Mortgage broker - ask me anything

K_S

BrunoYMY said:

Hi 

I have an AIP through a mortgage broker but my bank have contacted me to speak over my finances to see if there is anything they can do for me. Is it wise to speak to the bank anyway and see what they are offering and would another mortgage search effect the agreement I have in principle? 

Thanks. 

@BrunoYMY As long as they don't do anything involving a hard-check on the credit report, it shouldn't make a difference to the AIP you already have.

Sunny_2022

Hi all,

hopefully a really quick question.

we’ve recently had a remortgage approved but have been regularly overpaying, so it’s possible the amount we will owe is less than the amount we applied for in the remortgage.  We are waiting for the ERC to drop so

still have a couple of months before completion and I’m tempted to put another lump sum in to reduce the principal further.

Assuming the principle is lower,

does the monthly payment on the new mortgage automatically drop based on the reduced principal and same rate? So in effect we just get a smaller mortgage at the end.

the T and Cs seem to suggest we would not get the surplus amount back as cash so just wanted to double check.

The mortgage will be with HSBC in case that makes a difference.

thanks. 

justinsrival

Do you have any information on the government 5% mortgages (and non- government products) please?

Are there any particular requirements that set them apart from other products? 

BrunoYMY

K_S said:

BrunoYMY said:

Hi 

I have an AIP through a mortgage broker but my bank have contacted me to speak over my finances to see if there is anything they can do for me. Is it wise to speak to the bank anyway and see what they are offering and would another mortgage search effect the agreement I have in principle? 

Thanks. 

@BrunoYMY As long as they don't do anything involving a hard-check on the credit report, it shouldn't make a difference to the AIP you already have.

Thanks for the reply. I assume the checks the broker has done will have included my bank, but do you think it’s possible to get a better deal dealing with them directly? 

adamsvr

Hi what way does Santander work for mortgage application? We applied via broker on 10/01/22 additional docs requested 11/01/22 and all sent over on 12/01/22 I know it’s only been a day since docs sent over but how long are they taking to assess docs and what’s the next step afterwards?

K_S

BrunoYMY said:

K_S said:

BrunoYMY said:

Hi 

I have an AIP through a mortgage broker but my bank have contacted me to speak over my finances to see if there is anything they can do for me. Is it wise to speak to the bank anyway and see what they are offering and would another mortgage search effect the agreement I have in principle? 

Thanks. 

@BrunoYMY As long as they don't do anything involving a hard-check on the credit report, it shouldn't make a difference to the AIP you already have.

Thanks for the reply. I assume the checks the broker has done will have included my bank, but do you think it’s possible to get a better deal dealing with them directly? 

@brunoymy It's unlikely but not impossible. No harm in checking what they're offering.

K_S

adamsvr said:

Hi what way does Santander work for mortgage application? We applied via broker on 10/01/22 additional docs requested 11/01/22 and all sent over on 12/01/22 I know it’s only been a day since docs sent over but how long are they taking to assess docs and what’s the next step afterwards?

@adamsvrhttps://www.santanderforintermediaries.co.uk/submit-and-track-business/our-service-levels/

K_S

justinsrival said:

Do you have any information on the government 5% mortgages (and non- government products) please?

Are there any particular requirements that set them apart from other products? 

@justinsrival In comparison to 85% and lower LTV products, the criteria thresholds are stricter, max loan to income ratios may be lower, maximum loan size may be lower, etc.

MummyDN

What are the chances of getting a mortgage while on probation in a new job (no first payslip yet; no break in employment for many years) when coupled with adverse credit for one of the applicants? So one applicant with good credit but in a new job and other applicant with adverse credit. Deposit of about 20%. Thank you. 

K_S

MummyDN said:

What are the chances of getting a mortgage while on probation in a new job (no first payslip yet; no break in employment for many years) when coupled with adverse credit for one of the applicants? So one applicant with good credit but in a new job and other applicant with adverse credit. Deposit of about 20%. Thank you. 

@mummydn The positives are that you have continuous employment, a healthy 20% deposit and one applicant with good credit. 

There are specialist lenders who will consider applicants in their probation period, but whether you qualify will depend on how 'bad' the adverse credit is, specifically what's in your credit report.