Mortgage broker - ask me anything

Ramie2021

Thank you for swift response. Let me rephrase question 1, if I am a named on an account with my parents and I write a cheque to myself and deposit it to my savings account which I will use as part of my deposit- would this been seen a a gift? Given its coming from an account which I named on.

Kakes88

Hi - do you know which surveyors each high street bank uses?

K_S

Kakes88 said:

Hi - do you know which surveyors each high street bank uses?

@kakes88 A few off of the top of my head (Accord SDL, NatWest L&G, Skipton Connells, etc.) but I just find out when I need to, usually when a client has had a downval but wants to give it a last shot with another lender. Sometimes it can differ based on region as well.

Jwallis

Hello,

I earn 50k pa plus discretionary bonus (22k last year). I have 5 defaults due to drop of my file early 2025. 1 default was partially settled last year. The rest will be partially settled this month. Total debt was 30k.

I was planning to apply for a mortgage when the defaults fell off, but was wondering if there’s any chance I could be accepted sooner. E.g. if I were to apply in year, with all defaults partially settled (albeit still showing on my file), and a 30k deposit, would I have any chance of being accepted?

I would hopefully buy in or near London, if I could find something cheap enough.

Thanks in advance

K_S

Jwallis said:

Hello,

I earn 50k pa plus discretionary bonus (22k last year). I have 5 defaults due to drop of my file early 2025. 1 default was partially settled last year. The rest will be partially settled this month. Total debt was 30k.

I was planning to apply for a mortgage when the defaults fell off, but was wondering if there’s any chance I could be accepted sooner. E.g. if I were to apply in year, with all defaults partially settled (albeit still showing on my file), and a 30k deposit, would I have any chance of being accepted?

I would hopefully buy in or near London, if I could find something cheap enough.

Thanks in advance

@jwallis Amongst other things, you chances mainly depend on when your most recent default was registered and what LTV you are looking for. With specialist lenders, most adverse is surmountable at a low enough LTV. But given that you're looking to buy in/around London, I suspect you're looking for a high-LTV mortgage.

dfwprincess

Hey, When is the best time to approach a broker ? 

we’ve got almost the 5% we need, and are about 3 months away from the full 5% our plan at the moment is to go when we have 5%

Quite a few of our friends in the past 9 months are in the process of buying and they’ve taken a few months to get offers accepted due to the demand/battle of prices and then the sales themselves are taken 4-5 months… with some still not complete as of yet so we’re wondering if we can take the first step earlier then May

thanks

K_S

dfwprincess said:

Hey, When is the best time to approach a broker ? 

we’ve got almost the 5% we need, and are about 3 months away from the full 5% our plan at the moment is to go when we have 5%

Quite a few of our friends in the past 9 months are in the process of buying and they’ve taken a few months to get offers accepted due to the demand/battle of prices and then the sales themselves are taken 4-5 months… with some still not complete as of yet so we’re wondering if we can take the first step earlier then May

thanks

@dfwprincess Assuming there aren't any credit-file related issues, I would say about 3-4 weeks before you intend to start viewings.

The intention is that you have a clear & realistic idea of how much you can borrow before you set out on shortlisting properties, viewing and making offers. 3-4 weeks is plenty of time to do that.

dfwprincess

K_S said:

dfwprincess said:

Hey, When is the best time to approach a broker ? 

we’ve got almost the 5% we need, and are about 3 months away from the full 5% our plan at the moment is to go when we have 5%

Quite a few of our friends in the past 9 months are in the process of buying and they’ve taken a few months to get offers accepted due to the demand/battle of prices and then the sales themselves are taken 4-5 months… with some still not complete as of yet so we’re wondering if we can take the first step earlier then May

thanks

@dfwprincess Assuming there aren't any credit-file related issues, I would say about 3-4 weeks before you intend to start viewings.

The intention is that you have a clear & realistic idea of how much you can borrow before you set out on shortlisting properties, viewing and making offers. 3-4 weeks is plenty of time to do that.

Fab thank you 😄 

No41edwardianhouse

Hello! What happens when Accord complete their valuation on a property? Ours was carried out today. Just a valuation…we are getting a survey independently. Do we get to find out if it’s been valued to match our offer?

K_S

No41edwardianhouse said:

Hello! What happens when Accord complete their valuation on a property? Ours was carried out today. Just a valuation…we are getting a survey independently. Do we get to find out if it’s been valued to match our offer?

@No41edwardianhouse Your broker will get an email if the valuation has come back as expected. If the underwriting is complete and there are no pending queries, then it usually goes straight to offer.

If it has been materially down-valued (to the extent that it impacts the application) then Accord will be in touch with the broker to ask how the client wants to proceed.

Either way, you should get an update from your broker when the valuation result is returned. With Accord the broker usually gets a copy of the valuation summary so if you're interested in seeing what it contains (nothing interesting!) you can ask them for it.