Mortgage broker - ask me anything

housebuyer143

Jessks said:

Hi I am just wondering if you have noticed mortgages have higher interest rates at different points of the year? I have been closely looking at mortgage rates for the last year to see if I can get a better rate last April time they were still around what I am paying now but towards the end of the year they dropped which may have been due to omicron perhaps 🤔 I should have locked in at the low rate last year with my current provider but when I contacted the lady made it sound like a very complicated process which I have now found out it isn’t. I am due to remortgage ay the end of November should I remortgage now with rates increasing? My current rate is 2.1% I could lock in with my current provider for the same rate but 10years. I am aware of lower rates but by the time I pay fees it wouldn’t be much difference. 

I work in BTL mortgages putting on rates day in and day out and I don't really think it's a simple as lower rates at different times of the year. Lots of things go into it and really the trend since February has been up up up, very few bringing them down. 
Lenders seem so perplexed by the market that they are changing their rates every week at the moment when before it was no more than once a month. 

If you have a good LTV, those appear to be the rates that are having the biggest increases with the 75%+ not really raising as fast.

K_S

Jessks said:

Hi I am just wondering if you have noticed mortgages have higher interest rates at different points of the year? I have been closely looking at mortgage rates for the last year to see if I can get a better rate last April time they were still around what I am paying now but towards the end of the year they dropped which may have been due to omicron perhaps 🤔 I should have locked in at the low rate last year with my current provider but when I contacted the lady made it sound like a very complicated process which I have now found out it isn’t. I am due to remortgage ay the end of November should I remortgage now with rates increasing? My current rate is 2.1% I could lock in with my current provider for the same rate but 10years. I am aware of lower rates but by the time I pay fees it wouldn’t be much difference. 

@jessks Not really, no. There are far bigger factors at play that determine interest rate movements than seasonality. As per what lenders are telling me, the current uptick in rates that you see is due to swap rates going higher.

I can't really give an opinion on whether it is appropriate for you to lock in currently or not as it depends on a lot of factors, some of which are impossible to predict (future movement in interest rates) and some of which depend on your attitude to risk and how much you value certainty in monthly payments. I get clients who don't like tying into long fixes and are happy getting the best rate available to them at the time on a short fix, I also get clients who prefer to fix-and-forget and so lean towards longer fixes.

simon_or

Thanks KS that's brilliant. Just one question more if it's ok. My ltv even with the money released will be around 65-70%. Is that good?

getmore4less

Jessks said:

Hi I am just wondering if you have noticed mortgages have higher interest rates at different points of the year? I have been closely looking at mortgage rates for the last year to see if I can get a better rate last April time they were still around what I am paying now but towards the end of the year they dropped which may have been due to omicron perhaps 🤔 I should have locked in at the low rate last year with my current provider but when I contacted the lady made it sound like a very complicated process which I have now found out it isn’t. I am due to remortgage ay the end of November should I remortgage now with rates increasing? My current rate is 2.1% I could lock in with my current provider for the same rate but 10years. I am aware of lower rates but by the time I pay fees it wouldn’t be much difference. 

I am in the process of tracking nationwide rate switch 5y fix 60% LTV (fee and no fee)
( I may go back further when I get free time)

Their rates started going up Oct 2021
NOTE : I have not updated with the latest changes 24Feb2022. 

08/12/2020		1.34%	1.69%
13/01/2021		1.24%	1.49%
01/02/2021		1.24%	1.49%
10/02/2021		1.24%	1.49%
24/02/2021		1.24%	1.49%
18/03/2021		1.24%	1.49%
23/03/2021		1.24%	1.49%
01/04/2021		1.24%	1.49%
09/04/2021		1.24%	1.54%
16/04/2021		1.24%	1.54%
29/04/2021		1.24%	1.54%
20/05/2021		1.24%	1.54%
26/05/2021		1.19%	1.54%
02/06/2021		1.19%	1.49%
17/06/2021		1.14%	1.44%
30/06/2021		1.09%	1.39%
16/07/2021		1.09%	1.34%
21/07/2021		0.99%	1.29%
18/08/2021		0.99%	1.24%
03/09/2021		0.94%	1.22%
17/09/2021		0.94%	1.22%
29/09/2021		0.84%	1.19%
04/10/2021		0.94%	1.19%
20/10/2021		1.09%	1.29%
27/10/2021		1.14%	1.29%
04/11/2021		1.14%	1.34%
11/11/2021		1.14%	1.34%
25/11/2021		1.26%	1.49%
01/12/2021		1.26%	1.49%
08/12/2021		1.26%	1.49%
21/12/2021		1.26%	1.49%
06/01/2022		1.39%	1.64%
11/01/2022		1.39%	1.64%
27/01/2022		1.39%	1.64%
11/02/2022		1.69%	1.89%

there were other major factor that effected different LTV and were different by lender.

