Mortgage broker - ask me anything

DG88

haras_n0sirrah said:

DG88 said:

My wife and I have sold our flat. We now have found a house we want to buy but we are 30k short. We have 50% deposit of £165k - will a lender agree to lend the extra or is 4.5x income the max? My wife doesn't work, but is willing to get a part time job to help - will this be accounted for in application if less than 3 months into job? Thanks!

There are some lenders who lend above 4.5x income

Thank you - is the ceiling 5x? Also do you know if there is a minimum 2nd income that is considered - for example if my wife got a job with an income of £9k a year on part time basis will it be added my to income?

sunshineandlollipops

Would that mean transfer to a tracker mortgage? Why would that be best?
As I understand it he's willing to stay on the mortgage until the children are 18.

haras_n0sirrah

sunshineandlollipops said:

Would that mean transfer to a tracker mortgage? Why would that be best?
As I understand it he's willing to stay on the mortgage until the children are 18.

If he is willing to stay on the mortgage and you would prefer a fixed rate then you can get a fixed rate 

haras_n0sirrah

DG88 said:

haras_n0sirrah said:

DG88 said:

My wife and I have sold our flat. We now have found a house we want to buy but we are 30k short. We have 50% deposit of £165k - will a lender agree to lend the extra or is 4.5x income the max? My wife doesn't work, but is willing to get a part time job to help - will this be accounted for in application if less than 3 months into job? Thanks!

There are some lenders who lend above 4.5x income

Thank you - is the ceiling 5x? Also do you know if there is a minimum 2nd income that is considered - for example if my wife got a job with an income of £9k a year on part time basis will it be added my to income?

Lenders dont go to 5x anymore but some do go higher than 4.5
With your wife some lenders will consider her income with 1 payslip 

sunshineandlollipops

haras_n0sirrah said:

sunshineandlollipops said:

Would that mean transfer to a tracker mortgage? Why would that be best?
As I understand it he's willing to stay on the mortgage until the children are 18.

If he is willing to stay on the mortgage and you would prefer a fixed rate then you can get a fixed rate 

Thank you.
Is he right in saying we shouldn't tell the mortgage company that he has moved out because then the affordability checks would be on my pay alone? Surely we are still jointly responsible? 

haras_n0sirrah

sunshineandlollipops said:

haras_n0sirrah said:

sunshineandlollipops said:

Would that mean transfer to a tracker mortgage? Why would that be best?
As I understand it he's willing to stay on the mortgage until the children are 18.

If he is willing to stay on the mortgage and you would prefer a fixed rate then you can get a fixed rate 

Thank you.
Is he right in saying we shouldn't tell the mortgage company that he has moved out because then the affordability checks would be on my pay alone? Surely we are still jointly responsible? 

If you are product transferring then there is no underwriting or affordability checks 

LZRBOI

I have a mortgage application in with Nationwide, however I need to cancel it as I no longer wish to proceed with the property due to a down valuation. I found a new property over the weekend and have submitted a new application. Should I cancel the other application as soon as possible or will it not be an issue? Many thanks

bekabyx

Probably a silly question, but I've had my mortgage offer in the post from Nationwide. Do I need to take any steps to accept it? The letter says I don't need to sign or return anything, but it also says "you have at least 7 days to think about whether the offer meets your needs".
I didn't want to make a whole thread for this so I'm hoping somebody can help

ak19841

Hi 
The buyer of my house had to apply for a mortgage extension from Halifax through her broker. Her broker said she needs to get an illustration to extend a 90% LTV at a higher interest rate due to Halifax no longer offering a 90% LTV.
The illustration came back today and it is going to cost the buyer an additional £2600 over 2 years. She has agreed to proceed, but does this now mean that the extension will be granted by Halifax? And do it  know how long it takes for Halifax to issue the extension? 
All legal work is complete and we just want to complete. 

TIA

andybigbassdrum

Hello, I'm planning an extension to start in March 2021, yet my existing mortgage deal doesn't end until November 2021. I believe that I have two options:Option 1) Pay an approx. £900 penalty and remortgage in March for the balance of my existing loan plus the cost of the extension.Option 2) Get a home equity loan to start in March for the cost of the extension and thereafter manage two mortgages with very different anniversary dates.Although option 1 seems expensive, I'm thinking that it will be cheaper than the fees I'll be paying each time I remortgage the two loans separately in future. It will also, presumably, be more hassle to have to manage two loans and I'd expect it to be difficult to consolidate without paying an early repayment fee due to the differing anniversary dates.
Does anyone have any experience with this type of scenario who can advise on which option may be better?