Mortgage broker - ask me anything

K_S

Kiyonari said:

L&C guy just rang me.  Advised cannot get a mortgage as the missed payment was in the last 6 months...  brilliant

@kiyonari I definitely would not take that as the last word on this matter. L&C are great at what they do but like most volume brokers, they aren't always good at thinking outside the box.

mortgage_2222

I need help figuring out what I need to pay my ex to take over the mortgage.  

Valuation 230k
mortgage remaining  40k

deed of trust:  I paid £45k, she paid 20k

Therefore there's 190k equity split 50/50 as £95k each. 

I paid in an extra 25k at the start so if I take that off her 95k share to reclaim it, I would owe 70k to buy her out.  Is this correct?

If she were to buy me out I'd have the 95k, plus she'd owe the extra 25k so I could expect £120k should she wish to buy me out, is that correct?  

It's confusing! I'm not sure if I should be taking the difference of our deposits into account as I've done above, or the whole amount.

As soon as we know where we are in this respect we can decide who is going to stay and who will move out.

Thank you for any help!

Kiyonari

K_S said:

Kiyonari said:

L&C guy just rang me.  Advised cannot get a mortgage as the missed payment was in the last 6 months...  brilliant

@kiyonari I definitely would not take that as the last word on this matter. L&C are great at what they do but like most volume brokers, they aren't always good at thinking outside the box.

Can you point me in the right direction Re a broker, am not sure what to do.  Am I best finding someone local?

K_S

mortgage_2222 said:

I need help figuring out what I need to pay my ex to take over the mortgage.  

Valuation 230k
mortgage remaining  40k

deed of trust:  I paid £45k, she paid 20k

Therefore there's 190k equity split 50/50 as £95k each. 

I paid in an extra 25k at the start so if I take that off her 95k share to reclaim it, I would owe 70k to buy her out.  Is this correct?

If she were to buy me out I'd have the 95k, plus she'd owe the extra 25k so I could expect £120k should she wish to buy me out, is that correct?  

It's confusing! I'm not sure if I should be taking the difference of our deposits into account as I've done above, or the whole amount.

As soon as we know where we are in this respect we can decide who is going to stay and who will move out.

Thank you for any help!

@mortgage_2222 It will depend on what exactly is written into your deed of trust.

Most commonly, this is how it works - the deed states that the property is held in equal shares subject to the first 25k of any sale proceeds, after the deduction of all the sales costs (mortgage redemption, estate agent fees, etc), being owed to you. The remaining amount is then split 50-50.

So in this case, that might look like (ignoring selling costs) -

Sale price/valuation - 230k
less mortgage of 40k - 190k
less the 25k owed to you - 165k
split 50-50 - 82.5k each

So that's what might be owed to her when buying her out.

Just to be super clear, this is simply an illustration based on how deed of trusts are often drawn up when purchasers put in unequal deposits. Your's might well be completely different!

K_S

Kiyonari said:

K_S said:

Kiyonari said:

L&C guy just rang me.  Advised cannot get a mortgage as the missed payment was in the last 6 months...  brilliant

@kiyonari I definitely would not take that as the last word on this matter. L&C are great at what they do but like most volume brokers, they aren't always good at thinking outside the box.

Can you point me in the right direction Re a broker, am not sure what to do.  Am I best finding someone local?

@kiyonari You just need an experienced whole-of-market broker, perhaps look further down the list in the MSE guidance here https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/

charlotteo1988

Don’t suppose you know if NatWest tracker is down for everyone or just mine? I’m supposed to have the valuation done today and know they are quite good at saying when it’s done but I can’t log in. 

**Don't worry I can get on now but nothing has changed**!

Thanks 

KLW87

Hi, I am in the process of applying for a mortgage with my husband, due to various things we are now splitting.  Is it possible to continue with the mortgage application as a single applicant or would I have to wait a certain length of time before applying on my own? Thanks.

K_S

KLW87 said:

Hi, I am in the process of applying for a mortgage with my husband, due to various things we are now splitting.  Is it possible to continue with the mortgage application as a single applicant or would I have to wait a certain length of time before applying on my own? Thanks.

@klw87 I doubt you'd be able to continue the same application, you'll have to check with the lender (if direct) or your broker.

If you can afford the mortgage on your one income, there's no real need to wait.

CBat

I've got a mortgage offer with Santander which was approved in October. It's valid until March and I'm hoping to complete in Feb. When we come to completion, are the bank likely to do any more checks ahead of releasing the funds or does it happen as soon as the solicitor gives the go ahead?

colin7834

Currently trying to secure an AIP and my broker says because I have a default on my credit from July 2017 (settled as of March 2021) I would likely need a specialist product, which I would need to complete a joint application on, I would rather complete a single application, is this really the case?