Mortgage broker - ask me anything

K_S

[Deleted User] said:

K_S said:

[Deleted User] said:

I received my offer but HSBC made a mistake on the valuation. My solicitor is trying to chase the bank, it has been over a month. The broker claims he has no way to chase HSBC in this regard, could anyone confirm if brokers can or cannot?

Would I be able to speak to HSBC?

@strictgold5208 You can definitely call HSBC and try find out more information. What exactly is the mistake that they made? I can't think of anything related to a valuation that would necessarily take a month to rectify.

They did a valuation on the entire block of flats instead of my single flat. It is a block of 10 studio flats. Even when they did that, they got the number of floors wrong!

@[Deleted User] Ok..is it the mortgage offer that's held up or has this come up after offer during conveyancing?

K_S

joseffoliver97 said:

K_S said:

joseffoliver97 said:

Hi All,

Long story short, I had money troubles growing up (18-22) and got myself in debt and CIFAS Cat 6 marker.

Thankfully I have changed my life and finances.  Myself and my partner are looking at moving out in the next few months and I wanted to look at our options.

In an ideal world we will buy a house but I feel that my credit history (currently 450 credit score) and CIFAS marker will hold us back.

Will we be able to do anything about getting a mortgage - perhaps having my partner (good credit history) as the main person with me on the side? If it helps, my salary is £25k annually plus monthly bonus £1000-3000.  My partners is £22k.  We have around £20-25k saved.

Is there any chance of us being able to buy? And if not are we likely to have similar issues renting?  I wish I could get rid of this CIFAS marker as it has ruined my life the last two years but I am stuck with it for another four.

any help much appreciated

@joseffoliver97 I don't really have any useful comments to make I'm afraid. As a broker I am not able to handle any applicants with CIFAS markers other than categories 1, 2 and 4 (assuming I've got the numbers right) so I don't really have any experience of speaking to lenders about it.

You could potentially just look at buying in your partner's name, though you will be limited by their income.

K_S said:

joseffoliver97 said:

Hi All,

Long story short, I had money troubles growing up (18-22) and got myself in debt and CIFAS Cat 6 marker.

Thankfully I have changed my life and finances.  Myself and my partner are looking at moving out in the next few months and I wanted to look at our options.

In an ideal world we will buy a house but I feel that my credit history (currently 450 credit score) and CIFAS marker will hold us back.

Will we be able to do anything about getting a mortgage - perhaps having my partner (good credit history) as the main person with me on the side? If it helps, my salary is £25k annually plus monthly bonus £1000-3000.  My partners is £22k.  We have around £20-25k saved.

Is there any chance of us being able to buy? And if not are we likely to have similar issues renting?  I wish I could get rid of this CIFAS marker as it has ruined my life the last two years but I am stuck with it for another four.

any help much appreciated

@joseffoliver97 I don't really have any useful comments to make I'm afraid. As a broker I am not able to handle any applicants with CIFAS markers other than categories 1, 2 and 4 (assuming I've got the numbers right) so I don't really have any experience of speaking to lenders about it.

You could potentially just look at buying in your partner's name, though you will be limited by their income.

Thanks for letting me know.  Are you aware if this is across the board (not dealing with cat 6 CIFAS) or will there be advisers that deal with this?

with regard to buying in my partners name.  Her credit history is good with no previous issues.  Her salary is £21,000.  How much roughly would she be able to lend if we can put down a deposit of £35k?

thanks

@joseffoliver97 I'm not sure about the Cat 6 markers. Perhaps it might be worth speaking to a few of the brokers recommended on the MSE guide here to check 
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

With regard to your partner's borrowing, assuming only minimal debt in the background, it will probably max out at around 95k, giving you a budget of up to £130k. 

[Deleted User]

K_S said:

[Deleted User] said:

K_S said:

[Deleted User] said:

I received my offer but HSBC made a mistake on the valuation. My solicitor is trying to chase the bank, it has been over a month. The broker claims he has no way to chase HSBC in this regard, could anyone confirm if brokers can or cannot?

Would I be able to speak to HSBC?

@strictgold5208 You can definitely call HSBC and try find out more information. What exactly is the mistake that they made? I can't think of anything related to a valuation that would necessarily take a month to rectify.

They did a valuation on the entire block of flats instead of my single flat. It is a block of 10 studio flats. Even when they did that, they got the number of floors wrong!

@[Deleted User] Ok..is it the mortgage offer that's held up or has this come up after offer during conveyancing?

Thanks for the reply. I have received the offer. It was discovered after during conveyancing. 

K_S

[Deleted User] said:

K_S said:

[Deleted User] said:

K_S said:

[Deleted User] said:

I received my offer but HSBC made a mistake on the valuation. My solicitor is trying to chase the bank, it has been over a month. The broker claims he has no way to chase HSBC in this regard, could anyone confirm if brokers can or cannot?

Would I be able to speak to HSBC?

@strictgold5208 You can definitely call HSBC and try find out more information. What exactly is the mistake that they made? I can't think of anything related to a valuation that would necessarily take a month to rectify.

