Mortgage broker - ask me anything

haras_n0sirrah

becky8690 said:

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

As a shared ownership broker I have a lot of experience with them - currently 15 working days. There will then be an email saying what if anything is outstanding which then needs to be answered/ docs provided and then it will be a further 15 working days for review.

haras_n0sirrah

anticlaus105 said:

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?

Big tip - natwest switcher rates are cheaper via brokers and a lot of brokers (me included) don't charge fees for product transfers.
When you say earnings are complicated what do you mean? In what way?
If there isn't much of a difference I would just stay with the same lender due to the paperwork - as I say check with a broker what rates they can get as we get them cheaper. If you think you are likely to move that is something we would take into consideration

becky8690

haras_n0sirrah said:

becky8690 said:

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

As a shared ownership broker I have a lot of experience with them - currently 15 working days. There will then be an email saying what if anything is outstanding which then needs to be answered/ docs provided and then it will be a further 15 working days for review.

so a possibility of hearing from them today if anything else is requiered then

haras_n0sirrah

if you are on day 15 then yes

anticlaus105

haras_n0sirrah said:
When you say earnings are complicated what do you mean? In what way?

I earn a basic salary from my own company (just enough to trip NI) and then receive dividends and property income. I have an accountant who prepares my personal and company accounts. I have accounts dating back years but when I produced the paperwork at YBS they couldn't get me out of there fast enough. I've banked with NatWest for years and had several loans over the years, including an active commercial loan against a business property. No defaults/missed payments ever.

haras_n0sirrah

anticlaus105 said:

haras_n0sirrah said:
When you say earnings are complicated what do you mean? In what way?

I earn a basic salary from my own company (just enough to trip NI) and then receive dividends and property income. I have an accountant who prepares my personal and company accounts. I have accounts dating back years but when I produced the paperwork at YBS they couldn't get me out of there fast enough. I've banked with NatWest for years and had several loans over the years, including an active commercial loan against a business property. No defaults/missed payments ever.

You will be treated as self employed so salary and dividends or salary and net profits. If your income is in any way affected by covid then PT - the grief on self employed mortgages is massive at the moment.
As I say a broker can help you with the pt (if staying with the same lender there is no income checks) or you can go to Natwest.

MSN2220

Hello,  
Please could you share the process from full application to offer from Leeds building society? This would be very helpful! 

Thanks! 

highland_33

Hello. After some advice. 02 mobile contracts are recorded as loans on credit reports. Would you be expected to declare this as a loan in a mortgage application? 

Thank you in advance. 

haras_n0sirrah

highland_33 said:

Hello. After some advice. 02 mobile contracts are recorded as loans on credit reports. Would you be expected to declare this as a loan in a mortgage application? 

Thank you in advance. 

some lenders will count it

haras_n0sirrah

MSN2220 said:

Hello,  
Please could you share the process from full application to offer from Leeds building society? This would be very helpful! 

Thanks! 

Very very long
in seriousness though it is 15 working days to underwriter, they then will come back with some questions and instruct the valuation. Once the val is back ok and the questions are answered it will go to offer if everything is ok. Don't expect an offer for at least 6 weeks