Mortgage broker - ask me anything

Carmenxox

Is it common for lenders to try and palm blame onto mortgage brokers for 'sitting' on a mortgage application?

My buyers have been waiting over a month for a mortgage offer from Nationwide (I understand their are incredibly busy at the moment), though they claimed that their mortgage broker hadn't done anything with some information requested since 10th September so the mortgage application has basically been sat there doing nothing 🤦🏻‍♀️

Carmenxox

They*...darn, why can't you edit posts on here. Autotext making me look silly.

haras_n0sirrah

I am waiting for nationwide to look at some documents they were sent on the 10th (have escalated it today as is now outside of their advertised time scales)
Has the broker not sent it in or has nationwide received it on the 10th and not yet looked at it?

Carmenxox

Nationwide are claiming they never received an answer to their query. The broker is adamant they told them.

I wonder if they are pointing blame at the broker to save their own skin if it's out of advertised timescales?

PaveyK

Got given a verbal mortgage offer by our broker Friday afternoon, but how long will it take for us to receive this in written form so we actually believe it! Offer from Santander

LRmortgage

PaveyK said:

Got given a verbal mortgage offer by our broker Friday afternoon, but how long will it take for us to receive this in written form so we actually believe it! Offer from Santander

Santander send an email to the broker saying that the case is agreed and that the processing team will issue the offer. That’s probably why your broker has told you. 

Processing team aren’t that quick at the moment, like all lenders they have backlogs. I would expect your broker will be able to download the offer document from the portal within 3 - 5 days (ish). 

[Deleted User]

Morning @haras_n0sirrah , are renewals, at the end of a fixed term, being Covid affected at the moment ?
I'll not be renewing for another 6 months but it has had me wondering if there will be negative impacts, on the self employed, if we've been paid them.
Just wondering what your thoughts were on it ?

haras_n0sirrah

[Deleted User] said:

Morning @haras_n0sirrah , are renewals, at the end of a fixed term, being Covid affected at the moment ?
I'll not be renewing for another 6 months but it has had me wondering if there will be negative impacts, on the self employed, if we've been paid them.
Just wondering what your thoughts were on it ?

If you are doing a product transfer there is no underwriting involved. If changing lender then yes it would be a brand new underwrite. Which lender is it? Some lenders e.g natwest are cheaper going via a broker than direct and a lot of brokers don't charge for product transfers 

[Deleted User]

The Nottingham.

sjeap

My mother recently gifted myself and my sister one of her buy to let properties. As my sister wasn’t interested in renting it out but I was, so it was put in my name and I need to raise a mortgage to pay her half and we would like another £10k out for repairs. There is a tenant in the property who has been in since 2005 and has always paid. The rent is £440 a month, the value is 80-90k and we would like a mortgage of £50k - from what I’ve seen the rent is substantially over the 125% requirement. Is this doable? Every mortgage I see is either for purchase or remortgage and we are not buying it nor is there a mortgage currently on it so I’m not sure how it works. Thanks so much