Mortgage broker - ask me anything

Kiranyousaf123

Hi, 

I need some light shedding as I’m unbelievably lost right now 

Husband started a new job with a small local garage in March 21, I’ve been with the same large firm for over 10 years. Both FTB

AIP agreed with Halifax via Broker (I was reluctant to even attempt high street as Husband has a settled default from 3 years ago) Fast forward to now, referred to Credit decisioning team who are scrutinising his income. They have now declined based on ‘concerns of the validity of the validity of his income’ we have supplied his P60, Payslips and statements including contract. Also spoke with the Employer and his accountant who are absolutely baffled!! The Broker now has turned unhelpful and has said we cannot challenge them at all. Feeling really shocked and no idea where to turn!! Has anyone ever had this before? I’ve seen some people had their offer pulled after an audit but their statement has really got to me, they won’t even allow us to prove otherwise??!! 

Help please

Thank you 😖

K_S

Kiranyousaf123 said:

Hi, 

I need some light shedding as I’m unbelievably lost right now 

Husband started a new job with a small local garage in March 21, I’ve been with the same large firm for over 10 years. Both FTB

AIP agreed with Halifax via Broker (I was reluctant to even attempt high street as Husband has a settled default from 3 years ago) Fast forward to now, referred to Credit decisioning team who are scrutinising his income. They have now declined based on ‘concerns of the validity of the validity of his income’ we have supplied his P60, Payslips and statements including contract. Also spoke with the Employer and his accountant who are absolutely baffled!! The Broker now has turned unhelpful and has said we cannot challenge them at all. Feeling really shocked and no idea where to turn!! Has anyone ever had this before? I’ve seen some people had their offer pulled after an audit but their statement has really got to me, they won’t even allow us to prove otherwise??!! 

Help please

Thank you 😖

@kiranyousaf123 Which part of his income are you referring to, is it a variable component or basic pay?

If it's a variable component then it's not surprising that they won't consider it given that he's only been in the job 6 months so it's hard to evidence a track record.

If it's the basic salary then that would be unusual.

K_S

madz2802 said:

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!

@madz2802 Too get a very general idea of how much borrowing you may be able to support on your combined income, try playing around with a couple of mainstream lender calculators

https://www.nationwide-intermediary.co.uk/calculators/affordability-calculator

https://online.accordmortgages.com/public/mortgages/quick_enquiry.do

safvoxi

Hi, can the lifetime ISA bonus only be used for the mortgage or exchange deposit?

The property was downvalued by 5% so I'm switching to a 90% LTV product but I want to use the funds in the LISA to cover the shortfall between the offer price and the valuation. Would this be okay?

I've met all the criteria on https://www.gov.uk/lifetime-isa but can't find any specifc terms/conditions anywhere.

I'd be greatful for any advice, thank you!

Lou76

Last month I decided it was finally time to staircase up to 100% ownership of my shared ownership property (I have 25% ownership at the moment).

Not having the first clue where to start I came on here for advice, which I got from one of the brokers (who post on here for free, in their own time) - thank you very much. 😀

I noticed that Sarah, who started the thread, had knowledge of both the Scottish system (despite being primarily an English company), and also an expert in the niche market of shared ownership.

Someone kindly gave me Sarah's details [since she no longer posts on MSE], and I can honestly say, she's been fab. 😁

From having the first chat, to having a mortgage offer, has taken 4 weeks, and 2 of that was waiting for the Nationwide valuation. 🤣

She even phoned me the night she got back from her, long awaited, holiday. ☺

If anyone wants her details, please just ask. 

Runningmad

First time buyer here.
We are using help to buy equity loan, and when first enquiring we were told we'd need a 10% deposit. We now have increased earnings and the broker said we only need 5% deposit. Am I right in thinking as we have 10% deposit, use it and have less mortgage? He was saying to save the other 5% to go towards paying off the equity loan although that would be no where near enough.
Should we stick with 10%
Thanks for any replies at this stressful time. 

hopefulbeard

Hi, can you settle some nerves please. Both my wife and I are first time buyers, we have had an offer accepted on a property for £243k

We have a deposit off £16,700 (11k savings account and 5.7k in a ISA). I earn £51,500 a year the wife £41,000. 

Both have a excellent credit rating with no missed payments. Both have loans with hsbc and one credit card with £1k balance.

we have a DIP from HSBC, and are going to continue are application. Are we in a good position for the application to be approved?

are 95% LTV mortgages straightforward at the moment or should we be prepared for disappointment?

scottie21

If our solicitor has requested our redemption statement, and we are due to complete on the 30th, do we still make our mortgage payment due on the 28th? 

K_S

scottie21 said:

If our solicitor has requested our redemption statement, and we are due to complete on the 30th, do we still make our mortgage payment due on the 28th? 

@scottie21 Afaik, you continue to make all scheduled payments until completion. Might be worth confirming that with your current lender.

K_S

hopefulbeard said:

Hi, can you settle some nerves please. Both my wife and I are first time buyers, we have had an offer accepted on a property for £243k

We have a deposit off £16,700 (11k savings account and 5.7k in a ISA). I earn £51,500 a year the wife £41,000. 

Both have a excellent credit rating with no missed payments. Both have loans with hsbc and one credit card with £1k balance.

we have a DIP from HSBC, and are going to continue are application. Are we in a good position for the application to be approved?

are 95% LTV mortgages straightforward at the moment or should we be prepared for disappointment?

@hopefulbeard I don't see anything of concern in your post and given that you have a DIP, that's as much assurance as you will get at this stage. With most lenders, 95% LTV mortgages are well on their way to how they were prior to covid. Good luck!