Mortgage broker - ask me anything

Choirgrl

Thanks @K_S, useful to know.

baggins_22

K_S said:

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.).

Thanks thats really helpful! would you happen to know any of the mainstream lenders, I would like to possibly speak to them to get a rough idea of what I am looking at in terms of available mortgages etc.

With regards to the work, its a perm role rather than fix contract so should be no issues there  

K_S

baggins_22 said:

K_S said:

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.).

Thanks thats really helpful! would you happen to know any of the mainstream lenders, I would like to possibly speak to them to get a rough idea of what I am looking at in terms of available mortgages etc.

With regards to the work, its a perm role rather than fix contract so should be no issues there  

@baggins_22 Santander, HSBC and NatWest are the big 3. You're likely to get more accurate+reliable information by looking up their intermediary websites (Google <lender name> for intermediaries criteria) rather than their frontline call centre.

Esiuol_1

Hi, 

When my mortgage broker says that our application has been accepted what exactly does this mean ? Does it mean we have passed the affordability criteria?  Have also been told that an automated valuation was done the same day as application which has come back fine.  (Application and valuation done Fri 15th Jul) Any idea how long until we hear back about an offer ? (HSBC)

Thanks in advance!

K_S

Esiuol_1 said:

Hi, 

When my mortgage broker says that our application has been accepted what exactly does this mean ? Does it mean we have passed the affordability criteria?  Have also been told that an automated valuation was done the same day as application which has come back fine.  (Application and valuation done Fri 15th Jul) Any idea how long until we hear back about an offer ? (HSBC)

Thanks in advance!

@esiuol HSBC are very quick at the moment so I'd expect to hear back (either that the application has been approved or a query has been raised) in 2-4 working days after submission.

'Application has been accepted' simply means that the full app has been submitted and it's passed the automated HSBC 'credit-scoring' (nothing to do with the Experian/Equifax/Transunion) credit score and affordability (based on what has been input on the application). Both these would anyway have been passed at the DIP stage as well prior to putting in a full application.

Once a full application is submitted and documents uploaded, it then sits in a queue waiting for someone at HSBC to pick it up and give it a once-over.

purplelila-2007

Our buyer is obtaining a mortgage through Nationwide and is a FTB with a partially gifted deposit. Nationwide asked for a letter regarding the gifted deposit and that was sent off on Friday and was with the underwriters.  The valuation on our house was done on the 24th June. 

Do Nationwide have a backlog?
When can we reasonably expect our buyer to receive the mortgage offer ?

K_S

purplelila-2007 said:

Our buyer is obtaining a mortgage through Nationwide and is a FTB with a partially gifted deposit. Nationwide asked for a letter regarding the gifted deposit and that was sent off on Friday and was with the underwriters.  The valuation on our house was done on the 24th June. 

Do Nationwide have a backlog?
When can we reasonably expect our buyer to receive the mortgage offer ?

@purplelila-2007 Nationwide are currently quite slow in processing applications. Please see current average service levels here 
https://www.nationwide-intermediary.co.uk/placing-business/service-updates

Might be worth having a browse of the timeline thread here
https://forums.moneysavingexpert.com/discussion/6171095/nationwide-mortgage/p311

purplelila-2007

@K_S thank you that's really helpful.  On the Nationwide link you've posted what does refer / non refer cases mean?
Sorry complete novice as first time sellers!

Esiuol_1

K_S said:

Esiuol_1 said:

Hi, 

When my mortgage broker says that our application has been accepted what exactly does this mean ? Does it mean we have passed the affordability criteria?  Have also been told that an automated valuation was done the same day as application which has come back fine.  (Application and valuation done Fri 15th Jul) Any idea how long until we hear back about an offer ? (HSBC)

Thanks in advance!

@esiuol HSBC are very quick at the moment so I'd expect to hear back (either that the application has been approved or a query has been raised) in 2-4 working days after submission.

'Application has been accepted' simply means that the full app has been submitted and it's passed the automated HSBC 'credit-scoring' (nothing to do with the Experian/Equifax/Transunion) credit score and affordability (based on what has been input on the application). Both these would anyway have been passed at the DIP stage as well prior to putting in a full application.

Once a full application is submitted and documents uploaded, it then sits in a queue waiting for someone at HSBC to pick it up and give it a once-over.

Thank you very much for your reply!

Stevo9090

Can anyone suggest a lender happy to lend at 95% LTV with a 3+ year old telecoms default for £76(unsettled), on purchase price of only 55k

Aldermore tick all the right boxes apart from their minimum property value of 60k

Thanks