Mortgage broker - ask me anything

K_S

jamja said:

Hi there,
I have a decent fix on my mortgage (nationwide) for the next 4 years, but want to borrow more to fund an extension. I have used mortgage advisors to arrange my mortgages with both my previous house moves, and a couple of remortgages, but I am wondering if I should use one when applying to borrow more from the nationwide or if I should just approach them directly? Thanks.

@jamja It's up to you tbh, there won't be any difference in rates.

If you have a usual broker, they might do it for you fee-free or you could use one of the fee-free brokers listed on the MSE mortgage broker page here 
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

K_S

4thLaw said:

Hi,

I have a mortgage offer and are waiting to complete in late august, having exchanged earlier this week. My mobile contract has come to an end and I am keen on taking on an offer from another network to take advantage of an expiring offer. 
Couple of questions then, (1) does HSBC do final credit checks before draw-down of funds? & (2) if they did, would a hard search and new mobile contract be an issue? Nothing else will have changed in my situation.

@4thLaw
2. I haven't heard of HSBC doing a new hard-check prior to completion from my clients. Can't say what impact a mobile-contract hard search may or may not have but I haven't come across a client's offer being pulled for such a reason.

NorthernKitty

Hi, 
(First post- long time lurker here so sorry if I get it wrong!). 
Due to disappearing then-husband, 8 years ago I had to go bankrupt, our 2 jointly-owned houses (one living in until he vanished so I moved out as couldn't afford upkeep, one rented out) were included in my bankruptcy. They were later repossessed (large negative equity- then ex-husband when traced by solicitors ignored it all and refused to sell) but was told by Official Reciever that as they were under the bankruptcy I do not owe on them. 

So: Is it viable or just a dream I could get a mortgage and get out of rented housing or would the 2 house repossessions still affect any application, or only the bankruptcy?

Live in cheap area in North of England, spend very little (save every penny, never bought an alcoholic drink or cigarette in my life, cut my own hair for 20 years!) looking at saving for houses no more than £100,000 with 15% deposit, steady wage of £23500 plus constant overtime for several years. Have no debts since bankruptcy (the two houses and unpaid council tax were only things on it), and only have credit card for credit-building purposes, paid in full each month. 

No point me aiming for something if lenders would all avoid me!
Thanks! 

Snickersfudgebrownie

Hi. I’d like to ask the mortgage brokers a question. 

So my background is that I’m from an European country and have settled status in UK.

Since 2016 to now I haven’t been working a fulltime job because my dad has been unwell. So from 2016-2022 I was working through an agency and did some shifts here and there. 

For the last 4 months I’ve been in a fulltime job, and I am planning to stay in this job, as my dad is better. 

My partner and I want to get a house together. He has been In his role for many years and earns well. 

I’m wondering if Ill be asked about my employment history in the process of getting a house? Or will my current job be okay in order for me to get a house with my partner? 

K_S

NorthernKitty said:

Hi, 
(First post- long time lurker here so sorry if I get it wrong!). 
Due to disappearing then-husband, 8 years ago I had to go bankrupt, our 2 jointly-owned houses (one living in until he vanished so I moved out as couldn't afford upkeep, one rented out) were included in my bankruptcy. They were later repossessed (large negative equity- then ex-husband when traced by solicitors ignored it all and refused to sell) but was told by Official Reciever that as they were under the bankruptcy I do not owe on them. 

So: Is it viable or just a dream I could get a mortgage and get out of rented housing or would the 2 house repossessions still affect any application, or only the bankruptcy?

Live in cheap area in North of England, spend very little (save every penny, never bought an alcoholic drink or cigarette in my life, cut my own hair for 20 years!) looking at saving for houses no more than £100,000 with 15% deposit, steady wage of £23500 plus constant overtime for several years. Have no debts since bankruptcy (the two houses and unpaid council tax were only things on it), and only have credit card for credit-building purposes, paid in full each month. 

No point me aiming for something if lenders would all avoid me!
Thanks! 

@northernkitty Based on the limited info in your post, you may have options. Both the historic BR and repos will mean that your options would be restricted, but by no means does that mean that you won't be able to buy at all.

To get a realistic idea of your options, I would recommend getting in touch with a good mortgage broker. Good luck!

K_S

Snickersfudgebrownie said:

Hi. I’d like to ask the mortgage brokers a question. 

So my background is that I’m from an European country and have settled status in UK.

Since 2016 to now I haven’t been working a fulltime job because my dad has been unwell. So from 2016-2022 I was working through an agency and did some shifts here and there. 

For the last 4 months I’ve been in a fulltime job, and I am planning to stay in this job, as my dad is better. 

My partner and I want to get a house together. He has been In his role for many years and earns well. 

I’m wondering if Ill be asked about my employment history in the process of getting a house? Or will my current job be okay in order for me to get a house with my partner? 

@Snickersfudgebrownie You should be fine. Except for a few that need 6/12 months continuous income, most mainstream lenders should be fine to consider your income.

If you need specialist lenders (for example if you have significant adverse credit history, etc.) then your employment history could be a bit of an issue.

luis1988

Just wondering if you have seen any significant changes to rates/products today following the relaxing of the interest rate stress testing?

I guess I'm not expecting anything major to happen but just interested to see if any changes more than usual?

1616six

Currently waiting on an offer we applied for with Santander 

Ive been employed where I work now for over 11 years and up until the last few months have never had a single day off sick. Unfortunately I have had what I think is a side effect to the Covid vaccine that gave me terrible Vertigo so have had to take time off sick. Therefore my last 3 payslips have all had sickness deductions.

Will Santander decline us because I’ve had these deductions? My payslip shows that my actual pay before deductions has remained the same, just where my tax/NI deductions are, there have been deductions for sickness too.

Our broker said not to worry too much yet, I gave them 6 months payslips and 2 P60s as well just in case.

Panicking! 

Thanks 

K_S

luis1988 said:

Just wondering if you have seen any significant changes to rates/products today following the relaxing of the interest rate stress testing?

I guess I'm not expecting anything major to happen but just interested to see if any changes more than usual?

@luis1988 I haven't heard or noticed anything formally yet. Given the demand for high-multiple borrowing (Kensington recently limited their flexi-fix-for-term product LTI to 4.5x due to a flood of applications) I'm assuming a lot of tweaks will be launched softly by simply updating affordability calculators.

K_S

1616six said:

Currently waiting on an offer we applied for with Santander 

Ive been employed where I work now for over 11 years and up until the last few months have never had a single day off sick. Unfortunately I have had what I think is a side effect to the Covid vaccine that gave me terrible Vertigo so have had to take time off sick. Therefore my last 3 payslips have all had sickness deductions.

Will Santander decline us because I’ve had these deductions? My payslip shows that my actual pay before deductions has remained the same, just where my tax/NI deductions are, there have been deductions for sickness too.

Our broker said not to worry too much yet, I gave them 6 months payslips and 2 P60s as well just in case.

Panicking! 

Thanks 

@1616six Assuming that these are bouts of sick leave rather than long term sick, you should be fine. The broker would've made sure that it's good to go before recommending Santander.