Mortgage broker - ask me anything

K_S

Emuchops said:

Hi - Can you let me know whether I'm classed as self-employed for mortgage purposes please? I have recently started working as an administrator for a disabled lady. She gets my services fully paid for by the DWP Access to Work scheme - so she has funding for me to work 16hrs a week for the next 3 years. I give her an invoice each month, we fill out the Access to Work claim form . This is sent to the DWP and then DWP pay her, and she transfers the payment to me. I will have to do a tax return to pay income tax and NI. I started this work in November 22 and I need a £25,000 mortgage as I want to move from my (owned outright) home and need a bit more cash than I currently have. I don't do any other work. Thank you.

@emuchops Self-employed, as it looks like (based on the limited info in your post) there is no tax deducted at source and you will have to do a self-assessment at the end of the tax year to calculate your tax bill.

[Deleted User]

K_S said:

[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.

@K_S
Just to update, the broker never did assist.

I phoned HSBC and then advised the solicitor that they needed him to respond. He has and now all approved by HSBC (again ha) so can now move forward after a six week delay. Almost there! thanks again for your response. 

jenni_fer

It's probably been answered before but my searching doesn't reveal anything.

How much would changing jobs midway through a mortgage application cause a problem/delay?

Likely to be a headhunter scenario, same industry and more senior position if that makes any difference?

Leomum13

After some advice as we start looking to buy our first house.
I work FT in the UK, paid in GBP gross £60k. My husband is contracted to work for the UN (currently in Afghanistan) paid in USD into his UK account gross $156k. 
We are looking for houses around the £500k Mark but conscious his earnings will nake applying more complicated.
Any advice please? Things like who to apply with, who to avoid, deposit amounts, etc. 
It's also worth nothing that because he is not resident in the UK for more than 12 weeks a year he is exempt from paying tax but is still considered a UK citizen. Thanks! 

K_S

jenni_fer said:

It's probably been answered before but my searching doesn't reveal anything.

How much would changing jobs midway through a mortgage application cause a problem/delay?

Likely to be a headhunter scenario, same industry and more senior position if that makes any difference?

@jenni_fer Assuming it's a mainstream lender and the income situation hasn't materially deteriorated (eg: you moved from a permanent contract to a fixed term one, or lower basic pay, etc.) it should be fine. What exactly you need to do (if anything) will depend on the specific lender's policy/processes.

As a headhunter/recruiter I assume a large/significant component of your pay is variable? That might come into the picture as well but it just depends on the rest of the scenario.

K_S

Leomum13 said:

After some advice as we start looking to buy our first house.
I work FT in the UK, paid in GBP gross £60k. My husband is contracted to work for the UN (currently in Afghanistan) paid in USD into his UK account gross $156k. 
We are looking for houses around the £500k Mark but conscious his earnings will nake applying more complicated.
Any advice please? Things like who to apply with, who to avoid, deposit amounts, etc. 
It's also worth nothing that because he is not resident in the UK for more than 12 weeks a year he is exempt from paying tax but is still considered a UK citizen. Thanks! 

@leomum13 Can't give any useful comments about lenders as there are a lot of different aspects that'll come into play.

Given the size of the joint income and one applicant being UK resident and earning in GBP, it should be relatively straightforward to place. I would recommend getting in touch with a mortgage broker who can look at the entire scenario and give you a realistic idea of your options.

jenni_fer

K_S said:

jenni_fer said:

It's probably been answered before but my searching doesn't reveal anything.

How much would changing jobs midway through a mortgage application cause a problem/delay?

Likely to be a headhunter scenario, same industry and more senior position if that makes any difference?

@jenni_fer Assuming it's a mainstream lender and the income situation hasn't materially deteriorated (eg: you moved from a permanent contract to a fixed term one, or lower basic pay, etc.) it should be fine. What exactly you need to do (if anything) will depend on the specific lender's policy/processes.

As a headhunter/recruiter I assume a large/significant component of your pay is variable? That might come into the picture as well but it just depends on the rest of the scenario.

Thanks for the response. I meant being headhunted rather than being a headhunter! 
Great to know that if something comes up I could consider it!

silvermountains

Hello again, I have two more questions if that's ok:

1) In your experience, do lenders mind what percentage of a deposit is gifted? 

Context - we have been accepted for a 90% mortgage - then 5% we have saved and the other 5% is gifted.  All good.  Then, a family member kindly offered 3% of the property price as another gift.  We would still be on the same 90% mortgage rate, as it doesn't take us to 85% LTV.

But essentially, the mortgage will be 87%, we will have saved 5% and now 8% is gifted.  Is this ok?

2) In your experience, does it matter if the gifted deposit is paid directly to the solicitor? The family member is a little old fashioned and does not want to transfer this additional 3% money to us (apparently that isn't "the done thing!")  Will banks generally mind if the cash isn't actually visible in our bank accounts?

Thank you.

peppapig14

we are 2.5 years into a nationwide 5 year fix
for various reasons we want to move away from the house, but ideally like to keep it for investment
we have approx 150k equity in the property, 155k left on mortgage. mortgage is 700 monthly and we could rent it out for at least 1100 monthly.
nationwide affordability states we can borrow 155k ( so we would want to look at another property for 300k or less )
would we be eligible for nationwide let to buy mortgage ?

Dawn28

I hope someone might be able to answer my questions if you have had a similar experience.
Looking to get a mortgage with Barclays for 55% LTV I have three old payday loans from 2018 & 2019 all settled in those years and I have 5 late payments from Hitachi capital in 2019-2020. Nothing since then, what are my chances of getting a mortgage?