Mortgage broker - ask me anything

maton91

kingstreet said:

maton91 said:

Hi,

Santander down valued my offer this time last week, I've renegotiated the price with the seller and informed my broker with proof of funds. I chased up the broker today but said they're going to check with the underwriter later in the week.

I was hoping by now to have my mortgage so I can get the purchase complete. Would it be wrong of me to go to Santander direct for an update instead of waiting for the broker to get in touch? 

Have a look at this and see if you think it would help;-

https://www.santanderforintermediaries.co.uk/submit-and-track-business/our-service-levels/

Thanks for this, very useful

I guess from my perspective on day one of the application (three weeks ago) I applied for £230k mortgage 85% LTV (£34.5k deposit), provided satisfactory proof of deposit, it then got downvalued to £220k (this time last week) so now only need £33k deposit for the mortgage but feel like the clock has reset. Is this normal?

22225

Dear K_S,
We applied for our mortgage with Nationwide on 11th May. We are porting and our brokers were told they had to do it online. We have since sold our property and moved in with our in laws in readiness to buy our new house. Today we found out that we have been declined because now that we have moved we have to do a PAPER application in order to port not an online one. And that means a brand new interest rate. I'm so fed up. it's goingto st us an extra £120 a month. any ideas????

egroeg1980

Hello. 

What your view on Kensington mortgages. I'm looking at a fixed term Re-mort of 20+ years. Does the deminishing l2v rate over the course of the term reduce my potential rate leverage a better deal later (this deal is coming in at 3.3)

Chumy

Hello,

Are lenders extending NewBuild mortgage offers? We have an offer from Skipton due to expire soon and my understanding was that it could be extended for another 3 months but at the discretion of the lender. 

Are lender saying No or offering another product given the rapid rise in interest rate. 

Thank You

kingstreet

Chumy said:

Hello,

Are lenders extending NewBuild mortgage offers? We have an offer from Skipton due to expire soon and my understanding was that it could be extended for another 3 months but at the discretion of the lender. 

Are lender saying No or offering another product given the rapid rise in interest rate. 

Thank You

"9 month offers as standard for all new build applications with a 3 month extension available, subject to criteria."

Giggidy

Our broker confirmed this morning that our offer has been processed/confirmed and awaiting final confirmation by Friday. Speaking to Natwest they said that our application has been approved by the underwriters but is now with the Offers team for a final check. So to me this is not quite a confirmed Offer, as it could still quite possibly be declined by the Offers Team (if the underwriters missed something)

Is this quite common, and how likely is it to get declined at this stage? We were euphoric this morning thinking we got the offer but came back down with a bump after calling Natwest to confirm as the tracker didn't have any update about this?

DiyVirgin

Hi, Im sure that this has been asked 1000's of times before but cant see any resent responses. Normally how long should a mortgage offer take after the banks valuation was carried out?
Our buyer still doesnt have their offer, the valuation was done by their lender on 17th June so coming up 3 weeks now. Our Estate Agent said FTB applications are slower and if there was anything to worry about we would have heard something so not to worry.
But as a comparison our mortgage offer came in 3 days after application was submitted!

kingstreet

DiyVirgin said:

Hi, Im sure that this has been asked 1000's of times before but cant see any resent responses. Normally how long should a mortgage offer take after the banks valuation was carried out?
Our buyer still doesnt have their offer, the valuation was done by their lender on 17th June so coming up 3 weeks now. Our Estate Agent said FTB applications are slower and if there was anything to worry about we would have heard something so not to worry.
But as a comparison our mortgage offer came in 3 days after application was submitted!

There is no "normally" at present. Some lenders have significant service issues and valuations can sit for weeks waiting to be signed-off so an offer can be issued. It depends on which lender we are talking about. As usual Halifax is the fastest. Nationwide and NatWest among the worst.

DiyVirgin

kingstreet said:

DiyVirgin said:

Hi, Im sure that this has been asked 1000's of times before but cant see any resent responses. Normally how long should a mortgage offer take after the banks valuation was carried out?
Our buyer still doesnt have their offer, the valuation was done by their lender on 17th June so coming up 3 weeks now. Our Estate Agent said FTB applications are slower and if there was anything to worry about we would have heard something so not to worry.
But as a comparison our mortgage offer came in 3 days after application was submitted!

There is no "normally" at present. Some lenders have significant service issues and valuations can sit for weeks waiting to be signed-off so an offer can be issued. It depends on which lender we are talking about. As usual Halifax is the fastest. Nationwide and NatWest among the worst.

Thanks for your Reply, I believe it was Barclays but good news is that we have been told that the offer has now been received. I thought it was worth mentioning for anyone else wondering about current timescales.

halfordslaner

Hi

I’ve been lurking for a couple of weeks. I’m now getting a bit stressed/worried. 

So we currently have a mortgage with nationwide of £83k.  We have decided to sell our house and move area.  We got an aip with them before putting house on market.  

Our house has sold for way over asking (long story involving landowner neighbours) at 325k.  

We have offered 350k on house where we want to move to.  Want to borrow 130k for renovations etc snd to cover moving costs. 

Here’s where it gets complicated.  

Husband is a contractor.  IT project manager.  Been doing it via own ltd co for 12 years now.  Generally gets day rate about 500.  Thing is he often takes gaps between contracts.  It’s a perk of the situation really snd we didn’t know it would cause problems. Consistent income over last 4 years at least of 40k salary plus dividend except one year where it was 50k.  We share split so I’ve been getting similar.  

However latest contract since February is inside ir35 so now he’s “employed”.  Obviously no share split but a good day rate with paid holidays.  

As normal the contract is only short term (ends in august) but we expect it to be extended.  You never know for sure. 

Before this contract he’d taken November to feb off.  We got a new puppy.  But it means a gap of 16 weeks.  The previous contract there was a gap of a couple of months too I think. 

We got the sense from nationwide that it would be a no from them so we’ve used a broker instead who’s put an application in with accord.  They are now twitchy about the gaps. We are frustrated because our income is consistent over many years, we’ve never missed a payment on anything and we have substantial savings. We are only looking at a change from 834 per month to 1100.  The underwriter wants to say no but the manager is apparently saying it could be considered on a self employed basis. I’m worried that the self employed thing will fail because of the latest contract not being through the company.

We do have just enough savings to buy the house (including moving costs etc) leaving us about 15k to spare but then we wouldn’t be able to do the work that needs doing to the house.  It needs central heating at least.  Really wants total redecorating plus kitchen and bathrooms. 

If we had to buy it with no mortgage what do we need to do do that we could raise a mortgage on it say next year so that we could do the renovation?  

Or am I thinking total worse case and they might give us the mortgage we have asked for?

 I’m reluctant really to tie all of our savings up in bricks snd mortar.  We’ve had a good few years of having savings worth more than the mortgage earning a better rate than the mortgage (stocks snd shares Isa).  Not doing quite so well at the moment though! 

sorry for the long post.