Mortgage broker - ask me anything

jenjen26

Hi I’m wondering how tsb timeline goes?
Our plot was valued on 1/10 and has been received and now in the queue to be assessed. How long after they review the valuation report do you usually receive an offer? I understand some do the valuations at the start of the process and then do the underwriting. Not sure how tsb do it though. 

Thanks 

haras_n0sirrah

LZRBOI said:

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

It would be best to cancel the one not proceeding. 

haras_n0sirrah

bekabyx said:

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

No you don't. You will get a mortgage deed from the solicitor to sign

haras_n0sirrah

ak19841 said:

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

Halifax are one of the faster lenders. I wouldn't know exact timescales though 

haras_n0sirrah

andybigbassdrum said:

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?

So at a guess the first part is 90k. The advice would depend on the rates available. You need a proper cost analysis of both options to know which way is financially better 

Suseka97

Firstly, thanks for setting up this thread, I've found it an invaluable read (all 59 pages so far...)

My question is that I have a DIP from my current lender (Nationwide) for my onward purchase.  The DIP was approved after being submitted to an underwriter and I think that's because I had a few loans I'd only recently cleared and so they were still showing on my credit report.   My LTV is/will be 26%.  

I'm now about to contact them to make the full application and on checking my credit file with Transunion/Credit Karma.  I can see that it still shows a Default from 2014, the account was settled in 2016. Before, when Credit Karma was run by Noddle it wasn't there, so it seems to have reappeared.   The account is closed and the status isn't D but says 'currently open' but you can see those D markers against the months from Oct 2014 to July 2016.  There's nothing on Experian and no defaults recorded on Equifax although it shows missed payments in 2014.    

The original default was with Halifax and back in 2016 I complained that they should have defaulted me in 2013, my complaint was upheld and I even got £50 compensation at the time and later on a refund because they say that on investigation they feel that they added interest and charges incorrectly.  I check all the CRAs at that time and could see that Halifax had removed the default marker and as I've said, some 6 years later in 2019 it disappeared.  So I was quite shocked to see it reappear when Noddle became Credit Karma.

Now I'm not sure what to do and a bit worried that this one old default will affect my application.   My partner's credit file (it's a joint application) is fine.  Any advice or thoughts on what I should do, if there's anything I can do that is.

Edit: just to add that I looking to port our existing mortgage (in case that makes any difference).

oliveee90

Hello!
Do NatWest generally ask for proof of deposit for FTB 85% LTV. If so, I have only saved around half and will have saved the other half by completion (approx Jan) - would they be ok with this?

Thanks!

MalMonroe

Hello I'm not sure if this question has been asked before because I've not read all 59 pages, sorry about that.

I'm currently renting a two bed flat with my daughter who is self-employed (and is one of the lucky ones, as has still been able to work during coronavirus). I'm retired and just turned 70.  

For years I've been wanting to buy my own property as I was a property owner in the past and prefer it(!) and wondered if it was worth my daughter and I joining forces to try to get a small mortgage. I've saved up a substantial deposit but it isn't enough to buy a decent property. Do you think we would have any joy if we were to seek a mortgage of something in the region of £40,000 between us? 

And are there any brokers who deal specifically with older folk - or would I be totally ineligible because of my age?

Many thanks, in advance. 

Tinkerbell1981

Hello
I currently have a joint mortgage with £120'000 remaining. We have only had the mortgage for 16 months so there will be an early repayment charge of approx £4000. I am separating from my boyfriend and we have accepted an offer on our house. I went on Halifax website and calculated how much i could borrow and it came out at £118'000. However upon ringing Halifax they have said i can transfer the mortgage to a new property and avoid the early repayment charge but when i went through everything on the phone with them lending only came out at £91'000. I did have £244 on a very account £740 on a credit card and £551 on another credit card however i did clear these before i spoke with Halifax but they still appear on my credit file until it updates. I have been clear of a DMP for 4 years 1 default in 2017 and 1 missed payment Jan 2019.  . Is the likely cause of the difference in lending the outstanding balances still appearing. I literally have 0 debt now. They said reapply in 30 days.
I need at least £118'000 for the property i want which is £140'000 less a 15% deposit. Thank you.

haras_n0sirrah

Tinkerbell1981 said:

Hello
I currently have a joint mortgage with £120'000 remaining. We have only had the mortgage for 16 months so there will be an early repayment charge of approx £4000. I am separating from my boyfriend and we have accepted an offer on our house. I went on Halifax website and calculated how much i could borrow and it came out at £118'000. However upon ringing Halifax they have said i can transfer the mortgage to a new property and avoid the early repayment charge but when i went through everything on the phone with them lending only came out at £91'000. I did have £244 on a very account £740 on a credit card and £551 on another credit card however i did clear these before i spoke with Halifax but they still appear on my credit file until it updates. I have been clear of a DMP for 4 years 1 default in 2017 and 1 missed payment Jan 2019.  . Is the likely cause of the difference in lending the outstanding balances still appearing. I literally have 0 debt now. They said reapply in 30 days.
I need at least £118'000 for the property i want which is £140'000 less a 15% deposit. Thank you.

That is quite a gap from 118 down to 91k. What is your income?