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Mortgage broker - ask me anything

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  • K_SK_S Forumite, Ambassador
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    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.

    I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.

    Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.

    ------------------------------------------------------------------------------

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

  • K_SK_S Forumite, Ambassador
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    HL295 said:
    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?
    @hl295 The short answer to your question is yes you can. You don't need the full solicitor costs saved to apply for a mortgage and completion will take a few months at least.

    I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.

    Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.

    ------------------------------------------------------------------------------

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

  • PurpleSpudPurpleSpud Forumite
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    Hi,

    I have had an offer accepted on a New build apartment. I have had delay after delay with Natwest and an now going through a broker although the delays with most lenders to make a decision seem long.

    The issue is I am a low earner around £14.5k (I am disabled and work a job-share). I have another 3k of additional self-employment income although it can be irregular so that may not be counted. The property is £190k and I have £150k deposit from my Divorce.

    I have no other debt whatsoever. 

    As the wait for decision will be a few weeks, I just wanted to see if I sound like a have any chance whatsoever or if I am not even in the right ball park?
  • K_SK_S Forumite, Ambassador
    5.9K Posts
    1,000 Posts I'm a Volunteer Ambassador Photogenic First Anniversary
    Ambassador
    Hi,

    I have had an offer accepted on a New build apartment. I have had delay after delay with Natwest and an now going through a broker although the delays with most lenders to make a decision seem long.

    The issue is I am a low earner around £14.5k (I am disabled and work a job-share). I have another 3k of additional self-employment income although it can be irregular so that may not be counted. The property is £190k and I have £150k deposit from my Divorce.

    I have no other debt whatsoever. 

    As the wait for decision will be a few weeks, I just wanted to see if I sound like a have any chance whatsoever or if I am not even in the right ball park?
    @purplespud Based on the limited info in your post, and assuming your 14.5k is basic salary from a perm PAYE job, it shouldn't be too difficult to borrow 40k assuming you don't have any dependents.

    I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.

    Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.

    ------------------------------------------------------------------------------

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

  • PurpleSpudPurpleSpud Forumite
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    K_S said:
    Hi,

    I have had an offer accepted on a New build apartment. I have had delay after delay with Natwest and an now going through a broker although the delays with most lenders to make a decision seem long.

    The issue is I am a low earner around £14.5k (I am disabled and work a job-share). I have another 3k of additional self-employment income although it can be irregular so that may not be counted. The property is £190k and I have £150k deposit from my Divorce.

    I have no other debt whatsoever. 

    As the wait for decision will be a few weeks, I just wanted to see if I sound like a have any chance whatsoever or if I am not even in the right ball park?
    @purplespud Based on the limited info in your post, and assuming your 14.5k is basic salary from a perm PAYE job, it shouldn't be too difficult to borrow 40k assuming you don't have any dependents.
    Thank you, that makes me feel a bit more confident. I don't have any dependents and it's a permanent PAYE position. Much appreciated. 
  • julicornjulicorn Forumite
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    K_S said:
    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.
    Thanks so much K_S! I was mainly a bit worried that they might need a whole new application or something silly like that, a few weeks we could live with for sure. 
    Original mortgage: December 2017, £203,495 MFW start: April 2018, £201,800 Current: £47,000 (-£40,300 savings pot)
  • HL295HL295 Forumite
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    Thank you @K_S! That’s really helpful 
  • RoseOluRoseOlu Forumite
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    Hello,

    I am looking for some advice. First, a little history on me. I earn 40,108 and i am fully employed. 
    CCJ Registered in Dec 2021 and settled in June 2022 (I only found out in June because I tried to do a DIP and got rejected)
    I found a one bed flat under the first home scheme. I applied to the following lenders and they all declined. 
    Newcastle: Declined as i did not declare the CCJ nor was it satisfied. (This is how i found out about the CCJ)
    Leeds: Declined due to credit scoring 
    Halifax: declined due to credit scoring 
    I decided to leave that flat because it as evident all the lenders for first home scheme will decline me. 
    So I found a 2bed flat i am very interested in purchase price 217,500.
    I was declined by West Brom and TSB for HTB. Leeds said i would need to show 3month bonus to be able to get a mortgage of 163,125 and without it they will lend me 10k less. I have only been in my job for 2years so only 2 bonuses i can show. 
    I received a DIP from Precise mortgages for the amount i needed which is £163,125. Thats all great. I go to to do the help to buy calculator with the SVR as 6% which is what precise's SVR is. The debt to income ratio is over 45% it reads 48%. My only outgoings is my car for £307.74 and student loan £80.Although i was given authorisation to proceed by HTB it is evident i will not be able to use the help to buy scheme if my debt to income ratio is above 45%.
    My mortgage advisor keeps saying this is not an issue when it is clearly a big one. I will loose out on my dream flat if I cannot find a lender who will accept a satisfied CCJ under the value of £300 within 6months and who also provides HTB. 
    I have thought about Newcastle again but there cut off is £250 but i called and they said they may consider. Another option i was thinking was newbury? Please if anyone has any ideas or thoughts on what i can do it would be greatly appreciated. Thank you
  • RoseOluRoseOlu Forumite
    11 Posts
    First Post
    Forumite
    RoseOlu said:
    Hello,

    I am looking for some advice. First, a little history on me. I earn 40,108 and i am fully employed. 
    CCJ Registered in Dec 2021 and settled in June 2022 (I only found out in June because I tried to do a DIP and got rejected)
    I found a one bed flat under the first home scheme. I applied to the following lenders and they all declined. 
    Newcastle: Declined as i did not declare the CCJ nor was it satisfied. (This is how i found out about the CCJ)
    Leeds: Declined due to credit scoring 
    Halifax: declined due to credit scoring 
    I decided to leave that flat because it as evident all the lenders for first home scheme will decline me. 
    So I found a 2bed flat i am very interested in purchase price 217,500.
    I was declined by West Brom and TSB for HTB. Leeds said i would need to show 3month bonus to be able to get a mortgage of 163,125 and without it they will lend me 10k less. I have only been in my job for 2years so only 2 bonuses i can show. 
    I received a DIP from Precise mortgages for the amount i needed which is £163,125. Thats all great. I go to to do the help to buy calculator with the SVR as 6% which is what precise's SVR is. The debt to income ratio is over 45% it reads 48%. My only outgoings is my car for £307.74 and student loan £80.Although i was given authorisation to proceed by HTB it is evident i will not be able to use the help to buy scheme if my debt to income ratio is above 45%.
    My mortgage advisor keeps saying this is not an issue when it is clearly a big one. I will loose out on my dream flat if I cannot find a lender who will accept a satisfied CCJ under the value of £300 within 6months and who also provides HTB. 
    I have thought about Newcastle again but there cut off is £250 but i called and they said they may consider. Another option i was thinking was newbury? Please if anyone has any ideas or thoughts on what i can do it would be greatly appreciated. Thank you
    sorry CCJ is for £274 and is a parking fine
  • bluesteblueste Forumite
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    Hi
    I spoke to a mortgage broker today. I asked about the progressive 2 year variable (advertised at 1.48%). He said it's actually 1.48%+BOE so 3.23%. But as far I can see the rate is their SVR less 4.01%, their current SVR is 5.49%-4.01%=1.48% so I thought the rate I would be paying (initially at least) is 1.48%. Where am I going wrong?
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