Mortgage broker - ask me anything

K_S

bubby08 said:

Hi @K_S I hope you are well. Are you aware of any issues a lender would have with a restriction on a property regarding its sale? 

Thank you

@bubby08 Generally speaking, if the restriction will restrict the lender when it comes to repossessing and selling a property, then yes they will have an issue with that.

Stevo9090

Hi @K_S

I forgot to mention that the £76 Telecoms default (unsettled) is only reported to equifax

Should a broker be able to find a mainstream lender who doesn't use equifax for their credit checks, or is this frowned upon?

Thanks

Stevo9090

I suppose it may be more difficult for a broker as I'm looking for mainstream who don't use equifax and also happy to accept a sole application from someone cohabiting @K_S

Kayleighwhiteley

Hi, 

We applied for a mortgage at Natwest  through a broker on 7th July. Not heard much apart from them msging today to say our valuation is booked in for 28th July. I'm gutted, as I'm already a nervous wreck!! What I am wondering, is will anything get checked in between then or will it all be done after the valuation is complete?
We are FTB and purchasing (hopefully) a new build, so we are fairly clueless. Everything is going through our broker so far. 
I've found different things online... Some saying underwriting is done before valuation and others say after.

london21

Kayleighwhiteley said:

Hi, 

We applied for a mortgage at Natwest  through a broker on 7th July. Not heard much apart from them msging today to say our valuation is booked in for 28th July. I'm gutted, as I'm already a nervous wreck!! What I am wondering, is will anything get checked in between then or will it all be done after the valuation is complete?
We are FTB and purchasing (hopefully) a new build, so we are fairly clueless. Everything is going through our broker so far. 
I've found different things online... Some saying underwriting is done before valuation and others say after.

Nothing to worry about, the valuation will get done and go from there.

Likely busy period for the 13 days time slot. 

K_S

Kayleighwhiteley said:

Hi, 

We applied for a mortgage at Natwest  through a broker on 7th July. Not heard much apart from them msging today to say our valuation is booked in for 28th July. I'm gutted, as I'm already a nervous wreck!! What I am wondering, is will anything get checked in between then or will it all be done after the valuation is complete?
We are FTB and purchasing (hopefully) a new build, so we are fairly clueless. Everything is going through our broker so far. 
I've found different things online... Some saying underwriting is done before valuation and others say after.

@Kayleighwhiteley With NatWest the valuation is instructed at initial assessment, which is currently taking about 3-5 workings days from submission.

While the valuation is in progress, in parallel the application then moves on to the underwriting queue where it can take 2-3 weeks (current times) to get picked up. You've used a broker so I wouldn't stress too much

NatWest current average service levels can be seen here

https://www.intermediary.natwest.com/intermediary-solutions/service-levels.html

Good luck, hope the offer comes through soon!

baggins_22

Are there any concerns with mortgage applications if my employer is US based and the salary is on US Dollars? 

I have been offered a role working remote which is paying almost double the high end UK equivalent for a lesser role. Feels silly to turn it down, however I am not sure on the implications for a possible mortgage? we were looking to try to buy towards the end of the year.

K_S

baggins_22 said:

Are there any concerns with mortgage applications if my employer is US based and the salary is on US Dollars? 

I have been offered a role working remote which is paying almost double the high end UK equivalent for a lesser role. Feels silly to turn it down, however I am not sure on the implications for a possible mortgage? we were looking to try to buy towards the end of the year.

@baggins_22 Your income being in a non-GBP currency will indeed limit your lender pool but you should still have access to at least 2-3 mainstream lenders that will consider. Most lenders will apply an x% discount (may differ across lenders, currency and source country).

The additional common issue with these kind of contracts is that they're often for a fixed term, which again brings in extra criteria to meet (eg: contracting history, length of contract, time left on contract, etc.).

Choirgrl

A question about Kensington Flexi Fixed - term lending criteria. I’ve been doing some initial reading on the product (I’m intrigued by an option of a term fix) and see that one of the lending criteria is having been with the current employer for 12 months. Am I correct in assuming that means 12 months as of the date of application, and if so, do you know if it’s a hard and fast requirement or one where there is the possibility of some flexibility? I’m about to hit 10months with my current employer (continuous employment history goes back years) so am wondering if I should disregard the Flexi-Fixed as a possibility for now because I wouldn’t qualify if I apply in the next couple of months.

K_S

Choirgrl said:

A question about Kensington Flexi Fixed - term lending criteria. I’ve been doing some initial reading on the product (I’m intrigued by an option of a term fix) and see that one of the lending criteria is having been with the current employer for 12 months. Am I correct in assuming that means 12 months as of the date of application, and if so, do you know if it’s a hard and fast requirement or one where there is the possibility of some flexibility? I’m about to hit 10months with my current employer (continuous employment history goes back years) so am wondering if I should disregard the Flexi-Fixed as a possibility for now because I wouldn’t qualify if I apply in the next couple of months.

@Choirgrl At face-value that means 12 months as of date of application. However, lenders (especially the specialist ones) can often exhibit a bit of discretion on that especially where we're talking about a difference that will normally be bridged before completion, if that makes sense.

Just to be clear, I haven't placed a Kensington flexi-fix case with the exact same scenario as in your post, so the above is just based on general experience with Kensington.