Mortgage broker - ask me anything

lismarie

I have had my mortgage offer through Vida. It says I have to take out home insurance for completion. Will this affect my credit file if they do another search on me? Panicking they will revoke my offer if anything changes!

newbie902

Hoping this is ok to post in here too! 

I'm looking to move home in the next couple of months, and have one main income but also just taken on a secondary income (part time) too.  Both are PAYE for now (I would maybe look to move to self employment long term). 

How would this work in terms of what I would be offered?  I have read different things online - some saying only the first would count, others saying you'd add both together etc. 

Thanks! 

bpk101

Can i get a second mortgage whilst i'm locked into a 5 year part capital, part interest mortgage on another house? Or do i have to wait till my current mortgage ends?

Also can that second mortgage be for a run-down but habitable house that i intend to demolish a replace?

haras_n0sirrah

bpk101 said:

Can i get a second mortgage whilst i'm locked into a 5 year part capital, part interest mortgage on another house? Or do i have to wait till my current mortgage ends?

Also can that second mortgage be for a run-down but habitable house that i intend to demolish a replace?

I imagine you would be looking at specialist products here - no mainstream lender will be happy with you knocking their security down.

haras_n0sirrah

newbie902 said:

Hoping this is ok to post in here too! 

I'm looking to move home in the next couple of months, and have one main income but also just taken on a secondary income (part time) too.  Both are PAYE for now (I would maybe look to move to self employment long term). 

How would this work in terms of what I would be offered?  I have read different things online - some saying only the first would count, others saying you'd add both together etc. 

Thanks! 

Most lenders would need you to be in both jobs for 6 months and will look at sustainability (if both added together are more than around 50 hours a week they may have questions over whether you are going to keep both)

haras_n0sirrah

lismarie said:

I have had my mortgage offer through Vida. It says I have to take out home insurance for completion. Will this affect my credit file if they do another search on me? Panicking they will revoke my offer if anything changes!

It will have no impact on credit score

xNaomi

I have a credit card with nationwide and every 6 months they send me a letter saying I can increase my credit limit. We have applied for our mortgage last week - would it have any effect on my application if i took the latest increase? I don’t need it as credit card is currently clear but I have been taking the increase each time to increase my overall credit limit and I’ve never used over 50% of my limit

haras_n0sirrah

xNaomi said:

I have a credit card with nationwide and every 6 months they send me a letter saying I can increase my credit limit. We have applied for our mortgage last week - would it have any effect on my application if i took the latest increase? I don’t need it as credit card is currently clear but I have been taking the increase each time to increase my overall credit limit and I’ve never used over 50% of my limit

if you don't need it I would avoid it until you have your mortgage offer

becky8690

do you have any experience with current LBS applications? im on working day 15 since application and it looks like it hasnt gone to the underwriter yet

anticlaus105

Am currently with Natwest on 2.83% fixed 5 years ends 31st Mar 2021. About £128k owing with value ~£267k says 48% LTV. This was our 1st residential mortgage. We (wife and myself) tried Yorkshire BS first and were practically laughed out of the building as my earning are complicated (not to me but they didn't have a clue) even with 25% deposit. We tried a mortgage broker recommended by a friend but he was unreliable. In the end we went to Natwest who I have banked with since I was a student and it went through fine.

We can apply to switch 3.5 months before end and have been informed the new deal will kick in 1st April. Rates are more favourable atm and I'm wondering if they will improve even more.

Should we apply to switch ASAP? If we do and rates fall would we be eligible for the reduced rate? NatWest currently offer around 1.45% 5yr fix but I have seen 1.36% floating about. We now have 5 years of paying the mortgage under out belt (including overpaying), so would a switch to another lender be viable, or will they just send us packing again? Would it be worth trying a mortgage broker?

There is a chance we may move in the next 5 years. Is this something that needs consideration now?