Mortgage broker - ask me anything

haras_n0sirrah

ctbfc said:

Apologies for a fairly mundane question. I am Currently waiting on a mortgage with TSB. Hard credit search has been done, valuation was done yesterday and I have received a text saying it is with the lender. How long am I likely to have to wait for TSB now? And given they have already done a hard search what can go wrong now?

The last time I used TSB they were at about 10-12 working days

haras_n0sirrah

jo_london_mum said:

We have a very small mortgage (42k) on a property worth £700k that we bought 3 years ago.

We would like to add to the mortgage to make the total owed to £100k

The reasons for this are: £18k car loan, £25k credit card debt, £15k wedding.

Current lender is Nationwide, who we are happy to stay with, they are offering 1.54%

Question is, how likely are they to give us this further loan, bearing in mind our favourable LTV, but the fact its mostly for loans/debt?

Not sure the best way to play it? we dont want to be turned down and then this hinders us going for another deal? We also have the option of a financial advisor we have been recommended, who we have been assured could "easily sort that out", but we like the idea of just staying with Nationwide and doing it by ourselves.

lenders can be a bit funny with debt consolidation - Nationwide aren't known for being very happy with it
Try them first but I would be prepared to change lender

Carl2510

My brother is buying a house and it never mentioned leasehold and turns out it is, but they are saying because he is paying full price he will own the freehold is this true? Or is it really not that simple basically it was a shared ownership and he’s apparently paying full price for it

haras_n0sirrah

Carl2510 said:

My brother is buying a house and it never mentioned leasehold and turns out it is, but they are saying because he is paying full price he will own the freehold is this true? Or is it really not that simple basically it was a shared ownership and he’s apparently paying full price for it

A lot of shared ownership houses become freehold on final staircase to 100% ownership. Never assume though and make sure the solicitor checks this 

Carl2510

haras_n0sirrah said:

Carl2510 said:

My brother is buying a house and it never mentioned leasehold and turns out it is, but they are saying because he is paying full price he will own the freehold is this true? Or is it really not that simple basically it was a shared ownership and he’s apparently paying full price for it

A lot of shared ownership houses become freehold on final staircase to 100% ownership. Never assume though and make sure the solicitor checks this 

He has received the TR1 and it has an X in the box saying full title guarantee does that mean he will own the freehold

scots1991

Hello, thanks for this thread I’ve been reading most posts but have a query on credit history which can’t see anyone else ask. It’s stressing me out as keep thinking our application will be declined. My credit score is high and good credit history, however my partner who I am applying with has a high score on Experian but low on ClearScore as he doesn’t have much credit history (no credit card etc) rather than ‘bad credit’. Is this likely to impact our application approval? DIP passed but now the wait for processing etc. It’s a 85% LTV and the loan will be just under 4x our joint income. Thanks!

Jjamie

Hello, I’m in an odd situation. I am Inheriting a half share of a property from my late mum, I live in the property as did my dad previously and would like to urchase his share. He had previously agreed to but hasn’t responded since my mortgage offer back in July. It’s came to light that my solicitor has only just sent a letter across. 

My queries are,
the valuation has dropped 5k since first valued for mums estate and is now 80k. Can my dad demand anymore than 40k?

can he refuse to sell me his share and if so then what can I do? Can it be put on the open market, and then can I make an offer? We are in Scotland 

My mortgage offer expires in January and we are no where near at a completion stage. Can this be extended? I’m with NatWest. 

Flo87

Hi, I`m FTB and a Shared-Ownership house appear on the market in the area that I want to buy, we have the 10% deposit for it and affordability it`s good even with a dept of 7000 on CC with 0%. My question is to raise the dept on CC to get to 15% deposit to benefit from better rates on mortgage or to stick with the current situation?

haras_n0sirrah

Flo87 said:

Hi, I`m FTB and a Shared-Ownership house appear on the market in the area that I want to buy, we have the 10% deposit for it and affordability it`s good even with a dept of 7000 on CC with 0%. My question is to raise the dept on CC to get to 15% deposit to benefit from better rates on mortgage or to stick with the current situation?

This is my area as I am a shared ownership mortgage specialist. With the deposit you won't be able to borrow it from a credit card as an advance- at best you can spend on the card and pay back the minimum to build up the savings pot however how long will that take and is the credit card interest free? Also will the affordability still fit with the higher balance?
You will also need legal fees on top plus money for furniture 
I think you should go with 10% unless the saving is very very large between the 10 and 15% - to need to put the extra on a credit card suggests you will be left with nothing after completion and it is advisable to have an emergency fund available 

haras_n0sirrah

Jjamie said:

Hello, I’m in an odd situation. I am Inheriting a half share of a property from my late mum, I live in the property as did my dad previously and would like to urchase his share. He had previously agreed to but hasn’t responded since my mortgage offer back in July. It’s came to light that my solicitor has only just sent a letter across. 

My queries are,
the valuation has dropped 5k since first valued for mums estate and is now 80k. Can my dad demand anymore than 40k?

can he refuse to sell me his share and if so then what can I do? Can it be put on the open market, and then can I make an offer? We are in Scotland 

My mortgage offer expires in January and we are no where near at a completion stage. Can this be extended? I’m with NatWest. 

I imagine if he wont sell you may need to force a sale. Do you know why he is reluctant to sell. Are you estranged or can you talk to him about what the issues are?