Mortgage broker - ask me anything

kc007

If your mortgage advisor goes awol can you get a different mortgage broker to deal with it? 

J1one

How much time should I leave between changing bank accounts and applying for mortgage? 

silvercar

In the process of buying a flat, where the (underground car park) parking space was bought at a later date separately. Due to various delays the car parking space is still awaiting registration at Land Registry and this issue is unlikely to be sorted in time.
Do you know if Barclays as the lender would accept an indemnity policy on this, if one could be bought?
The other option is to buy the car parking space at a point in time when the issue is sorted, but that means a revaluation and possibly loss of the current good mortgage offer.

Any advice on a way forward?

K_S

silvercar said:

In the process of buying a flat, where the (underground car park) parking space was bought at a later date separately. Due to various delays the car parking space is still awaiting registration at Land Registry and this issue is unlikely to be sorted in time.
Do you know if Barclays as the lender would accept an indemnity policy on this, if one could be bought?
The other option is to buy the car parking space at a point in time when the issue is sorted, but that means a revaluation and possibly loss of the current good mortgage offer.

Any advice on a way forward?

@silvercar Never had this before so can't comment from experience. Given that it's post mortgage-offer, probably something that your solicitor would be best placed to speak to Barclays about and suggest a way forward.

K_S

J1one said:

How much time should I leave between changing bank accounts and applying for mortgage? 

@J1one There's no need to leave any time at all. If you are closing your old account, do make sure to download your recent statements. 

K_S

kc007 said:

If your mortgage advisor goes awol can you get a different mortgage broker to deal with it? 

@kc007 If you are talking about an ongoing application that has already been submitted, unfortunately a different broker will not be able to continue that. So if you change brokers, they'll have to submit a fresh application.

K_S

halfordslaner said:

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.  

@halfordslaner Unfortunately I can't really give any useful comments as it'll depend on the specifics which your broker will be best aware of.

Given the limited info in your post, I would expect that the broker ran the case past their Accord BDM (who would then run it past an underwriter) in detail before placing the case with them.

I don't know what you mean by he's now "employed", but if he's now being paid through PAYE and not the Ltd.Co., then the self-employed route is like to be problematic.

Again, the above are just very very general comments based on the limited info in your post. Hope the offer comes through soon, good luck!

K_S

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

@chumy As long as the case meets the lender-specific criteria for an offer extension, I've not had (or heard of) the lender refusing an extension to a new-build offer due to rising interest rates.

K_S

22225 said:

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????

@22225 Perhaps this is the porting criteria that your case fell afoul of - "if a mortgage offer hasn’t yet been produced but redemption of the existing mortgage has taken place, your client will have up to 180 days from the redemption date to reach completion. A paper application will be required in these cases." 

However, if your application went in on 11 May prior to redemption of the existing mortgage, I would have expected that Nationwide would allow you to keep the same product/rate, even if a new paper application had to be submitted. Hopefully your broker will be able to escalate to their BDM and get you that outcome.

K_S

Giggidy said:

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?

@giggidy In the vast majority of cases it's just an administrative process, very unlikely to turn into a decline.