Mortgage broker - ask me anything

CatBlack123

SuseOrm said:

@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.  

Really? Was this because you were paying back monthly that they have declined ?

Autumnleaves15

@K_S

My partner has been in a full time engineering role since 2015 and earns £30k plus guaranteed bonuses and forced overtime for out of hours on call work. Probably around £36k a year total. 

I’ve been full time at my job since 2018 on £22k. My parents passed away and I’ve been on sick leave for a few months due to caring/bereavement. I’ve come back to work part time and now earn £12k per year. 

All of my recent pay slips show sick pay (at full rate) but also on my old full time wage. 

We currently have a mortgage with £71k remaining and our new mortgage on the inherited property would be £63k. We’ll be putting £137k into the new property. So less than current and still only 1.5x our combined income.

Will the sick pay on my payslips or my change of hours be a problem? I will also have £40k cash in the bank that I want to keep separately in savings and not put into the property. 

chrmc

How long do you all take to turnaround client emails? 

I’m working with a broker who I believe is slow to respond especially as we’re at offer state but I’m not sure if it’s normal or just that I have overly high expectations.

K_S

chrmc said:

How long do you all take to turnaround client emails? 

I’m working with a broker who I believe is slow to respond especially as we’re at offer state but I’m not sure if it’s normal or just that I have overly high expectations.

@chrmc It differs from broker to broker and also on how busy they are. Personally I aim to respond the same day, 7 days a week but then that's because I work for myself and fully flexibly. In places that I've worked before it's ranged from 1-2 working days as company policy but individual times will vary based on how organised the individual broker is, how slick their systems are, their days off, whether they are on leave, etc.

If it's post-offer then larger firms move the case on to their admin team so it can be a few days by the time they send it on to the actual broker, it's picked up and responded to.

Don't know if I've answered your question It all depends on the system each firm uses but if you pushed me I'd say that I would expect a decent broker to respond to client emails no later than the next working day.

K_S

Autumnleaves15 said:

@K_S

My partner has been in a full time engineering role since 2015 and earns £30k plus guaranteed bonuses and forced overtime for out of hours on call work. Probably around £36k a year total. 

I’ve been full time at my job since 2018 on £22k. My parents passed away and I’ve been on sick leave for a few months due to caring/bereavement. I’ve come back to work part time and now earn £12k per year. 

All of my recent pay slips show sick pay (at full rate) but also on my old full time wage. 

We currently have a mortgage with £71k remaining and our new mortgage on the inherited property would be £63k. We’ll be putting £137k into the new property. So less than current and still only 1.5x our combined income.

Will the sick pay on my payslips or my change of hours be a problem? I will also have £40k cash in the bank that I want to keep separately in savings and not put into the property. 

@autumnleaves15 I'm not entirely clear on the details in your post but with regard to your income, lenders will consider 12k/year. The sick leave due to a one-off life event should not be an issue.

chrmc

K_S said:

@chrmc It differs from broker to broker and also on how busy they are. Personally I aim to respond the same day, 7 days a week but then that's because I work for myself and fully flexibly. In places that I've worked before it's ranged from 1-2 working days as company policy but individual times will vary based on how organised the individual broker is, how slick their systems are, their days off, whether they are on leave, etc.

If it's post-offer then larger firms move the case on to their admin team so it can be a few days by the time they send it on to the actual broker, it's picked up and responded to.

Don't know if I've answered your question It all depends on the system each firm uses but if you pushed me I'd say that I would expect a decent broker to respond to client emails no later than the next working day.

Thank you @k_s that aligns with what I would expect. The broker I am using is a one man band so to speak and it can be 2-3days before I get a reply. It didn’t bother me at enquiry stage but Now that we’re trying to move things a long I thought replies would be more swift. 

Floopy2009

Hi Mr or Mrs Broker,

Question i hope you can help me with. In 6 months my defaults drop off, however i will still be paying to my creditors. Now my concern is whether i will not get a mortgage still especially if they quiz about the amount on my bank statement and what it is for. I was thinking about setting the payment in another account and using that purely for just paying the creditors through that so it does not show on my statements.

I have between a 15-20% deposit. Since i have defaulted i have always paid to creditors on time. I have also been accepted for a credit card which i pay off everytime.  My concern is that even though my defaults have dropped this might destroy my chances of getting a house and if i tried and pay the outstanding balance off to my creditors i will be pushed back years until i can build that deposit up again, thoughts ?

K_S

Floopy2009 said:

Hi Mr or Mrs Broker,

Question i hope you can help me with. In 6 months my defaults drop off, however i will still be paying to my creditors. Now my concern is whether i will not get a mortgage still especially if they quiz about the amount on my bank statement and what it is for. I was thinking about setting the payment in another account and using that purely for just paying the creditors through that so it does not show on my statements.

I have between a 15-20% deposit. Since i have defaulted i have always paid to creditors on time. I have also been accepted for a credit card which i pay off everytime.  My concern is that even though my defaults have dropped this might destroy my chances of getting a house and if i tried and pay the outstanding balance off to my creditors i will be pushed back years until i can build that deposit up again, thoughts ?

@floopy2009 Based only on the limited info in your post, you should be able to get a mortgage. What impact the outstanding debt and monthly payments will have on your borrowing options will depend on the specifics.

Floopy2009

Specifics as in examples would be good ??

PositiveOutlook1

Hi there,

Would you be able to recommend a good mortgage broker that would be able to help people with complicated / adverse credit histories, please?

Many thanks.