Mortgage broker - ask me anything

haras_n0sirrah

scots1991 said:

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!

Lenders dont look at score but what is on the credit report. The score itself is meaningless but they look at whether there are missed payments, late payments, defaults etc 

haras_n0sirrah

Carl2510 said:

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

At a guess yes but this is a solicitor question 

Jjamie

haras_n0sirrah said:

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?

We are definitely estranged. He was abusive towards me before he moved out and has issues with the fact mum left me her share of the property. 

Is a mortgage extension possible?

haras_n0sirrah

Jjamie said:

haras_n0sirrah said:

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?

We are definitely estranged. He was abusive towards me before he moved out and has issues with the fact mum left me her share of the property. 

Is a mortgage extension possible?

This may be a power play if he is abusive - he has something you want and is holding it over your head. I wouldn't fight over the change in property value- priority is getting the deal done. Check if it will be possible to extend the offer (if this is classed as a remortgage it may not be). If you can avoid a forced sale do as it is expensive to do this. Is it that he isnt returning paperwork?

Jjamie

haras_n0sirrah said:

Jjamie said:

haras_n0sirrah said:

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?

We are definitely estranged. He was abusive towards me before he moved out and has issues with the fact mum left me her share of the property. 

Is a mortgage extension possible?

This may be a power play if he is abusive - he has something you want and is holding it over your head. I wouldn't fight over the change in property value- priority is getting the deal done. Check if it will be possible to extend the offer (if this is classed as a remortgage it may not be). If you can avoid a forced sale do as it is expensive to do this. Is it that he isnt returning paperwork?

We still haven’t settled mums Will. He has paid her funeral in cash that he cannot prove it has come from, but wants reimbursed and there isn’t enough in her estate after legal fees and would potentially leave me as a executor with the bill to cover the funeral. He has been very under hand. It’s definitely a power thing. He was sent a letter three weeks ago and hasn’t yet responded. He just seems out to cause issues! He seems to think the valuation should have been higher than the £85k originally even though there has been two houses sold in out street in the past year for £72k and £76k and those are both in better condition, despite the fact we have a lord and conservatory

LZRBOI

I just had the house that I applied for a mortgage down valued by a whopping £14,000. It was via Nationwide. The seller does not want to continue with the sale so we have lost out on our house. I think I was toward the final stages of our mortgage application so I was wondering, would we be able change the current application to a new house and continue the application from there - new amounts etc.
Also, how would I go about appealing the valuation as I really don't feel as though the valuation results should have been that low.

haras_n0sirrah

LZRBOI said:

I just had the house that I applied for a mortgage down valued by a whopping £14,000. It was via Nationwide. The seller does not want to continue with the sale so we have lost out on our house. I think I was toward the final stages of our mortgage application so I was wondering, would we be able change the current application to a new house and continue the application from there - new amounts etc.
Also, how would I go about appealing the valuation as I really don't feel as though the valuation results should have been that low.

I am afraid Nationwide is a new house, new application. The valuation can be appealed but it would be 3 comparable properties sold within 1 mile within the last 6 months so not easy

LZRBOI

haras_n0sirrah said:

LZRBOI said:

I just had the house that I applied for a mortgage down valued by a whopping £14,000. It was via Nationwide. The seller does not want to continue with the sale so we have lost out on our house. I think I was toward the final stages of our mortgage application so I was wondering, would we be able change the current application to a new house and continue the application from there - new amounts etc.
Also, how would I go about appealing the valuation as I really don't feel as though the valuation results should have been that low.

I am afraid Nationwide is a new house, new application. The valuation can be appealed but it would be 3 comparable properties sold within 1 mile within the last 6 months so not easy

Thanks for your help. Do you think it is a good idea to start a new application or does this affect credit too much? Both our credit ratings are excellent.
Could we pay for somebody else to value the house or do Nationwide only count their own choice?

haras_n0sirrah

LZRBOI said:

haras_n0sirrah said:

LZRBOI said:

I just had the house that I applied for a mortgage down valued by a whopping £14,000. It was via Nationwide. The seller does not want to continue with the sale so we have lost out on our house. I think I was toward the final stages of our mortgage application so I was wondering, would we be able change the current application to a new house and continue the application from there - new amounts etc.
Also, how would I go about appealing the valuation as I really don't feel as though the valuation results should have been that low.

I am afraid Nationwide is a new house, new application. The valuation can be appealed but it would be 3 comparable properties sold within 1 mile within the last 6 months so not easy

Thanks for your help. Do you think it is a good idea to start a new application or does this affect credit too much? Both our credit ratings are excellent.
Could we pay for somebody else to value the house or do Nationwide only count their own choice?

I think it is unlikely nationwide would allow another valuer. I think you are at the point of switching lenders if the vendor won't reduce

IMsaver

Just wanting to get an opinion! Do you think it's worth instructing the solicitor before mortgage application is approved to speed up the process? Or always a risky business....