Mortgage broker - ask me anything

mcyicsk2

K_S said:

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.

Thank you for the quick reply - Credit rating is high and requested LTV is around 65%. You mention other scenarios, any examples - Thanks in advance !

K_S

mcyicsk2 said:

K_S said:

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.

Thank you for the quick reply - Credit rating is high and requested LTV is around 65%. You mention other scenarios, any examples - Thanks in advance !

@mcyicsk2 With a clean credit history and low-LTV, the OD usage should not cause any issues.

Slou123

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello what’s the standard deposit rate for adverse credits mortgages? Thank you!

K_S

Slou123 said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello what’s the standard deposit rate for adverse credits mortgages? Thank you!

@slou123 There's no standard deposit range as such, it can go all the way from 5% to 40% and depend on the details ie how bad the adverse is and the specific lender criteria

To illustrate what I'm saying, have a look at the product range here from one prominent specialist lender -
https://www.pepper.money/intermediary/residential-mortgage-products/

And another one - https://intermediaries.aldermore.co.uk/media/1069/residential-mortgages-product-guide-pdf.pdf

Maximus5

Hi, my application went in through broker at Coventry building society around 5 weeks ago. My income is complex as I have full time NHS employment and also Ltd company income, combined is around 50k (applying for £180,000 mortgage) we have had bank holiday and lender came back asking for P60 and the accountant certificate which took a couple of weeks to come back. This was sent in on Monday and heard nothing yet. 

I have a clean credit history with nothing adverse etc. 
should I be worried or am I being impatient? The latter being quite likely for me. 

Many thanks 

kingstreet

Slou123 said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello what’s the standard deposit rate for adverse credits mortgages? Thank you!

If K_S doesn't mind me adding to his/her response, the mortgage rate you will achieve depends on two things - time and deposit.

The more time elapsed since the adverse credit; the lower the deposit required and vice versa. You will get away with adverse being newer, with a bigger deposit.

MrBounce

We have had our Halifax Resi approved (Finally!)...

The offer is valid until end of Sept..

We aren't part of a chain however the sellers are downsizing and still haven't found anywhere...

Do lenders extend offers if things don't complete by the offer expiry date? 

K_S

MrBounce said:

We have had our Halifax Resi approved (Finally!)...

The offer is valid until end of Sept..

We aren't part of a chain however the sellers are downsizing and still haven't found anywhere...

Do lenders extend offers if things don't complete by the offer expiry date? 

@mrbounce Congratulations!

The offer extension policy/process differs from lender to lender. With Halifax, if you haven't completed by 30 Sep, you'll have to pick a new product.

MrBounce

K_S said:

MrBounce said:

We have had our Halifax Resi approved (Finally!)...

The offer is valid until end of Sept..

We aren't part of a chain however the sellers are downsizing and still haven't found anywhere...

Do lenders extend offers if things don't complete by the offer expiry date? 

@mrbounce Congratulations!

The offer extension policy/process differs from lender to lender. With Halifax, if you haven't completed by 30 Sep, you'll have to pick a new product.

Does that mean new application? 

IAMIAM

Moving into rented and travelling for work for 3-5 years.
Moving mortgage to BTL (170k LTV with 230k VAL).
Ideally interest only.
Rental Income would be £850 PCM
Salary would be circa 50k min. 

Is this doable?