers crossed. Thank you for your reply 

WildWaterloo

Hi,
A friend has two mortgages with First Direct on the same property. On initial enquiry they denied any option to consolidate them in to one and remortgage to release some renovation funds.
Is consolidation a viable options? Rates now are much better than she has at present as they are now trackers well out of their fixed period. In total they both come to about £47k but the property is worth about £180k.
They did however say they can offer a large loan as an alternative. 

Any advice is appreciated.

Thanks.