They did a valuation on the entire block of flats instead of my single flat. It is a block of 10 studio flats. Even when they did that, they got the number of floors wrong!

@[Deleted User] Ok..is it the mortgage offer that's held up or has this come up after offer during conveyancing?

Thanks for the reply. I have received the offer. It was discovered after during conveyancing. 

@[Deleted User] That's really odd. I would normally expect the broker to be able to get to the bottom of this (or at least the broker and solicitor together), but that's just based on the limited info in your posts.

Often it's a matter of finding out what exactly the issue is and whether or not it can be resolved.  If neither the broker nor solicitor are of much help then no harm in trying to find out from HSBC themselves. Hopefully you'll get something moving on this in the coming weeks, good luck.

zebedeum

Hi Haras
I've been on a SVR since 2011 with Santander. I'm trying to find a list of their discounted 2 year fixes, good credit, 50%LTV through the years please. Where can I get that information. Santander say they don't have it!  Thank you.

K_S

zebedeum said:

Hi Haras
I've been on a SVR since 2011 with Santander. I'm trying to find a list of their discounted 2 year fixes, good credit, 50%LTV through the years please. Where can I get that information. Santander say they don't have it!  Thank you.

@zebeduem Do you mean 'discounted' 2 year fixes or tracker rates? They don't offer any discount products, just fixed rates and tracker rates. 

Their product transfer rates (rates for existing Santander borrowers) are bespoke so they aren't published. So you'll either need to login to their system (you should be able to do that with your mortgage account number on their product switch website here https://mortgagedeals.santander.co.uk/customer-retentions-ui/home) and see what is available to you, or contact a broker who can do the same.

peppapig14

we are 2.5 years in on a 5 year fix with Nationwide. ideally we want to port our mortgage  ( house being marketed next week ) ,IS it a full application with proof income etc if we find somewhere that's cheaper than the amount left on the mortgage

K_S

peppapig14 said:

we are 2.5 years in on a 5 year fix with Nationwide. ideally we want to port our mortgage  ( house being marketed next week ) ,IS it a full application with proof income etc if we find somewhere that's cheaper than the amount left on the mortgage

@peppapig14 If you are borrowing more along with porting, it is like a full application with full underwriting. If you aren't, then Nationwide has a process in place where they will consider even if affordability can't be met.

K_S

gd55 said:

K_S said:

gd55 said:

To get to the question - how soon after September 2023 when the IVA drops off my report are we likely to be able to get a mortgage deal, and not too shocking a rate if at all possible? I appreciate this is a bit of a crystal ball question, so I thank you for any general guidance/previous examples you may be able to offer.

@gd55 As I'm sure you can appreciate, there are a lot of different aspects that can have an impact on your options. With respect to the age of a satisfied IVA - very very generally speaking, once it's been satisfied for 2 years you should have specialist options assuming you've kept a clean history in the interim period.

Thanks for the super-swift response!

That's really helpful, a couple of years will give us a good chance to save up a chunky deposit and check we are definitely compatible for living together!!

@gd55 This thread may be useful for getting an understanding of mortgages after a very recently discharged IVA. 
https://forums.moneysavingexpert.com/discussion/6350897/advice-on-finding-a-mortgage-with-a-recently-discharged-iva

As you haven't yet started saving for a deposit, not directly relevant as these require 25%+ deposit at least.

babyblade41

K_S said:

babyblade41 said:

@K_S I know plenty about buying but absolutely nothing about mortgages so thought here might be good place to ask re: our buyer 

We have been waiting for our buyers mortgage offer for 3 weeks now . It is with Santanders underwriters now. They have had to answer 5 lots of questions in this time & keep coming back wanting more information.

The problem seems to be with the wife as she is self employed and about to have a baby , they have 25% deposit .

Firstly is this a normal amount of time to wait for the offer to come through & secondly is Santander particularly stringent on the lending criteria 

This is all we are waiting for now but going into a fourth week of waiting it does seem there could be a problem ..any help would be much appreciated as we are getting to the point where we might have to consider putting the house back up for sale 

@babyblade41 Can't say what the eventual outcome will be but 3 weeks is not an overly long time at all. To illustrate my point, until recently, Natwest was swamped with business and their timelines were as follows -

- 9/10 working days from application to initial review (which is where they check if minimum requirements have been met for the application to be passed to underwriting. And then instruct the valuation.

- 6/7 working days from initial review to an underwriter picking it up

- if the underwriter has an queries they send it to the broker. Once the broker responds (can take a day or two depending on what the query is about) it again sits in a queue for 2/3 working days for the underwriter to pick it up. If there are more queries, then there's further delays.

- once everything is satisfied, another day or two to issue the mortgage offer (assuming the valuation has been booked and carried out, which can also incur delays depending on how busy surveyors are in the area).

The time taken and queries raised could also vary depending on how well the case was packaged, whether the right lender was picked, how cautious the underwriter is, whether they are inexperienced or in training, etc.

As you can see, the days can quickly add up with nothing much happening at all.

Just thought I would update on this.. Mortgage offer arrived yesterday late afternoon for our buyers so just over 4 weeks from Santander.  

Just in case anyone were waiting to hear from their offer with Santander