Mortgage broker - ask me anything

metalloz

Thanks K_S - yep, meant complete. 

gionnetto

Hello,
I appreciate my situation might be unusual, that's why I am asking these questions... I want to get the right strategy to maximize my gains, so here it is.

Credit history and immigration:

I moved to the UK in 2017, so I only have 5 years of credit history but it's absolutely clear (no late payments, no defaults, rent payments are on the rental exchange, same address for 5 years, on the electoral roll, small OD never used, 3 current accounts, 3 credit cards with no balance). My application for settled status has been submitted and I don't anticipate any problems as I have the full 5 yr national insurance contributions.

Question #1: would waiting till I have the full 6 years in my credit history and citizenship make any difference in terms of getting a mortgage?


Employment:
I relocated here with a job offer and have always been in employment. However, I've been on benefits for a short period of time a couple of times (1.5 months when I broke my spine and a couple of weeks in between jobs). I've also been on flexible furlough for 3 months during the pandemic (Feb-May 2021).

Question #2: would this history adversely impact my chances to get a mortgage? If so, anything I can do to mitigate the consequences?


Type of house I want and deposit:
I want to get a house that needs improvements so that I can get a bigger place. I am in the process of cashing in on my inheritance, have checked the prices in the area and it sounds realistic. I plan on putting down a 40% deposit for the mortgage and using the rest for the renovations.

Question #3: would this kind of plan adversely affect my chances to get a mortgage? Are there lenders who are more inclined to offer mortgages for this kind of property sale? Do you have any other tips on what additional steps (and expenses) I need to account for when buying this kind of property?

Type of employment:
I've worked for the Civil Service (fixed term contract) since Jan 2022. However, I will move within the civil service from an agency to a department (higher wages, full term, permanent). I'm also applying to a couple of other, higher-paying, jobs within the Civil Service. I'm also a counselling student (graduation from level 5 expected spring 2023), but I've already paid my tuition in hard cash from my savings (lots of overtime in previous jobs).

Question #4: Would moving jobs within the Civil Service be regarded in an unfavourable way? Are there any lenders who offer mortgages to Civil Servants? How would me being a student be considered by lenders (I can see it going both ways, but I usually focus on the future source of supplemental income)? Do I need not to disclose it? How long after I take up the job can I consider applying for my mortgage?

And finally,
Question #5: if you were me how would you strategize to maximize the returns on my situation?

Thank you so much

Giggidy

We applied for a Natwest mortgage via L&C about 3 weeks ago, much to our regret as L&C have been frustratingly slow to send off requested documents and their communication is dire. Natwest have been pretty quick with getting the valuation done (which L&C didn't inform us about at all). I only found out when I contacted Natwest direct and they said our mortgage valuation matched our offer price. I asked if we can submit the documents required direct but unfortunately we would need to start a whole new application with them.

Rates have obviously gone up since, but I am tempted to ditch L&C and start a new application, I feel this will be quicker than waiting on them. Based on reviews on here and on other review sites, they take an absolute age to do anything (granted I should have double checked this, but we dealt with them years ago and the broker both times was pretty good.)

My question, is this wise to do at this point? I know its only been a few weeks, but surely it shouldn't take weeks at this stage just to check and submit docs? If we re-applied with Natwest would they use the Valuation report they have already received this week as its for the same property and value? Would they do another hard search, and if so would it affect us even though it was them that did it couple of weeks ago? We will take a hit on the interest rate but I would rather do that than risk losing this house. The sellers are going through a very acrimonious split and want shot of the house asap, just worried they will pull out if it takes too long and L&C's lethargy will cost us. 

K_S

Giggidy said:

We applied for a Natwest mortgage via L&C about 3 weeks ago, much to our regret as L&C have been frustratingly slow to send off requested documents and their communication is dire. Natwest have been pretty quick with getting the valuation done (which L&C didn't inform us about at all). I only found out when I contacted Natwest direct and they said our mortgage valuation matched our offer price. I asked if we can submit the documents required direct but unfortunately we would need to start a whole new application with them.

Rates have obviously gone up since, but I am tempted to ditch L&C and start a new application, I feel this will be quicker than waiting on them. Based on reviews on here and on other review sites, they take an absolute age to do anything (granted I should have double checked this, but we dealt with them years ago and the broker both times was pretty good.)

My question, is this wise to do at this point? I know its only been a few weeks, but surely it shouldn't take weeks at this stage just to check and submit docs? If we re-applied with Natwest would they use the Valuation report they have already received this week as its for the same property and value? Would they do another hard search, and if so would it affect us even though it was them that did it couple of weeks ago? We will take a hit on the interest rate but I would rather do that than risk losing this house. The sellers are going through a very acrimonious split and want shot of the house asap, just worried they will pull out if it takes too long and L&C's lethargy will cost us. 

@giggidy

Hard-search: I would expect them to do a fresh hard search when you submit the new full application but it should not have any material impact on your chances. 

Valuation: I'm not sure tbh, I would expect this one to be desktop but you can never tell with all the automated systems that trigger these things.

