Mortgage broker - ask me anything

Hlkns

We are considering to buy new build with Help to Buy. What is maximum term for equity loan? Can equity loan and mortgage term differ? We would like to spread our mortgage to 40 years until retirement.
@K_S

K_S

Hlkns said:

We are considering to buy new build with Help to Buy. What is maximum term for equity loan? Can equity loan and mortgage term differ? We would like to spread our mortgage to 40 years until retirement.
@K_S

@hlkns Off of the top of my head, the equity loan term must be at least as long as the repayment mortgage term. The equity loan term is usually 25 years but can be extended to match that of the mortgage when you do a remortgage. Hopefully I'm not mixing things up here!

shaysonic

Me and my partner have had our mortgage approved as well as our HTB. We’re currently at a stage of exchanging contracts with the déveloper and are looking to get our mortgage funds released. 

However my partner has just taken a new job offer with a new company. They’ll be earning significantly higher salary than currently and the new role will not be starting until July. Additionally I’ll be getting a promotion shortly within my company too. 

My question is will our mortgage offer be cancelled or if we provided all the information to NatWest it will be okay? 

We’re just very worried cureently.

K_S

shaysonic said:

Me and my partner have had our mortgage approved as well as our HTB. We’re currently at a stage of exchanging contracts with the déveloper and are looking to get our mortgage funds released. 

However my partner has just taken a new job offer with a new company. They’ll be earning significantly higher salary than currently and the new role will not be starting until July. Additionally I’ll be getting a promotion shortly within my company too. 

My question is will our mortgage offer be cancelled or if we provided all the information to NatWest it will be okay? 

We’re just very worried cureently.

@shaysonic Partner's job change - as long as the gap between the two jobs is no more than a couple of weeks, and its a permanent contract, it should be fine. NatWest's published policy is - "The client would need to be in their current position for at least one month and have one month’s payslip showing their new income."

Your promotion - if you were my client, on the basis of the limited info in your post, it isn't something that I would inform the lender about. Assuming of course that there's no change to the employer or a reduction in income.

I can't tell you what exactly to do as I don't know anything about the case. If you have a broker, just drop them a note about your partner's job change and follow their advice. If you have gone direct, just ask NatWest what the process is if you were to change jobs post offer.

In any case, based on the limited info in your post, the likelihood of them cancelling the offer is next to zero, as long as the information is communicated properly.

peppapig14

K_S said:

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.

yeah its likely we won't need to borrow more due to equity in house and savings we already have - are u saying that would not mean a full application 

thewad

Finished my DMP two years ago would this affect applying for mortgages/secured loans?

K_S

thewad said:

Finished my DMP two years ago would this affect applying for mortgages/secured loans?

@thewad It shouldn't on its own stop you from getting mainstream/mainstream-ish rates but it'll depend on what exactly your credit report looks like.

thewad

Nothing on my credit report about it.
I've just received a 0% for 12 months credit card from one of the card companies I was paying off on my DMP.

K_S

thewad said:

Nothing on my credit report about it.
I've just received a 0% for 12 months credit card from one of the card companies I was paying off on my DMP.

@thewad If your credit history is clean and the DMP is 2+ years old, it shouldn't have any huge impact on your mortgage options.

thewad

21 months since I finished it.