Mortgage broker - ask me anything

[Deleted User]

Would you know what happens if a valuation has errors after an offer has been made?

K_S

jeff23 said:

Hey,

my wife and I bought a house using the help to buy scheme September 2019 so just over 2 years ago. We have been looking to purchase a property to rent out and have managed to save 25%. With us having used the help to buy scheme would that restrict us from buying a buy to let property using a buy to let mortgage at this point? 

Thanks 

@jeff23 I don't think it'll necessarily stop you from getting a BTL mortgage to buy a rental property.

However, by doing so, whether or not you are breaking the terms and conditions of the help to buy agreement is something that you are best off clarifying with your local H2B agent.

K_S

[Deleted User] said:

Would you know what happens if a valuation has errors after an offer has been made?

@[Deleted User] I can only speculate as I haven't had this scenario.

If the error is material enough to impact the decision (eg: non-standard construction was not identified at the initial valuation), I would expect the offer to be pulled or new queries raised.

If it's a minor error or typo (eg: Val report says driveway parking instead of a garage, 3 bathrooms instead of 2, etc.) I wouldn't expect anything to happen.

kee89

Are there any mortgage lenders who solely use Experian for credit checks?
My Experian report is vastly different to my Transunion one. I've disputed the information with Transunion several times, but for whatever reason they haven't been able to remove or alter it...I'm worried it'll affect my mortgage application.  

K_S

kee89 said:

Are there any mortgage lenders who solely use Experian for credit checks?
My Experian report is vastly different to my Transunion one. I've disputed the information with Transunion several times, but for whatever reason they haven't been able to remove or alter it...I'm worried it'll affect my mortgage application.  

@kee89 The answer to your question is a 'yes' with an asterix. Depending on the lender it could be a combination of the following - one credit bureau at DIP and another at app, one primary bureau and another as a backup if they can't match details to the primary one, etc.

On the plus side, very few lenders use Transunion as their primary credit file, it's almost always Experian or Equifax.

kee89

K_S said:

kee89 said:

Are there any mortgage lenders who solely use Experian for credit checks?
My Experian report is vastly different to my Transunion one. I've disputed the information with Transunion several times, but for whatever reason they haven't been able to remove or alter it...I'm worried it'll affect my mortgage application.  

@kee89 The answer to your question is a 'yes' with an asterix. Depending on the lender it could be a combination of the following - one credit bureau at DIP and another at app, one primary bureau and another as a backup if they can't match details to the primary one, etc.

On the plus side, very few lenders use Transunion as their primary credit file, it's almost always Experian or Equifax.

Just our luck...

We went to Santander for a MIP - they soft checked Transunion and we were accepted. If we stick with them for the full application and they hard check Transunion again, will they see more info than the soft check? Or can we take the fact they agreed a MIP as a sign they're not concerned with the report?

FataVerde

I have a mortgage offer from Halifax, but I've renegotiated the flat price lower after inspections. The LTV remains in the same bracket (50%), changing by 0.7. The amount I borrow from the bank is the same. My deposit lower by a few thousand to reflect the price reduction. If I resubmit to Halifax, is it likely they will change the interest rate on the offer? I got the offer in November, when interest rates were lower. And how long is updating the mortgage offer likely to take?

K_S

FataVerde said:

I have a mortgage offer from Halifax, but I've renegotiated the flat price lower after inspections. The LTV remains in the same bracket (50%), changing by 0.7. The amount I borrow from the bank is the same. My deposit lower by a few thousand to reflect the price reduction. If I resubmit to Halifax, is it likely they will change the interest rate on the offer? I got the offer in November, when interest rates were lower. And how long is updating the mortgage offer likely to take?

@fataverde I can't speak for your case specifically as I only have the very limited info in your post and I wouldn't want you to come back and blame me if you did end up having to pick a current product with a higher interest rate

But generally speaking, for a downward change in purchase price, if there is no change in the LTV band, lenders will not require a change in product.

Post-offer changes like these with Halifax/BM are taking around 1-3 working days to turn-around from recent experience, depending on how busy their processing team is at that time.

FataVerde

K_S said:

FataVerde said:

I have a mortgage offer from Halifax, but I've renegotiated the flat price lower after inspections. The LTV remains in the same bracket (50%), changing by 0.7. The amount I borrow from the bank is the same. My deposit lower by a few thousand to reflect the price reduction. If I resubmit to Halifax, is it likely they will change the interest rate on the offer? I got the offer in November, when interest rates were lower. And how long is updating the mortgage offer likely to take?

@fataverde I can't speak for your case specifically as I only have the very limited info in your post and I wouldn't want you to come back and blame me if you did end up having to pick a current product with a higher interest rate

But generally speaking, for a downward change in purchase price, if there is no change in the LTV band, lenders will not require a change in product.

Post-offer changes like these with Halifax/BM are taking around 1-3 working days to turn-around from recent experience, depending on how busy their processing team is at that time.

The offer was made within a week of application in November so I am hoping this will be quick as well  

silvercar

Looking at a two borrower, one owner mortgage and our broker is progressing this with Barclays. They now require independent legal advice for the second borrower. There isn’t the option to sign away the fact the second borrower has been advised to get legal advice. 

Can this be from a different solicitor within the same practice? Any idea how much it should cost? Second borrower is an accountant, so understands the implications of being on the mortgage.