Mortgage broker - ask me anything

bubby08

@K_S Hi thank you sorry valuation consultant = valuer. Thank you. He mentioned when he left he would be sending the report that afternoon and I should hear back within 24 hours that’s the only reason for concern, I wasn’t aware there was an open ended time scale. Thanks KS

kemot123

Hi,

My wife started a new job last month so she has only 1 pay slip from the new job and is still on a probation period for the next 2 months. 

Is the pool of lenders much higher so that it is worth waiting until after probation period ends?

We are FTBs, 75 LTV, looking to fix for a min. of 5 years, preferably 10 years (depending on the deal).

Thanks,
Tom

K_S

kemot123 said:

Hi,

My wife started a new job last month so she has only 1 pay slip from the new job and is still on a probation period for the next 2 months. 

Is the pool of lenders much higher so that it is worth waiting until after probation period ends?

We are FTBs, 75 LTV, looking to fix for a min. of 5 years, preferably 10 years (depending on the deal).

Thanks,
Tom

@kemot123 With mainstream lenders, probation is rarely an issue. As long as she has continuous employment (no more than a few weeks between jobs), with one payslip you should get a good breadth of lenders.

With one full month's payslip, another couple of lenders will come in.

kemot123

@K_S thanks for a quick reply.

We thought it would be worth waiting so she also applied for her first credit card to improve her credit score. Our credit score before applying for a credit card was good but we thought we will be waiting for her probation period to end anyway so why not get a credit card now too. Would this now be an issue / limit the number of lenders if we applied for a mortgage now? She has had her new credit card for a month. We have never had any bad debt etc. and pay off credit cards in full every month (I have been for years, she has just started).

K_S

kemot123 said:

@K_S thanks for a quick reply.

We thought it would be worth waiting so she also applied for her first credit card to improve her credit score. Our credit score before applying for a credit card was good but we thought we will be waiting for her probation period to end anyway so why not get a credit card now too. Would this now be an issue / limit the number of lenders if we applied for a mortgage now? She has had her new credit card for a month. We have never had any bad debt etc. and pay off credit cards in full every month (I have been for years, she has just started).

@kemot123 Assuming no other credit-history issues, one recent (I wouldn't even call it recent given its more than a month ago) hard check should have no material impact on your mortgage options at 75% LTV.

KPHOME

Hi 

we received our offer yesterday for a remortgage, everything is done from the solicitors point of view and they should receive the offer by tomorrow how long generally does it take to receive the funds? We are moving from Lloyd’s to nationwide.
thank you 

K_S

KPHOME said:

Hi 

we received our offer yesterday for a remortgage, everything is done from the solicitors point of view and they should receive the offer by tomorrow how long generally does it take to receive the funds? We are moving from Lloyd’s to nationwide.
thank you 

@kphome Remortgage conveyancing usually involves very little work so (assuming that you're on SVR) you could complete on it within a couple of weeks.

Deeping_Dave

Hi there,

We had a repayment mortgage with Bank of Scotland. When times got hard in 2009 we switched it to interest only. We are paying 1% above base. For the past 13 years we have only paid the interest through need and also in truth being used to having more disposable income as we raised our children. Silly and dangerous I know but lots of people are in the same predicament. I have just over 5 years left before the balance of 178K becomes due. I obviously need to extend my mortgage and start repaying as to repay that amount over the remaining term is impossible. My question is should I tell my current provider and hope they extend my current mortgage a thing I don't think they'll do or do I need to just shop around for the best deal I can find then come clean with the lender? Any help would be really appreciated as I've left it far too long I know.

Thanks 

K_S

Deeping_Dave said:

Hi there,

We had a repayment mortgage with Bank of Scotland. When times got hard in 2009 we switched it to interest only. We are paying 1% above base. For the past 13 years we have only paid the interest through need and also in truth being used to having more disposable income as we raised our children. Silly and dangerous I know but lots of people are in the same predicament. I have just over 5 years left before the balance of 178K becomes due. I obviously need to extend my mortgage and start repaying as to repay that amount over the remaining term is impossible. My question is should I tell my current provider and hope they extend my current mortgage a thing I don't think they'll do or do I need to just shop around for the best deal I can find then come clean with the lender? Any help would be really appreciated as I've left it far too long I know.

Thanks 

@Deeping_Dave I wouldn't expect BOS to extend the term without doing a full I/O affordability assessment (as per current criteria which I imagine is very different from back when you took the mortgage out).

You should definitely review what options you have to switch to a repayment mortgage at this point in time. Once you have that, you can see if it's viable to do that or whether you need to think about speaking to BOS.

On the plus side, you've thought about this nice and early so you still have some time to sort something out without the lender breathing down your neck.

Mr.Generous

Are all buy to let mortgages interest only are can they be repayment too?