Mortgage broker - ask me anything

sunshineinmypocket

Hi,

We've submitted an application for a further advance with Halifax - should this follow the same timelines as any other mortgage application? 

Many Thanks

sunshineinmypocket

K_S said:

sunshineinmypocket said:

Hi,

We've submitted an application for a further advance with Halifax - should this follow the same timelines as any other mortgage application? 

Many Thanks

@sunshineinmypocket Slightly quicker if anything.

Thanks - I suspected as much.

So I wouldn’t be unreasonable to be suspicious that our broker said they had submitted our application last Friday but he has heard nothing and it is not yet visible on their portal? 

K_S

sunshineinmypocket said:

K_S said:

sunshineinmypocket said:

Hi,

We've submitted an application for a further advance with Halifax - should this follow the same timelines as any other mortgage application? 

Many Thanks

@sunshineinmypocket Slightly quicker if anything.

Thanks - I suspected as much.

So I wouldn’t be unreasonable to be suspicious that our broker said they had submitted our application last Friday but he has heard nothing and it is not yet visible on their portal? 

@sunshineinmypocket Apologies, please ignore my earlier post, I misread your question altogether. 

sunshineinmypocket

K_S said:

No sunshineinmypocket said:

K_S said:

sunshineinmypocket said:

Hi,

We've submitted an application for a further advance with Halifax - should this follow the same timelines as any other mortgage application? 

Many Thanks

@sunshineinmypocket Slightly quicker if anything.

Thanks - I suspected as much.

So I wouldn’t be unreasonable to be suspicious that our broker said they had submitted our application last Friday but he has heard nothing and it is not yet visible on their portal? 

@sunshineinmypocket Apologies, please ignore my earlier post, I misread your question altogether. 

Err ok, so what is the answer to my original question then? Thanks.

kizzy1926

Hi

I was trying to go down the help to buy route but it seems I have to withdraw my application as I did not know that inheriting a share of a property means you are no longer classed as a 1st time buyer.
My situation is I have £25k deposit, earn £70k but I have quite a bit of outgoings for a CC and loan. 
The problem is my dad died 14years ago and he had a property in Spain which by default came to me and my brothers. We recently sold the house and got £11k each. The 11K shows up on my last 3mths bank statements. 

Can you please advise if there are other schemes that I may be suitable for?

Thank you.

K_S

kizzy1926 said:

Hi

I was trying to go down the help to buy route but it seems I have to withdraw my application as I did not know that inheriting a share of a property means you are no longer classed as a 1st time buyer.
My situation is I have £25k deposit, earn £70k but I have quite a bit of outgoings for a CC and loan. 
The problem is my dad died 14years ago and he had a property in Spain which by default came to me and my brothers. We recently sold the house and got £11k each. The 11K shows up on my last 3mths bank statements. 

Can you please advise if there are other schemes that I may be suitable for?

Thank you.

@kizzy1926 If you're referring to schemes where you can buy with a 5% deposit -

- normal 95% LTV mortgages, potentially lending up to 5.5x income (if you have a sizeable cc and loan then that may affect how much you can borrow)

- schemes like Deposit Unlock or First Homes (it's still early days on these, so not as widespread as HTB)

kizzy1926

@K_S, thank you. I will look into the schemes. Unfortunately I live in London and I am a solo buyer so 95% mortgage would not be realistic for me.

K_S

kizzy1926 said:

@K_S, thank you. I will look into the schemes. Unfortunately I live in London and I am a solo buyer so 95% mortgage would not be realistic for me.

@kizzy1926 Well if those schemes won't let you borrow enough, then you'll probably need to look at non-govt equity loan products like Generation Home (if you have family that are willing to take a stake in your property) or Proportunity (equity loan mortgage). Both are likely to be more expensive options than Help 2 Buy would be.

Just to be clear, I'm not vouching for the above at all, you need to do your research and due-diligence into the pros and cons of the above options (or other similar ones). Good luck!

kizzy1926

@K_S....thank you and yes having briefly looked at a couple of the options you suggested you are right it does work out to be more costly which is why help to buy was really the route I wanted to go down. 
If I withdraw my NatWest application do you know if they hold it on record for a period of time?

Thanks

jimpwarsop

Hi.

What is the best mortgage for my daughter please ?

Property £225000

Deposit £105000

Salary £35k

First time buyer, only outgoing is Student Loan of £130/month.