Mortgage broker - ask me anything

K_S

CatBlack123 said:

@K_S I appreciate your reply. Many thanks. 
Would it still be more sensible to wait 3 or 6 months before applying ? Are banks statements over 6 months old ever requested ? I am the lower earner. Bills come out form different  , joint account.

@catblack123 Based on the very limited info in your posts, I don't think waiting will make any material difference to your chances.

With regard to bank statements, at least for broker apps, most mainstream lenders don't ask for 3 months bank statements as part of standard packaging. It's either none or 1 month. Just to be clear, this is not to say that they never ask for 3 months.

CatBlack123

@K_S thanks once more for your reply. 
I've read on Nationwide bank page that they may ask for up to 6 months banks statements. Got me worried.

coypondboy

Your thoughts on interest rates are you seeing fixed rates rising and is the bond market correct when it shows base rate to be 1.5% by end of year and will this force the bofe to change criteria to allow people to borrow more ?

K_S

coypondboy said:

Your thoughts on interest rates are you seeing fixed rates rising and is the bond market correct when it shows base rate to be 1.5% by end of year and will this force the bofe to change criteria to allow people to borrow more ?

@coypondboy Fixed rates have indeed risen slightly over the past week across lenders. I don't really have an opinion on the direction of interest rates but generally expect it to only rise slowly over the coming year.

I've no idea of the bond market but with regard to mortgage affordability calcs - the BoE has already confirmed plans to remove the 3% interest rate rise stress test for mortgage borrowers. Compared to today, this *should* result in looser affordability calculations and bigger loan sizes.

SuseOrm

@Catblack - Natwest asked for 6 months and then declined me because i was over paid tax credits - which we all knew about and was being repaid.  

SuseOrm

@CatBlack123 apologies 

Bobthebuildercanyoufixit

Could someone please give me a rough timescale for mortgages to be processed with Barclays?
i have put in an appication on a new build.

many thanks,
bob

K_S

CatBlack123 said:

@K_S thanks once more for your reply. 
I've read on Nationwide bank page that they may ask for up to 6 months banks statements. Got me worried.

@catblack123 In theory, the underwriter can ask for any amount of information. If you have variable or non-standard income (eg: monthly commission, zero hour contract income, maintenance payment income, etc etc) they may go back even 3-6-12 months depending on their standard packaging requirements. If you only have a basic PAYE income, then it's much less likely. 

Again, I want to stress that five £5 National Lottery payments a month is not likely to materially impact your application.  

K_S

Bobthebuildercanyoufixit said:

Could someone please give me a rough timescale for mortgages to be processed with Barclays?
i have put in an appication on a new build.

many thanks,
bob

@Bobthebuildercanyoufixit If you scroll to the bottom of this page, it shows average service levels for intermediary apps
https://intermediaries.uk.barclays/home/

CatBlack123

@k_s thanks again. I may have worded in incorrectly but the transactions to NL are about 4 /5 times a month for £5-6 each time  so in total about £30 pounds a month . Does this change anything ?