Mortgage broker - ask me anything

haras_n0sirrah

IMsaver said:

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....

I would say there is a risk however if it is going to take 3 or 4 weeks for your mortgage to be approved then you may need to bite the bullet

labelwriter

This is so helpful - thank you. So, I'm 10 years into a 25 year mortgage. We're looking to borrow an extra £110k for home improvements. I owe £20k on CC & have a fair credit score(no defaults). My husband has no debt and an excellent credit score. Do you think we will be accepted for extra borrowing? We're currently with Halifax. 

labelwriter

labelwriter said:

This is so helpful - thank you. So, I'm 10 years into a 25 year mortgage. We're looking to borrow an extra £110k for home improvements. I owe £20k on CC & have a fair credit score(no defaults). My husband has no debt and an excellent credit score. Do you think we will be accepted for extra borrowing? We're currently with Halifax. 

Sorry forgot to add we have about  £500k equity in our property

haras_n0sirrah

labelwriter said:

labelwriter said:

This is so helpful - thank you. So, I'm 10 years into a 25 year mortgage. We're looking to borrow an extra £110k for home improvements. I owe £20k on CC & have a fair credit score(no defaults). My husband has no debt and an excellent credit score. Do you think we will be accepted for extra borrowing? We're currently with Halifax. 

Sorry forgot to add we have about  £500k equity in our property

It is going to depend on affordability. You would need to be able to borrow enough to borrow the existing mortgage plus the 110k

Sam_batra

Hi haras thanks for all your help we really appreciate it as we all are very anxious 😟. You replied on my post yesterday so thanks for that too. 

Today we phoned bank and the associate said there is no outstanding requirement and its with qc. We put the application on the 19th Aug and there were delays from surveyors so we over the SLA. When do you think we would get the offer letter I am losing my sleep over it honestly. 

Also once offer is here how long is it likely to take for completion?

Thanks in advance.

lysa847

I had a mortgage offer in July can’t complete until 31st as current fixed rate doesn’t end until the 31st solicitors will get a redemption this month from current provider 
new mortgage provider has set up direct debit in my bank already is this normal

thanks 

haras_n0sirrah

Sam_batra said:

Hi haras thanks for all your help we really appreciate it as we all are very anxious 😟. You replied on my post yesterday so thanks for that too. 

Today we phoned bank and the associate said there is no outstanding requirement and its with qc. We put the application on the 19th Aug and there were delays from surveyors so we over the SLA. When do you think we would get the offer letter I am losing my sleep over it honestly. 

Also once offer is here how long is it likely to take for completion?

Thanks in advance.

Is this Barclays? I wouldn't expect a random audit to add more than a week on. Not had one in a while so slightly guessing. Can you call either the lender or broker for an idea of timescales?

haras_n0sirrah

lysa847 said:

I had a mortgage offer in July can’t complete until 31st as current fixed rate doesn’t end until the 31st solicitors will get a redemption this month from current provider 
new mortgage provider has set up direct debit in my bank already is this normal

thanks 

Yes. Your direct debit details are put on the application 

Teresa789

Hello, not sure if this is your area but I’m currently filling out the help to buy equity loan affordability calculator. Could you confirm if child maintenance counts as guaranteed additional income please? I don’t have a court order but the sum is calculated via the CMS and has been regular monthly payments for years. Many thanks in advance 

haras_n0sirrah

Teresa789 said:

Hello, not sure if this is your area but I’m currently filling out the help to buy equity loan affordability calculator. Could you confirm if child maintenance counts as guaranteed additional income please? I don’t have a court order but the sum is calculated via the CMS and has been regular monthly payments for years. Many thanks in advance 

When I do the calculator (i do quite a lot of help to buy) there is a box on the right hand side for monthly maintenance. Put it in there