At the top end(80-95%) products were withdrawn orthe rate went up a lot.
Mainly because there was uncertainty the housing market would hold
Once that became a lot less uncertain as buyers  resumed through 2021 they recovered while most of the low LTV 60%&75% moved a lot less

when the rates started going up late last year it was more at the low end than the high end.

eg for the nationwide PT 4 Nov 2021  to 11 Feb 2022
the increases for the fee  nofee for the different 
95% 0.05% 0.00%
90% 0.05% 0.00%
85% 0.05% 0.05%
80% 0.20% 0.15%
75% 0.55% 0.51%
60% 0.55% 0.55%

if you want to ditch the fix then give the numbers and I will crunch them like I did here
https://forums.moneysavingexpert.com/discussion/6340053/re-mortgage-calculator-locking-in-for-longer#latest

The time to review is whenever there is a major change like an ERC dropping in the pipeline as rates can be locked in early.

Ogriv

K_S said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

@ogriv For the intermediary route, as long as there is no change in loan size or term, there is no underwriting for PTs. The process is to get an illustration, get the client's go-ahead and book the switch. That's it.

Sorry, I have no idea what exact questions they ask for a direct online PT but I would be very surprised if they did ask anything about your current income, outgoings, etc.

Thanks very much, K_S. I can now go forward making sensible decisions. Thanks!

K_S

simon_or said:

Thanks KS that's brilliant. Just one question more if it's ok. My ltv even with the money released will be around 65-70%. Is that good?

@simor_or That's perfect. For capital-raise resi remos, with most lenders it's only when it gets to 80%+ LTV that they start to get picky about what they will/won't allow along with associated stipulations. At 70% LTV and below, LTV won't be a limiting factor.

Ogriv

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

housebuyer143 said:

Ogriv said:

Hi K_S
I initially posted this query in the main space, but it's probably better off here. 
Forgive me. 

Do you know what questions Coventry Building Society use for a Product Transfer?

At the end of this year my fixed-rate deal is ending. 
Since it started four years ago, I'm earning less as my circumstances changed. 
I'm good at thrift, so this isn't necessarily a problem. 

My mortgage was never enormous for me, as even at my initial higher rate of pay, I chose to only borrow 2.9 times my salary. 
But my current earnings really are quite small, and although I can live on them perfectly well, it would perhaps be sensible for me to get a higher-paying job before my deal ends, especially if CBS do ask about earnings with product transfers. 
So I can either do that i.e. get a higher-paid job; or just continue with my low-stress, low-pay current job. 

Therefore I'm wondering what questions are asked with CBS product transfer, as my current earnings do look very small on paper. 
I would go down the online unadvised route for the product transfer. 

I'm also aware that the geopolitical situation might indirectly affect all of this by the end of the year anyway. 

Thanks for your help. 

As I understand it must lenders do no checks for a product transfer. They make sure you have been paying, you choose a new product and then you sign a piece of paper and it's done 👍

Thanks very much, Housebuyer 143. I thought so, but it's good to get corroboration. 

Skipton_Building_Society_Representative

@housebuyer143 Thank you. @xssc32x please feel free to ask any questions regarding HTB and how we can help further. Thanks - Skipton

simon_or

K_S said:

simon_or said:

Thanks KS that's brilliant. Just one question more if it's ok. My ltv even with the money released will be around 65-70%. Is that good?

@simor_or That's perfect. For capital-raise resi remos, with most lenders it's only when it gets to 80%+ LTV that they start to get picky about what they will/won't allow along with associated stipulations. At 70% LTV and below, LTV won't be a limiting factor.

Thanks KS, you've set my fears at ease. I feel much more confident about my plans. Can I utilise your services for my remortgage? Happy to pay a fee if you charge one. Thanks again.

iBruno

Hi.

When submitting tax year overviews to lenders for self employed, what are they looking for?

I haven't really paid any attention to mine before now. My self assessment is pretty straight forward but I owe about £700 PAYE which I'm paying in monthly installments. Will the lender be wary of that?