Mortgage broker - ask me anything

Skint_yet_Again

I am selling my house to a family member and am looking to buy a new property. I will have £250k equity and I may need to port £10k of my mortgage with Nationwide. I am currently off work sick but intend to return by the end of May. Will this affect my mortgage application? I understand lenders are “being funny” about sick leave at the moment? 

[Deleted User]

Hi will a lender do any credit checks after completion 

K_S

Deleted_User said:

Hi will a lender do any credit checks after completion 

@serenity222 After completion? Not that I'm aware of.

K_S

Skint_yet_Again said:

I am selling my house to a family member and am looking to buy a new property. I will have £250k equity and I may need to port £10k of my mortgage with Nationwide. I am currently off work sick but intend to return by the end of May. Will this affect my mortgage application? I understand lenders are “being funny” about sick leave at the moment? 

@skint_yet_again I haven't noticed any difference in lender approach to sick leave. Generally speaking, the policies have been fairly consistent in that area, though it can differ from lender to lender.

With respect to Nationwide, if you're applying while on sick-leave, they will normally ask for a return to work letter from the employer to consider the income.

Having said that, if your porting is like-for-like (no extra borrowing, no change in term, etc.), Nationwide can consider ignoring affordability so you may have that route as well if needed.

Anna_HB

Hello,

what it means that application is with senior underwriter?
we have applied through the MB 
application submitted 22.04
proof of private pension requested 29.04
application with senior underwriter 11.05
its mortgage with nationwide 
no valuation done yet.
thank you 

K_S

Anna_HB said:

Hello,

what it means that application is with senior underwriter?
we have applied through the MB 
application submitted 22.04
proof of private pension requested 29.04
application with senior underwriter 11.05
its mortgage with nationwide 
no valuation done yet.
thank you 

@anna_hb Are you sure a val hasn't been instructed? Usually Nationwide instructs it on day 1 of the full application.

Sorry, can't really give any useful comment as it could be lots of different reasons. Your broker would be the person best placed to explain, just drop an email or a call.

Alternatively, perhaps post in the main thread, someone might have had the same experience. Hope it gets sorted out, good luck!

Anna_HB

K_S said:

Anna_HB said:

Hello,

what it means that application is with senior underwriter?
we have applied through the MB 
application submitted 22.04
proof of private pension requested 29.04
application with senior underwriter 11.05
its mortgage with nationwide 
no valuation done yet.
thank you 

@anna_hb Are you sure a val hasn't been instructed? Usually Nationwide instructs it on day 1 of the full application.

Sorry, can't really give any useful comment as it could be lots of different reasons. Your broker would be the person best placed to explain, just drop an email or a call.

Alternatively, perhaps post in the main thread, someone might have had the same experience. Hope it gets sorted out, good luck!

Valuation hasn’t been instructed for sure. 

Even my EA is keep asking for it. 

My MB is lovely but I feel bad keep calling and asking questions 
our DIP was referred and then approved would this be the reason for senior underwriter? 

How many underwriters are looking at the application and documents? 

mcyicsk2

Hi,

Quick question I was hoping you could help with - How detailed do Natwest look at Bank statements for residential mortgage? My account is showing as being within agreed overdraft for last few months - could this cause an issue?

Many Thanks

MelissaS123

Hi

Me and my partner got an AIP with Barclays for £162,000. We had an offer accepted on a house for £182,000. We’ve been to see a MA and he found us a mortgage with Nationwide at 2.99%. I have a default that is 5 year old of £137, it is settled as seen on my credit file. I’m nervous our mortgage application will get declined. Any advice/reassurance appreciated!

K_S

mcyicsk2 said:

Hi,

Quick question I was hoping you could help with - How detailed do Natwest look at Bank statements for residential mortgage? My account is showing as being within agreed overdraft for last few months - could this cause an issue?

Many Thanks

@mcyicsk2 On it's own, it's unlikely to cause an issue. Depending on the rest of the scenario in the background, it could be relevant.

Lenders don't necessarily need to review bank statements to make OD related assumptions, they get sufficient data from the credit-bureaus to do that.