Mortgage broker - ask me anything

RRS1999

HI There -

I am currently go through a Mortgage application and the lenders have questioned the Electoral Roll situation

I have been on the Electoral Roll since June 2019 so no problems there  , however for 2 years previous I had a temp split in a relationship and I was living at parents so was not on Electoral Roll (in hindsight this was an error)

We are putting down 15% deposit on 220k house 

Really panicking now as they have questioned it
Does anyone think this will be a problem with getting a mortgage ?

aimee_coop

Hi,

My HSBC mortgage advisor told me that my mortgage application has been approved subject to valuation which has been scheduled for next week. Does it mean they have approved the mortgage amount I asked for? Will they lend me less than that if the valuation comes back unsatisfactory? 

Thanks.

K_S

aimee_coop said:

Hi,

My HSBC mortgage advisor told me that my mortgage application has been approved subject to valuation which has been scheduled for next week. Does it mean they have approved the mortgage amount I asked for? Will they lend me less than that if the valuation comes back unsatisfactory? 

Thanks.

@aimee_coop It does mean that underwriting is complete, requested loan amount is available and the offer will be issued, all of this subject to the valuation coming back at the purchase price.

The other possibilities are -

- The property is down-valued. This may or may not impact the offer depending on the numbers, how big the down-valuation is, how much you're borrowing, LTV, etc.

- Or the property is nil-valued (not suitable for HSBC) in which case the application doesn't go any further.

Hope it comes back fine, good luck!

mlrmummy

Hi I have a question or two and I think reading these threads has made me panic a bit.

So back story we applied for a mortgage through Santander and was refused as I had used an unarranged overdraft (small amounts) no other dept at all and a £130,000 deposit asking for a £180,000 mortgage.

Between is we earn 44k a year.

We have now applied to NatWest through our broker for the same amount for the mortgage.

Are we likely to be refused again?? I don't know what to think and I'm hoping we get it as it's our dream house and perfect for our family.

natty24

Hi i own a house outright, which was a gift from my parents a couple of years ago. we have been looking to move home and get a mortgage and put the new property in joint names but there is nothing we like so instead thinking of staying where we are and having some work done to make it how we like the problem we have is we do not have spare funds and a loan secured on the house is very high payment. i was wondering if my husband could get a mortgage for a share of my property? which would relase the money to have the work done?

K_S

natty24 said:

Hi i own a house outright, which was a gift from my parents a couple of years ago. we have been looking to move home and get a mortgage and put the new property in joint names but there is nothing we like so instead thinking of staying where we are and having some work done to make it how we like the problem we have is we do not have spare funds and a loan secured on the house is very high payment. i was wondering if my husband could get a mortgage for a share of my property? which would relase the money to have the work done?

@natty24 More than one way to do this.

If you want to keep him off the deeds - you could take out a Joint Borrower Sole Proprietor mortgage (most lenders will term it a 'remortgage') against the property. In this case you will both be jointly responsible for the mortgage but only you will own the property.

If you are ok with having him on the deeds - you could do a normal capital-raise remortgage with a transfer-of-equity, so at the end of it you will both own the property and be responsible for the mortgage.

getmore4less

suejb2 said:

Hi.need to remortgage (May). Have a balance of less £27000 with three sub accounts. 1,2 3. 1&2 are lifetime trackers 1.09% and 3 is fixed (May) 2.19%. 

House has an approximate value of £150000.
With  9 years left on the mortgage should I commit to a long term or do a 2 or 3 year? 

Thank you.

Are you overpaying or letting it run for the 9 years.
what size are each bit?

emm12345

Hi, i have a question about Santander offer extension. We’ve received a mortgage offer from Santander today which is valid until September. Our flat is a new build and should be completed by the end of November. Will Santander automatically extend the offer or will we need to re-apply for mortgage with them again? I understand that interest rate might change, which we are ok with but don’t want to exchange contracts without having certainty that we’ll not lose our mortgage offer. 

K_S

emm12345 said:

Hi, i have a question about Santander offer extension. We’ve received a mortgage offer from Santander today which is valid until September. Our flat is a new build and should be completed by the end of November. Will Santander automatically extend the offer or will we need to re-apply for mortgage with them again? I understand that interest rate might change, which we are ok with but don’t want to exchange contracts without having certainty that we’ll not lose our mortgage offer. 

@emm12345 For an intermediary application, this is what happens with a new-build offer at expiry. Don't know if it's the same or different with a direct app. 

bubby08

Dear K_S 

a question regarding my remortgage, due to the delays with land registry will the Assemt document suffice as proof of ownership for the remortgage application.

thank you again.