Mortgage broker - ask me anything

bubby08

@K_S Thank you. I will share the brokers feedback when I have it.

Staceylouise_2

Hi, My partner earns a good wage so affordability is okay for the house we are trying to buy, however, I am currently out of work as I left my job in December (looking after children) we don’t receive any benefits. 

Will this be ok or will it be harder to get accepted due to only one of us in work? 

We are looking at putting down 20% deposit from the equity of a house sale. 

Thanks 

K_S

Staceylouise_2 said:

Hi, My partner earns a good wage so affordability is okay for the house we are trying to buy, however, I am currently out of work as I left my job in December (looking after children) we don’t receive any benefits. 

Will this be ok or will it be harder to get accepted due to only one of us in work? 

We are looking at putting down 20% deposit from the equity of a house sale. 

Thanks 

@staceylouise_2 If you meet affordability (as per lender affordability calculators) on partner's sole income with you on the application, you being a homemaker should not make any material difference to your mortgage application.

manch007

Hi, would appreciate your help ! I am coming to  the end of my fixed rate with Santander on 02. Dec. This is a fixed rate interest only mortgage for £150K. (1.79%). We are nearing the end of our mortgage as we only have 2 years left in December. Santander advise that we can lock into any new rates wef from 3 August onwards. I maybe would like to do this sooner. Is there a provider that could do this ? We have repayment in vehicle in place (ISAs) to pay the full amount when the final payment is due. thank you.

Dda37

Me and my partner are in the process of purchasing our first home, offer was accepted in April and we've since had our mortgage offer from Barclays through, had a survey done and the solicitors have began searches etc and doing their thing. 

We don't have any dates for exchanging contracts or completion as of yet.  

Now the curveball, my partner has just been offered a new job, in the same industry and £10k PA more than she is on now. They want her to start sooner than she expected so its likely to occur before we are completed. 

Where do we stand with this, do we need to inform Barclays and is this likely to affect our mortgage offer ? 

segovia1

Crystal ball question!

I understand that some lenders' 2 year fixes are currently more expensive than their 5 year fixes - which sort of suggests that they expect rates to be lower in the medium term.  I'm expecting to remortgage next May (60% LTV) and wondering if rates might be lower then.  I could remortgage now without an ERC, though, so I'm wondering if I should just go for the fix now whilst I can.  I'm currently on 1.94% and lucky in that affordability is not a big issue for me so if rates are 2.5% or 3.5% won't make a big difference.

K_S

manch007 said:

Hi, would appreciate your help ! I am coming to  the end of my fixed rate with Santander on 02. Dec. This is a fixed rate interest only mortgage for £150K. (1.79%). We are nearing the end of our mortgage as we only have 2 years left in December. Santander advise that we can lock into any new rates wef from 3 August onwards. I maybe would like to do this sooner. Is there a provider that could do this ? We have repayment in vehicle in place (ISAs) to pay the full amount when the final payment is due. thank you.

@manch007 If you want to fix earlier than that your only option is likely to be a remortgage to a new lender, most remortgage offers will be valid for 5-7 months.

There are a few boxes to tick - you will need a lender that will consider ISAs as a replacement vehicle, meet eligibility criteria for an interest-only product, take out a 5 year mortgage term (as that's the usual minimum), meet age/term criteria, etc.

On balance, if you only need a 2 year term, the most hassle free option may be to wait and do a product-switch with Santander.

Maximus5

Hi, I’ve had my mortgage offer through From CBS this week. Unfortunately due to our sale falling through the home we were purchasing has been re marketed and sold. 

I’ve been told we should be able to do a change of property for the same offer but I wondered if you know how this works on the amount, whether more or less than the 200k price of the property we were going to buy?

bubby08

@K_S I received feedback regarding the decline decision one part was use of overdraft in business banking account, another issue was my default. As it happens the valuation was 0 so would have been declined anyway.  May I ask, surely the lender was aware of the default when I got a DIP? Why would it be an issue now? Regarding the valuation I have spoken to the valuation agency and nationwide and both are in agreement that despite renovations I meet the criteria so i don’t know why the valuer has taken it up in himself to suggest a valuation of zero??  My broker suggest due to a change in how Halifax calculate self employed salary that they are now the best option. However I am concerned that despite being able to clearly demonstrate affordability and my LTV being less than 55% that another mainstream lenders underwriter may take exception to this historical default and my self employed status. I would also need to find out `Halifax’s criteria for valuation when undergoing renovations. From your experience is Halifax even viable?

thanks 

raygcon

Any idea why would the lender ( Barclays ) want to review mortgage in principle again after it's been underwriting and valuation ( which has all passed ) ? I just got the response from my case manager that this happened and it will take another week for them to reach the decision. It doesn't seems to make much sense to me as I thought AIP is only used for indication and not an agreement by any mean.