Personally, I would caution against this route. Firstly because I wouldn't expect you to save much time (if any) by doing this. Secondly, if you cancel the mortgage with the broker and then immediately make a second application, it may raise a flag at the lender's end, perhaps adding to the time that it will take to be reviewed.

I don't want to explicitly advise you on the mechanics of it, but you should be able to think of ways to get L&C to prioritise your application.

Giggidy

K_S said:

Giggidy said:

We applied for a Natwest mortgage via L&C about 3 weeks ago, much to our regret as L&C have been frustratingly slow to send off requested documents and their communication is dire. Natwest have been pretty quick with getting the valuation done (which L&C didn't inform us about at all). I only found out when I contacted Natwest direct and they said our mortgage valuation matched our offer price. I asked if we can submit the documents required direct but unfortunately we would need to start a whole new application with them.

Rates have obviously gone up since, but I am tempted to ditch L&C and start a new application, I feel this will be quicker than waiting on them. Based on reviews on here and on other review sites, they take an absolute age to do anything (granted I should have double checked this, but we dealt with them years ago and the broker both times was pretty good.)

My question, is this wise to do at this point? I know its only been a few weeks, but surely it shouldn't take weeks at this stage just to check and submit docs? If we re-applied with Natwest would they use the Valuation report they have already received this week as its for the same property and value? Would they do another hard search, and if so would it affect us even though it was them that did it couple of weeks ago? We will take a hit on the interest rate but I would rather do that than risk losing this house. The sellers are going through a very acrimonious split and want shot of the house asap, just worried they will pull out if it takes too long and L&C's lethargy will cost us. 

@giggidy

Hard-search: I would expect them to do a fresh hard search when you submit the new full application but it should not have any material impact on your chances. 

Valuation: I'm not sure tbh, I would expect this one to be desktop but you can never tell with all the automated systems that trigger these things.

Personally, I would caution against this route. Firstly because I wouldn't expect you to save much time (if any) by doing this. Secondly, if you cancel the mortgage with the broker and then immediately make a second application, it may raise a flag at the lender's end, perhaps adding to the time that it will take to be reviewed.

I don't want to explicitly advise you on the mechanics of it, but you should be able to think of ways to get L&C to prioritise your application.

Thanks, I know I'm clutching at straws here and should just be patient but it's galling to have to wait for the broker and then possibly the lender too, just wish we could cut out the middle man. 

Other than chasing them daily, messaging the case manager on the portal, and calling the broker who mysteriously never answers his phone, I'm all ears how I can get them to prioritise. Not even in a sarky way, genuinely. This is the third time in as many years we have tried to move house, so I want to make sure we do everything we can to make it happen this time.

simon_or

Giggidy said:

Other than chasing them daily, messaging the case manager on the portal, and calling the broker who mysteriously never answers his phone, I'm all ears how I can get them to prioritise. Not even in a sarky way, genuinely. This is the third time in as many years we have tried to move house, so I want to make sure we do everything we can to make it happen this time.

KS is too nice to say this but what you should do to get your application some love is send a written complaint to their complaints emails address. Also leave a 1* review on their Trustpilot page, make sure you enter your customer reference number where it asks for one when submitting the review, so that London Country can identify your application.

Giggidy

simon_or said:

KS is too nice to say this but what you should do to get your application some love is send a written complaint to their complaints emails address. Also leave a 1* review on their Trustpilot page, make sure you enter your customer reference number where it asks for one when submitting the review, so that London Country can identify your application.

*Mr Burns voice: Excellent

al2410

Hi I was hoping for some advice. Me and my partner are first time buyers we are looking at a house 175000, we have a 10% deposit. Combined salary of 55k. I have two late payments logged on a store card in the last 12 months due to carelessness and 5/6 late payments 2+ years ago. My partner has no recent credit history but a few late payments 2+ years ago. We have some credit card debt but can pay this all off. What are are chances for getting a mortgage. We are so worried. 

Deliveredpizza

Do you know how long Virgin is presently taking for remortgage applications?

Application submitted at the end of March 2022, valuation carried out a couple of weeks later.
Both company directors with a good income. 
No increase in the amount being borrowed, so it is a like-for-like remortgage swap.
Excellent credit record, no bad debt, only borrowing 15% on a valuation of £2mil.
There have been some queries which we've responded to immediately. 
Our mortgage advisor says this timescale is usual, but it's now been over 10 weeks.
Is this what you'd expect? I will be grateful for any words of wisdom. Thanks

Paulnudge9

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

Hi,

I am applying for the Right to Buy. We have the offer from the housing and we've hit a stumbling block in terms of the mortgage. My mum (73) is the named tenant and she's the only name on the tenancy. I'm 43 and its a joint application. This morning, I've spoke to my bank (Halifax) who have advised that because its a joint application, the mortgage would also need to be a joint application too and it would need to be paid by my mothers 80th birthday, so less than 7 years. Do you know of any lenders who don't have this age limit? Where we could get a term of 15, 20, 25 years?

any advice would be great