Mortgage broker - ask me anything

barngirl

K_S said:

@barngirl If you have a correctly keyed-in AIP from Halifax for 595k at 95% LTV and you only need a 580k house price budget , then you should be fine.

Couple of points to note. One that Halifax (and a lot of the other lenders) only goes up to 570k max loan size at 95% LTV. Which should be fine for what you need. And the Halifax 95% LTV product is not an HTB mortgage guarantee product, just a normal 95% LTV product. Plenty of mainstream lenders offer 95% LTV products without using the HTB mortgage guarantee.

Thank you very much for your response. We wouldn’t need the HTB going forward, it’s just what our current mortgage is. I was hoping to stay with Halifax to save on the ERC as it’s quite high, but would gladly take the hit if we’re more likely to be accepted by someone else 

K_S

barngirl said:

K_S said:

@barngirl If you have a correctly keyed-in AIP from Halifax for 595k at 95% LTV and you only need a 580k house price budget , then you should be fine.

Couple of points to note. One that Halifax (and a lot of the other lenders) only goes up to 570k max loan size at 95% LTV. Which should be fine for what you need. And the Halifax 95% LTV product is not an HTB mortgage guarantee product, just a normal 95% LTV product. Plenty of mainstream lenders offer 95% LTV products without using the HTB mortgage guarantee.

Thank you very much for your response. We wouldn’t need the HTB going forward, it’s just what our current mortgage is. I was hoping to stay with Halifax to save on the ERC as it’s quite high, but would gladly take the hit if we’re more likely to be accepted by someone else 

@barngirl You mentioned in your original post that "We’re wanting to make use of the government scheme backing 95% LTVs that’s due to end this year.". That is what I meant by the 'HTB Mortgage Guarantee Scheme'. The old version used to be called the HTB Mortgage Guarantee Scheme hence my mistyping it, apologies.

You may not have an option on the ERC unfortunately. If your current mortgage is a HelptoBuy equity loan product, normally it cannot be ported to a normal purchase. Do give them a call and check.

barngirl

K_S 

ah ok so we’re not limited to the 95% just for the rest of this year? That’s good to know thank you. Although admittedly we really have got our heart set on moving now so fingers crossed we can make this work. Thanks again 

Matty1111

Hi we are trying to change a portion of our capital and repayment mortgage with Natwest to Interest Only.

Due to some aggressive accounting the only way we would be eligible this year is if my partner employed me in her ltd company. This should reduce the evidence needed down from 2 years self employed/company director to just 1 months payslip. We usually work together anyway and invoice each other but not in an official capacity. The ltd company can support the level of employment.

Can anyway see any obvious problems with this plan?

Natwest seem to be OK with it on the phone with it but a rejection would not be ideal.

K_S

Matty1111 said:

Hi we are trying to change a portion of our capital and repayment mortgage with Natwest to Interest Only.

Due to some aggressive accounting the only way we would be eligible this year is if my partner employed me in her ltd company. This should reduce the evidence needed down from 2 years self employed/company director to just 1 months payslip. We usually work together anyway and invoice each other but not in an official capacity. The ltd company can support the level of employment.

Can anyway see any obvious problems with this plan?

Natwest seem to be OK with it on the phone with it but a rejection would not be ideal.

@matty1111 Lenders usually have different criteria for applicants employed by a family business. I can't recall what NatWest's is (if any).

But if you've run it past them and they're happy, then hopefully it's all good.

Matty1111

Thanks I also had 3 months in my head but can't find it online for Natwest

Matty1111

Edit - spoke to someone on the intermediary chat and it's just 1 month payslip even as a family business

jennbear

Hi, 
We're applying for a mortgage to move and have obviously been asked to produce 3 months of bank statements. Well we have a tax free childcare payment in the 1st month (family care for our little one but they were on holiday for 2 weeks so had to get emergency care as neither of us had holiday to take) - will this affect our affordability even if it was a one off payment or will it just be ignored? 
Thank you 

K_S

jennbear said:

Hi, 
We're applying for a mortgage to move and have obviously been asked to produce 3 months of bank statements. Well we have a tax free childcare payment in the 1st month (family care for our little one but they were on holiday for 2 weeks so had to get emergency care as neither of us had holiday to take) - will this affect our affordability even if it was a one off payment or will it just be ignored? 
Thank you 

@jennbear You would expect a half-decent underwriter to query an 'HMRC TFC' transaction but based on what you've said it should be alright.

With mainstream lenders, it's relatively rare to ask for 3 months bank statement nowadays, are you sure it's the lender wanting it or your broker?

jennbear

K_S said:

jennbear said:

Hi, 
We're applying for a mortgage to move and have obviously been asked to produce 3 months of bank statements. Well we have a tax free childcare payment in the 1st month (family care for our little one but they were on holiday for 2 weeks so had to get emergency care as neither of us had holiday to take) - will this affect our affordability even if it was a one off payment or will it just be ignored? 
Thank you 

@jennbear You would expect a half-decent underwriter to query an 'HMRC TFC' transaction but based on what you've said it should be alright.

With mainstream lenders, it's relatively rare to ask for 3 months bank statement nowadays, are you sure it's the lender wanting it or your broker?

Thank you, I'm stressing so much over it. Long story short, nearly at exchange with the house we're buying, had a full mortgage offer since September so time is already running out. Our house was about to exchange when the buyer randomly pulled out. Found a second buyer (a buy to let person) and they pulled out because the valuation came 15k under (it flew through the first time) and now we've stc to first time buyer couple... and the same surveyor as last time is dealing with it so as you can imagine we're stressing out. We might need to reapply to another mainstream lender who would lend us more money to bridge that potential gap if it goes under valuation.

We're going through a broker so possibly just them.