Mortgage broker - ask me anything

K_S

lassfarfromhome said:

Hello, my question is, is it possible to get a mortgage if one is being paid through a group income protection policy (due to a disabling illness).  Policy is a proper PHI one that pays out until I can return to my own job, die or turn 65.  Any help would be appreciated

@lassfarfromhome Yes, many lenders will consider guaranteed IP payments the same as employed income. You should have no problem getting a mortgage based on affordability until 65.

kingstreet

trakky14 said:

kingstreet said:

trakky14 said:

I have a quick question....Halifax were booked into do a 'desktop' valuation yesterday but have now decided they want to do a physical valuation for our mortgage application. Why would that be? It is hard to compare it to other houses in the area as it has some land and outbuildings so on paper probably does look a lot for a semi! Thanks

Which is why it's probably going for physical inspection.

I guess so...I wonder if that means we have passed affordability checks if they are physically getting someone to go out and look at the house? 

A Halifax application can't be submitted if you don't meet affordability. Income is then verified in the first few days, but valuation may be instructed first. Many lenders have no "agreed subject to valuation stage" and manage all tasks concurrently. 

kc007

Hello! 

Very nervous first time buyer here.. 

Our mortgage broker tends to ignore all of our questions and we have absolutely no clue where we are up to.

We submitted our application to Saffron 3.5 weeks ago, we've provided all the documents they've asked for, they've instructed a valuation just this week, but we still have no clue if our application has been reviewed at all. 

does a valuation give any indication of it being closer to going through or is there just no way of knowing? 

can we still expect to be asked for more information/documents? 

thank you!! 

K_S

kc007 said:

Hello! 

Very nervous first time buyer here.. 

Our mortgage broker tends to ignore all of our questions and we have absolutely no clue where we are up to.

We submitted our application to Saffron 3.5 weeks ago, we've provided all the documents they've asked for, they've instructed a valuation just this week, but we still have no clue if our application has been reviewed at all. 

does a valuation give any indication of it being closer to going through or is there just no way of knowing? 

can we still expect to be asked for more information/documents? 

thank you!! 

@kc007 Saffron instructs the valuation after the initial assessment (basically someone checking that the initial documentation requested has been supplied). It then goes to the underwriting team while the valuation happens in parallel.

Having said that, their service levels are fairly good at the moment, and unless it's a complex application, I'd have expected the underwriting to be completed in 3.5 weeks.

Just to be clear, the observations above are very general comments based on the limited info in your post and my basic knowledge of Saffron (I only need to use Saffron rarely). Your broker would be best placed to give you a clear view of where you are at.

Hope the offer comes through soon, good luck!

maton91

Hi,

Not sure if you can help here. I am using L&C as a broker and have received a text this morning as follows:

'Your mortgage application status: awiating offer. We're working to get your mortgage offer, check your portal for updates - look for the sign in link at the top of our website. L&C'

Current timeline as follows (Santander are the lender:)

• Offer accepted (£230k) - 14th June
• Details submitted to broker - 14th June
• Santander reccomended - 15th June
• Documents received - 17th June
• Declaration signed - 18th June
• Mortgage valuation - 21st June
• Santander satisfied with document - 23rd June
  

As Tuesday has happened with regards to the valuation survey and I received above text this morning, does this mean I haven't been down valued as I would have been notified?

Thanks in advance

K_S

maton91 said:

Hi,

Not sure if you can help here. I am using L&C as a broker and have received a text this morning as follows:

'Your mortgage application status: awiating offer. We're working to get your mortgage offer, check your portal for updates - look for the sign in link at the top of our website. L&C'

Current timeline as follows (Santander are the lender:)

• Offer accepted (£230k) - 14th June
• Details submitted to broker - 14th June
• Santander reccomended - 15th June
• Documents received - 17th June
• Declaration signed - 18th June
• Mortgage valuation - 21st June
• Santander satisfied with document - 23rd June
  

As Tuesday has happened with regards to the valuation survey and I received above text this morning, does this mean I haven't been down valued as I would have been notified?

Thanks in advance

@maton91 Apologies, I have no clue how L&C work or what their updates mean. Perhaps post in the main forum and someone might know.

Santander is quite good with letting brokers know about the valuation result and also update their tracker so might be worth dropping your broker an email asking about the valuation outcome. Good luck!

Fromthebrink

maton91 said:

Hi,

Not sure if you can help here. I am using L&C as a broker and have received a text this morning as follows:

'Your mortgage application status: awiating offer. We're working to get your mortgage offer, check your portal for updates - look for the sign in link at the top of our website. L&C'

Current timeline as follows (Santander are the lender:)

• Offer accepted (£230k) - 14th June
• Details submitted to broker - 14th June
• Santander reccomended - 15th June
• Documents received - 17th June
• Declaration signed - 18th June
• Mortgage valuation - 21st June
• Santander satisfied with document - 23rd June
  

As Tuesday has happened with regards to the valuation survey and I received above text this morning, does this mean I haven't been down valued as I would have been notified?

Thanks in advance

Hi there, 

we had the very same message from L&C which came through days after the valuation. Perhaps a week after the L&C text, we had an email from them confirming that Nationwide had down valued the property (By a cool £15k!). We didn’t get justification, it was back to us to negotiate the drop with the vendor. 

Probably not what you want to hear, but that was how it played out for us. 

Fingers crossed for you 🤞🏼 

goalpost

I  have just had a remortgage offer from Nat West. My ex husband will need to sign the TR1 however he  is not resident in the UK anymore.  I have tried to complete the questionnaire on the Legal Optima portal but it is not accepting the postcode for my ex husband (in the States).  I've phoned them to query the position and the line went dead!  I'm just wondering if I should pay a local solicitor to get the TR1 signed and sent to the States for his signature - quick question: can this be done electronically? via email? As for Optima Legal - I'll just have to see if I can get hold of them on Monday ...

K_S

goalpost said:

I  have just had a remortgage offer from Nat West. My ex husband will need to sign the TR1 however he  is not resident in the UK anymore.  I have tried to complete the questionnaire on the Legal Optima portal but it is not accepting the postcode for my ex husband (in the States).  I've phoned them to query the position and the line went dead!  I'm just wondering if I should pay a local solicitor to get the TR1 signed and sent to the States for his signature - quick question: can this be done electronically? via email? As for Optima Legal - I'll just have to see if I can get hold of them on Monday ...

@goalpost Afaik it needs to be a wet signature but your solicitor will be best placed to confirm that.

Good luck with Optima, you may need it. They can be a pain in the behind to deal with even for normal cases, let alone one with a ToE involved.

Unfortunately, NatWest doesn't offer a cashback option otherwise my standard advice to clients is to opt for the cashback and instruct your own fixed price conveyancer rather than use free lender legals.

trakky14

kingstreet said:

trakky14 said:

kingstreet said:

trakky14 said:

I have a quick question....Halifax were booked into do a 'desktop' valuation yesterday but have now decided they want to do a physical valuation for our mortgage application. Why would that be? It is hard to compare it to other houses in the area as it has some land and outbuildings so on paper probably does look a lot for a semi! Thanks

Which is why it's probably going for physical inspection.

I guess so...I wonder if that means we have passed affordability checks if they are physically getting someone to go out and look at the house? 

A Halifax application can't be submitted if you don't meet affordability. Income is then verified in the first few days, but valuation may be instructed first. Many lenders have no "agreed subject to valuation stage" and manage all tasks concurrently. 

Thank you, they have definitely been looking at the paperwork as they asked for something to be submitted in a different format. Valuation is now happening next Friday in person so the wait continues at least another week...