Mortgage broker - ask me anything

MigsyBigsy

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello

Advice would be very welcome.

I am currently on a fix rate of 2.15% with Barclays, will end in October 2023
I have £33,000 remaining - 16 years
Flat value is £290,000.

Should I be looking at mortgages now?

thanks
M

bradbrownie

URGENT

I am due to come to the end of my fixed term product on 31st august. I am going to be moving on to a new fixed term product with the same lender. TSB. 

This has been handled by an independent broker I have used before. I had provided wage slips in May and did the usual questions regarding my finances when all options were being looked at, but I decided to stay with TSB on a longer fox term from Sept. 

I have just resigned from my job, and have started at a new company on 1st aug. I earn exactly the same pay and my finances remain the same as declared. (Except the increase in cost of living that affects us all at this time)

I researched this in May as I was in a position where I may have to resign, and also previsouly posted on here, and was informed I do not have to declare a change of job if simply changing product with tsb. 

I have today had a call from my broker saying he will now arrange the product transfer. He has sent me a declaration form to sign, which states the following;

I agree that

I will notify you of any changes in circumstances relating to my application before the transaction it relates to is entered into.

 Where I have appointed a conveyancer, I authorise my conveyancer to disclose such information to you. I have received a mortgage illustration relating to this application.

You may share the information about me and my application with HM Revenue and Customs “HMRC”. This will help you to validate whether the income details provided to you are accurate. HMRC may also use the information for its own risk profiling activities and to establish any mismatch with declared income.


Panic has set in. Can I sign the declaration, or do I need to declare my change of role?. 

If it’s the latter, what does this mean? 

Thanks 

kingstreet

Who are you making the declaration to, the broker or the lender?

kingstreet

FWIW I've just looked over a Halifax PT offer and there is no requirement to make any declaration. The one you have reproduced looks more like a remortgage declaration than one related to customer retention products/product transfers.

bradbrownie

kingstreet said:

Who are you making the declaration to, the broker or the lender?

The form is a TSB form to be returned to them

bradbrownie

kingstreet said:

FWIW I've just looked over a Halifax PT offer and there is no requirement to make any declaration. The one you have reproduced looks more like a remortgage declaration than one related to customer retention products/product transfers.

At the top of the form 

Application Declaration for a change to my mortgage

This declaration is for:

• Additional borrowing, or

• A product transfer, or

• A change in repayment method, or

• A change in the duration of the mortgage, or

• A combination of the above

Intermediary Authority

Page 1 of 3

  Where my application has been taken by an intermediary, my intermediary has my consent to obtain details regarding my existing mortgage, prior to this application being made.

kingstreet

This is odd. There is normally no requirement for verification of income or anything else on a product transfer with the same lender. Have you informed your broker of the change? If not, do so to enable them to ensure the product transfer can go ahead.

julicorn

Question: Our buyer has to change the flat number on their mortgage application (long story, but our flat is generally known as flat 2, but it turns out it's registered on the land registry as flat 1 instead - we did flag that when it came to light 4 months ago, but seems like they forgot to tell their mortgage broker + lender). How much of an issue is that likely to be? Unfortunately I don't know which lender they are using, so completely appreciate that the answer might be 'it depends'. 

HL295

Hi,

I’m a clueless first time buyer so apologies if this is a stupid question. I’ve found a house a month earlier than intended and don’t want to lose out on it. I have the deposit saved but not enough for legal fees. Can I apply for a mortgage without the legal costs saved if the completion date will be after my next pay day when I will have enough to pay them in full?

K_S

julicorn said:

Question: Our buyer has to change the flat number on their mortgage application (long story, but our flat is generally known as flat 2, but it turns out it's registered on the land registry as flat 1 instead - we did flag that when it came to light 4 months ago, but seems like they forgot to tell their mortgage broker + lender). How much of an issue is that likely to be? Unfortunately I don't know which lender they are using, so completely appreciate that the answer might be 'it depends'. 

@julicorn Flat addresses can often be problematic due to the different ways in which they are shown by credit-bureaus/lenders/etc.  

But tbh I haven't come across a case where the number itself was different. From a timeline point of view it depends on the lender. If it was someone like Skipton, perhaps a couple of days for the amended offer (assuming no underlying issues crop up) but if it was someone like Nationwide or NatWest, at least a couple of weeks.