Mortgage broker - ask me anything

K_S

WildWaterloo said:

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. 

@wildwaterloo Can't comment on FD as it's direct-only but if you were to move lenders (capital raise remortgage) you would end up with one single mortgage.

WildWaterloo

K_S said:

WildWaterloo said:

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. 

@wildwaterloo Can't comment on FD as it's direct-only but if you were to move lenders (capital raise remortgage) you would end up with one single mortgage.

So it is feasible to do? And common for other lenders? Guess she needs to speak to a broker ASAP. Thanks. 

DaisysMum40

DaisysMum40 said:

K_S said:

DaisysMum40 said:

Random question! We have applied for HSBC mortgage which was declined due to satisfied CCJ for £650 (3yrs 3mths) old no other adverse credit, as we have banked with HSBC for 14 years and partner currently has sole mortgage with them they advised they could approach underwriter to see if they could do anything. 

Appt with HSBC advisor tonight and she advised that as we are technically overriding the declined decision in principle they can’t provide this and decision will be with underwriter, we therefore can’t put in the offer in writing we want to make on a property.

L&C have advised there are high street lenders who can help (obvs HSBC not being one of them!) so my question is, is it usually a positive sign if the underwriter is happy to look at application or are we wasting time and better to seek alternative lender though MA?

@daisymum40 Based on my experience and the limited info in your post, HSBC will not reconsider. Tbh I'm quite surprised that the broker managed to get a declined DIP to an underwriter, but then I wouldn't even have tried. Hopefully I'm wrong and you do get the decline overturned. Good luck!

Thanks so much for your reply and that’s really good to know, we explained the circumstances of the CCJ and assumed as we were long standing customers this may have made the difference but we obviously don’t want to waste time (and have unnecessary hard credit search) if there are other lenders who will be more likely to agree and give decision in principle! 

Decision overturned mortgage offer received yesterday! 

ConsistentlyLost

A question regarding gifted money. The money that my parent is gifting me will be for my emergency fund and not for my house deposit. It will be kept in an account of mine separate from the accounts that contain the money I have saved that will go towards the house deposit. My question is, will this not be looked over by either the mortgage lender or solicitor? Reason being, my parent doesn't want their bank statements checked over. Thank you in advance folks for your advice!

muswellblue

Hi, 
Following on from my earlier post regarding buying my brothers share of our inherited house, I have a question regarding future pension relating to my mortgage application. 

I’m almost 49, and can take one of my pensions at 55. The lump sum from this could pay off my mortgage. Will this be taken in to account when applying for a mortgage and increase my chances of getting the mortgage? Thanks for any advice. 

K_S

muswellblue said:

Hi, 
Following on from my earlier post regarding buying my brothers share of our inherited house, I have a question regarding future pension relating to my mortgage application. 

I’m almost 49, and can take one of my pensions at 55. The lump sum from this could pay off my mortgage. Will this be taken in to account when applying for a mortgage and increase my chances of getting the mortgage? Thanks for any advice. 

@muswellblue In a normal buying situation, the potential lump-sum available would not make any difference to your chances, positive or negative.

If you are looking for an interest only mortgage to be paid off with that lump sum, then yes it may meet that requirement.

Emotional_Logic

Hi,

We are carrying out a research study on behalf of a major UK mortgage lender. The lender we are working with is enhancing their online capabilities, and is keen to get feedback from brokers who place cases online with market lenders.

Would you be willing to help us? The research will involve a 60 – 90 minute online interview by Zoom or video chat, in which you’ll be asked to navigate your way through some web pages and tell us your thoughts about how easy it is to do, and what could be improved.

As a thank you for taking part, we would offer you £80. We would provide this via an Amazon voucher or via PayPal, whichever you prefer.

Before taking part, we will need to ask you some quick questions, so we can make sure we include a mix of brokers in the research. If you are interested, please find the link to the survey here:

https://eu.questionpro.com/t/AB3uslKZB3vGSG<br>

Please be assured this is a genuine market research study, we will not ask for any account or case details and no sales call will result from our contact with you.  Your answers to these questions will be treated confidentially.

Thank you,

Emily, Emotional Logic.

Emotional_Logic

Hi,

Sorry, the previous link does not work.

We are carrying out a research study on behalf of a major UK mortgage lender. The lender we are working with is enhancing their online capabilities, and is keen to get feedback from brokers who place cases online with market lenders.

Would you be willing to help us? The research will involve a 60 – 90 minute online interview by Zoom or video chat, in which you’ll be asked to navigate your way through some web pages and tell us your thoughts about how easy it is to do, and what could be improved.

As a thank you for taking part, we would offer you £80. We would provide this via an Amazon voucher or via PayPal, whichever you prefer.

Before taking part, we will need to ask you some quick questions, so we can make sure we include a mix of brokers in the research. If you are interested, please email me with your interest:

ehaworth@emotional-logic.co.uk

Please be assured this is a genuine market research study, we will not ask for any account or case details and no sales call will result from our contact with you.  Your answers to these questions will be treated confidentially.

Thank you,

Emily, Emotional Logic.

madz2802

Advice needed please!

my partner has the mortgage on our house with his parents because I was a student and pregnant at the role of buying our house and wouldn’t have been able to get a mortgage.

fast forward to now, we want to take them off of the mortgage and add me on, we are unsure of how much of a combined income we will need to make this happen.

As his parents are older the mortgage is over 20 years I think, so we are looking to remortgage over a longer time period say 25-30 years. My worry is we won’t have a high enough income to take them off and add me on. How do I determine this amount? 

Left to pay on the mortgage is £225,000 and our current mortgage is part interest part payment.

Any help greatly appreciated!

novelli

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hi. I own my own ex housing association house which I rent out. I have not had any mortgage on it as was a cash buyer.
I want to purchase another house to live in with my partner.  I know if I sell the house I would have to pay some of the discount back.
But could you tell me if I am able to raise any equity from the house to use for home improvements in another house ?  I have 2 1\2 years left of the 5 year time scale from purchase.  
House is worth around £190-£200000 and only looking to borrow/raise around £20000

thanks