Mortgage broker - ask me anything

debtfreeohyeah

Thanks KS, that’s good to know! 

kizzy6991

Hey

cpuld you advise if you know any mortgage lenders that would give you a mortgage on a new build apartment with a 10% deposit 

K_S

@kizzy6991 There are a handful of mainstream lenders who will consider 90% LTV resi purchase mortgages on new build flats, however that'll also depend on the specifics of the block and loan requirements.

GreenCat80

When mortgaging (for the first time) a house I already own, how long approximately would it take from applying with a broker, to receiving the money? 

K_S

GreenCat80 said:

When mortgaging (for the first time) a house I already own, how long approximately would it take from applying with a broker, to receiving the money? 

@greencat80 There's no useful answer to that question unfortunately. It depends on which lender you go with, how long with conveyancing takes, etc. If speed is a concern, then mention that to your broker so they can avoid lenders that are swamped at the moment but then you might have to compromise on rate.

Getting a mortgage on an unencumbered (mortgage-free) property is termed as a 'remortgage' and some lenders will only require search indemnity policies (quick conveyancing) while others might require the whole process (will take longer). 

GreenCat80

Thanks @K_S
Is it generally a quicker process than buying a house? I’m not in a hurry, I’m just a bit anxious about timing things right 

baidare

Hi, which lenders use different surveyors for valuation than Santander? We had down valuation with Santander and would like to try with other lender that uses different surveyor. The seller wont budge on the price we have tried. 

firsttimespender

Any views or experiences with Platform? My broker has found that’s the most cost effective deal for my circumstances. I haven’t heard of them before although have heard of the Co-op Bank which apparently it’s the mortgage arm of. 

K_S

firsttimespender said:

Any views or experiences with Platform? My broker has found that’s the most cost effective deal for my circumstances. I haven’t heard of them before although have heard of the Co-op Bank which apparently it’s the mortgage arm of. 

@firsttimespender Yes, using them regularly at the moment due to competitive rates. Nothing much to say other than that they're quite slow currently.

dlk2021

Hi. My partner and I are looking to buy our first house, but I have adverse credit. I have a fully satisfied CCJ for £621 that was issued in January 2019 and fully satisfied by October 2019, so issued three years ago now (the CCJ did not result from a default). I also have a few old defaults (most recent being January 2020 for £180 and the others being at least 4 years old), which are all settled/paid. I have not missed a single payment or had any negative markers recorded on my report in over two years. My partner's credit score is perfect (999 on Experian) and he has never missed a single payment or anything in his life. We have a combined annual income of £48,000 and have been in full time employment with our current jobs for 3 years (myself) and 5 years (him). We want to look at a house price of around £170,000 or less and have a deposit of around £20,000. Do you think we have a chance? Thank you in advance.