Mortgage broker - ask me anything

haras_n0sirrah

pippin759 said:

We’ve applied for a mortgage, after receiving a DIP from Halifax on 28th august and the valuation is being carried out this week, still worried we will be turned down since we were declined at application stage with Natwest and Santander. My partner has a squeaky clean credit report, whereas mine has 2 defaults from 2016 and a high credit utilisation. Is there still a chance Halifax could turn us away after the valuation stage?

I would expect you to know by now if there was an issue as halifax would normally pick it up quite quickly

haras_n0sirrah

irtgreg said:

HSBC did a desktop valuation and valued the property I am buying by 1.5% under agreed price. I don’t have to increase my deposit as they are still lending the full amount requested (I’m going for 70% LTV). In your opinion is 1.5% within acceptable margin of error of desktop valuation, and would you advise renegotiating the agreed sale price? I am slightly worried about being in negative equity from the start. 

negative equity is where the value of your property is less than your mortgage. With a 30% deposit that isn't an issue. If you would like to renegotiate do however if the surveyor hasn't been I don't think the vendor will agree - no harm in asking though

haras_n0sirrah

Penguin_ said:

I am in a DMP with Stepchange & am up to date with payments, working hard to try & bring it down & get it paid off as quick as possible but it won't be anytime soon. I currently have 22% equity in the house, based on Natwest's latest valuation but am thinking longer term will it be possible for me to get a new mortgage if me & my partner (who isn't on the mortgage) wanted to buy a house together?

There are some lenders who are ok with a dmp - you are looking at a decent deposit needed and the rates won't be market leading but it is possible

Penguin_

haras_n0sirrah said:

Penguin_ said:

I am in a DMP with Stepchange & am up to date with payments, working hard to try & bring it down & get it paid off as quick as possible but it won't be anytime soon. I currently have 22% equity in the house, based on Natwest's latest valuation but am thinking longer term will it be possible for me to get a new mortgage if me & my partner (who isn't on the mortgage) wanted to buy a house together?

There are some lenders who are ok with a dmp - you are looking at a decent deposit needed and the rates won't be market leading but it is possible

That's good to know, I would be looking at a minimum of 20% deposit.

luwhat

Is it difficult to get a mortgage having recently started a new job? My partner started a new job a month ago, permanent contract but with a 6 month probation period. Before that she was furloughed for three months and then back to work for one month before starting at the new company. There aren't any concerns about the security of the new job.

Thank you!

haras_n0sirrah

luwhat said:

Is it difficult to get a mortgage having recently started a new job? My partner started a new job a month ago, permanent contract but with a 6 month probation period. Before that she was furloughed for three months and then back to work for one month before starting at the new company. There aren't any concerns about the security of the new job.

Thank you!

There are some lenders who have no issues with new jobs and probation periods. Some just need an offer letter and a signed contract and don't even need first payslip. 
Other lenders you need to have been there 3 or even 6 months and out of probation. Just about finding the right lender and that is where a broker can help

Woodmatt13

Good morning, we have applied for a remortgage with natwest. A valuation has been instructed. Is this a good sign or could they still decline us? Thank you in advance 

haras_n0sirrah

Woodmatt13 said:

Good morning, we have applied for a remortgage with natwest. A valuation has been instructed. Is this a good sign or could they still decline us? Thank you in advance 

I believe Natwest instruct on application so there is no telling if your application has yet been looked at I am afraid
Is there tracking you can look at (not sure how it works with direct applications) - this should tell you if documents have yet been reviewed

peppapig14

haras_n0sirrah said:

peppapig14 said:

are you experiencing 100% complete delays with Nationwide ( delays fully documented on other threads) or are there any positive Nationwide timelines?

I had a nationwide case offer today to my complete surprise which went in on the 5th sept (lender looked at payslips and bank statements so not a no document case) but have had another one from last month which has not offered despite no questions (90%) Currently nationwide are at 19 working days. 
I suspect there are higher ltv tracks and lower ltv tracks (the one that offered today was under 75%)
I know self employed have their own track as well.

thank you. we submitted our application 14/9 and valuation booked for 17/9.No other communication.  Does this mean Nationwide are doing valuations before underwriting? 

mh_ww

peppapig14 said:

haras_n0sirrah said:

peppapig14 said:

are you experiencing 100% complete delays with Nationwide ( delays fully documented on other threads) or are there any positive Nationwide timelines?

I had a nationwide case offer today to my complete surprise which went in on the 5th sept (lender looked at payslips and bank statements so not a no document case) but have had another one from last month which has not offered despite no questions (90%) Currently nationwide are at 19 working days. 
I suspect there are higher ltv tracks and lower ltv tracks (the one that offered today was under 75%)
I know self employed have their own track as well.

thank you. we submitted our application 14/9 and valuation booked for 17/9.No other communication.  Does this mean Nationwide are doing valuations before underwriting? 

Our app with NW went in on 13/8 and we've not been advised of anything to do with valuations so far, so unless it's been sorted but without updates being sent to us then I'm not so sure that's the case.