Mortgage broker - ask me anything

xMeganCL

Do you have experience with incorrect paperwork? 
I got my offer in the post yesterday and they've put the valuation amount instead of the purchase amount (1k difference).
My solicitor says this needs changed and she'll speak to them, but that as the loan amount is correct, it should be a very easy thing?

MSN2220

haras_n0sirrah said:

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

Okay thank you. My valuation was done and approved a week after we submitted the application. So I guess just the underwriting process is what I am waiting for ? 

Jjamie

Have spoken with my advisor and he feels an extension won’t be possible in mymortgage offer. I spoken with NatWest via the chat service and they couldn’t see an issue. Should I be panicking? Solicitors have held things up for months and now the other common owner is stalling 

anticlaus105

haras_n0sirrah said:

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.

Many thanks. If going via broker what rate/fee could I expect vs doing it alone? Currently Natwest offering 1.44% 5yr fix with £995 fee for remortgages to them. I thought I read somewhere about £250 cashback.

haras_n0sirrah

what is the ltv?

roseylee123

Me and my partner have a mortgage in principle and are at the stage where we now have to send across bank statements. We like to spend on clothes, eating out etc. Will this go against us when going for a mortgage? What do lenders look for when going through bank statements where they will no accept us for mortgage? 

Any help would be great thanks! 

haras_n0sirrah

roseylee123 said:

Me and my partner have a mortgage in principle and are at the stage where we now have to send across bank statements. We like to spend on clothes, eating out etc. Will this go against us when going for a mortgage? What do lenders look for when going through bank statements where they will no accept us for mortgage? 

Any help would be great thanks! 

We look for whether payslips match bank statements, any money in or money out which could be e.g. a gift or a commitment which is underclared. Are you going over your overdraft limit, have direct debits which can't be cancelled, any payday loans or problem gambling - that kind of stuff. 

28tsw

We are planning to break the chain of 3 due to seller being too slow for buyer and risking the sale. 

We may end up moving in with my parents until we can exchange/complete on purchase. It might be for a night or week or more or not at all. Is this a risk to my HSBC offer?

sofsar

Our working tax credits award amount has gone less this week as it’s been updated automatically  because Iv started working more this tax year and it’s joint income award. 

I gave my July child/working tax award letter (actual income declared 2019/2020) to broker for application with Leeds but with this new award which is estimated obviously as it’s not April yet, do I need to tell my broker or no? 

It basically means I’m getting £3500 less for whole year and I’m worried like sick if the lender would lend me less now. 

haras_n0sirrah

sofsar said:

Our working tax credits award amount has gone less this week as it’s been updated automatically  because Iv started working more this tax year and it’s joint income award. 

I gave my July child/working tax award letter (actual income declared 2019/2020) to broker for application with Leeds but with this new award which is estimated obviously as it’s not April yet, do I need to tell my broker or no? 

It basically means I’m getting £3500 less for whole year and I’m worried like sick if the lender would lend me less now. 

When I get tax credits award letters one thing I look for is if the income on the award and the income the client now earns is within the disregard. If your income is higher now than on the letter by more than 2.5k leeds may want the new award letter. Have you looked at lenders calculator to see if it still fits affordability?