Mortgage broker - ask me anything

DaveG1111

Many five year fixed interest deals have a similar APR to two year fixed interest deals. In your opinion, is this a good indicator from banks that they expect the rapid interest rates for mortgages in the current short term to dampen down in years 3-5 (and so a two year fix may potentially be a better choice than a five year deal)?

cazarol

Please can I ask something ?  I am helping my daughter apply for a mortgage, we have contacted a few brokers and seem to have 2 who we are in touch with.  Should we just be dealing with one, or shall we deal with both ?  My daughter is a nurse, is there a specialist broker/mortgage for NHS workers.  Thank you

K_S

cazarol said:

Please can I ask something ?  I am helping my daughter apply for a mortgage, we have contacted a few brokers and seem to have 2 who we are in touch with.  Should we just be dealing with one, or shall we deal with both ?  My daughter is a nurse, is there a specialist broker/mortgage for NHS workers.  Thank you

@cazarol All whole of market brokers have access to pretty much the same set of lenders and rates. I would suggest picking one broker that you are comfortable with and see what they recommend first. For mainstream/high-street lenders, this approach should do fine. 

The exception to the above would be if you have any significant issues with adverse credit history, etc. or a high-rate specialist product is recommended, in which case it may make sense to get a second opinion.

As far your daughter's profession goes, NHS doctor and nurse income is as vanilla as it gets, absolutely no need for any specialist broker.

cazarol

K_S said:

cazarol said:

Please can I ask something ?  I am helping my daughter apply for a mortgage, we have contacted a few brokers and seem to have 2 who we are in touch with.  Should we just be dealing with one, or shall we deal with both ?  My daughter is a nurse, is there a specialist broker/mortgage for NHS workers.  Thank you

@cazarol All whole of market brokers have access to pretty much the same set of lenders and rates. I would suggest picking one broker that you are comfortable with and see what they recommend first. For mainstream/high-street lenders, this approach should do fine. 

The exception to the above would be if you have any significant issues with adverse credit history, etc. or a high-rate specialist product is recommended, in which case it may make sense to get a second opinion.

As far your daughter's profession goes, NHS doctor and nurse income is as vanilla as it gets, absolutely no need for any specialist broker.

K_S said:

cazarol said:

Please can I ask something ?  I am helping my daughter apply for a mortgage, we have contacted a few brokers and seem to have 2 who we are in touch with.  Should we just be dealing with one, or shall we deal with both ?  My daughter is a nurse, is there a specialist broker/mortgage for NHS workers.  Thank you

@cazarol All whole of market brokers have access to pretty much the same set of lenders and rates. I would suggest picking one broker that you are comfortable with and see what they recommend first. For mainstream/high-street lenders, this approach should do fine. 

The exception to the above would be if you have any significant issues with adverse credit history, etc. or a high-rate specialist product is recommended, in which case it may make sense to get a second opinion.

As far your daughter's profession goes, NHS doctor and nurse income is as vanilla as it gets, absolutely no need for any specialist broker.

Thank you 

kingstreet

DaveG1111 said:

Many five year fixed interest deals have a similar APR to two year fixed interest deals. In your opinion, is this a good indicator from banks that they expect the rapid interest rates for mortgages in the current short term to dampen down in years 3-5 (and so a two year fix may potentially be a better choice than a five year deal)?

No. APRC is skewed by standard variable rate and is not a meaningful means of comparing mortgages.

SusieT

comperinha said:

comperinha said:

Any brokers here experienced with arranging re-mortgages for terminally ill people? Would appreciate a PM with regards to potential options for reducing monthly cost to a minimum amount as possible since income will drop. Alternatively increasing mortgage term to maximum with the understanding that it will be paid off upon death.

Is nobody able to help a dying person?

I am sorry to hear the position you are in, but forum rules do not allow the brokers to contact you. Perhaps post with actual numbers, dates etc and then brokers are able to answer and help you.

22225

Dear K_S
As mentioned before, my mortgage application is currently being considered. It has basically been approved but needs to be rekeyed because it involves porting and I sold our current house and moved. They say it will take another 15 working days to get the physical offer.
We have now manage, post survey, to get the vendor to knock £11k off the price. Obviously we are very pleased with this, but will this affect the mortgage offer?! We dont want to lose the interest rate which we got when wexapplied in may. do we just tell the mortgage company?? Will it mean a new application???? Thanks 

K_S

22225 said:

Dear K_S
As mentioned before, my mortgage application is currently being considered. It has basically been approved but needs to be rekeyed because it involves porting and I sold our current house and moved. They say it will take another 15 working days to get the physical offer.
We have now manage, post survey, to get the vendor to knock £11k off the price. Obviously we are very pleased with this, but will this affect the mortgage offer?! We dont want to lose the interest rate which we got when wexapplied in may. do we just tell the mortgage company?? Will it mean a new application???? Thanks 

@22225 It will not mean a new application.

I can't speak for the exact mechanics in your case as that will depend on the lender and channel. But for intermediaries, with most lenders, a change in purchase price usually involves filling in an amendment form and uploading it to the case. The underwriter then picks it up, actions it and issues a revised mortgage offer with the new numbers. As long as the LTV band doesn't change, it shouldn't have any further ramifications.

silvercar

comperinha said:

SusieT said:

I am sorry to hear the position you are in, but forum rules do not allow the brokers to contact you. Perhaps post with actual numbers, dates etc and then brokers are able to answer and help you.

I understand the need for such a rule, but that doesn't stop a broker responding on this thread to say so. Obviously a person wants to keep these things as private as possible due to the excessive amount of pointless platitudes received of a result, but on 4th July this year there was a debate in the House of Commons re: an e-petition about legalising assisted dying in which Matt Hancock, our former Health Secretary (yes I know, most people hate him), spoke out about the need for an open and honest conversation about our inevitable deaths. I'm sure you could find that on YouTube since I don't think newbies are allowed to post links. Most people won't bother listening to the full 3 hour debate (unless it affects them in some way directly) but there are various clips around.

If I have to be the person on MSE who feels humlliated and vulnerable as a result of asking a question about mortgages and thus encouraging others to talk about death, and also informing those coming here in need of information about the financial practicalities of death, well I guess that's just yet another thing I'm going to have to suffer through in this life. Fortunately that won't be for long.

A pointless platitude as you say, but I can’t help but start my post by saying I am sorry for the situation you find yourself in.

From your initial post it wasn’t clear whether you were posting in the first person or whether you were helping a friend or family member.

I’m not a mortgage broker, hopefully one will be along soon, with more knowledge.
One option would be to stop paying the mortgage, the worst that will happen is that your credit rating is trashed and the lender keeps writing to you to talk about your repayments. You can then start a discussion with them on a revised repayment schedule that suits your needs. A discussion with your family may also offer solutions, if you are wanting to go down that route.

bromine

Hi, please could you advise roughly what interest rate I can expect as a first time buyer with 10% deposit with the Nationwide Helping Hands mortgage?