Mortgage broker - ask me anything

Sarahf

Hi, My current situation is I am looking to remortgage to get additional borrowing to clear debts of around £25k, existing mortgage is just under £60k. I tried additional borrowing with my current lender (halifax) and was declined. The current value of property is around £260k so I don't understand when we have £200k equity in the house they said no. My question is if I go to a different lender, I.e. Nationwide, could I take out a brand new mortgage for £85k. Only ever missed 2 payments, Jan and Feb 21 due to lockdown but paid these when hubby got Swiss grant. For info, I work ft, secure job £29k a year, hubby is a driving instructor, profits Apr 21 £8k but April 22 £15k as things have got back to pre covid. Sorry for the long post i have 2 dependant children aswell. 

CLJ2986

Hi, 

How long does a mortgage application stay open? We have applied to natwest, who have requested an employer reference (on 28th july) I called them a couple of days ago to check what was going on as it said on the tracker they have written to the employer and would let us know when they had recieved it. I was told on the phone that we actually need to get the reference and send it. There is one specific person that needs to do this within the company, and so far haven't managed to get hold of them to do it. (On annual leave) I'm just worried they will close the application when the valuation has all gone through! 

Thanks!

K_S

CLJ2986 said:

Hi, 

How long does a mortgage application stay open? We have applied to natwest, who have requested an employer reference (on 28th july) I called them a couple of days ago to check what was going on as it said on the tracker they have written to the employer and would let us know when they had recieved it. I was told on the phone that we actually need to get the reference and send it. There is one specific person that needs to do this within the company, and so far haven't managed to get hold of them to do it. (On annual leave) I'm just worried they will close the application when the valuation has all gone through! 

Thanks!

@clj2986 I don't know what it is for direct apps but for broker apps it's 1 month that NatWest give to respond to queries. I've never had a delay that long to get a query/document from the client so couldn't say what happens if there's nothing in a month. If I did have a client where it was getting delayed beyond that, I'd just do something to keep the application 'alive'.

K_S

Sarahf said:

Hi, My current situation is I am looking to remortgage to get additional borrowing to clear debts of around £25k, existing mortgage is just under £60k. I tried additional borrowing with my current lender (halifax) and was declined. The current value of property is around £260k so I don't understand when we have £200k equity in the house they said no. My question is if I go to a different lender, I.e. Nationwide, could I take out a brand new mortgage for £85k. Only ever missed 2 payments, Jan and Feb 21 due to lockdown but paid these when hubby got Swiss grant. For info, I work ft, secure job £29k a year, hubby is a driving instructor, profits Apr 21 £8k but April 22 £15k as things have got back to pre covid. Sorry for the long post i have 2 dependant children aswell. 

@sarahf Yes, you could move to a different lender (it would be a debt-consolidation remortgage) though you may need to pay ERC to Halifax if you're currently in a fixed period.

If you are looking at moving lenders, I would recommend getting in touch with a broker who can look at the whole scenario and advise you accordingly. The MSE guide here can help you find one, including fee-free options.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Good luck!

K_S

purplelila-2007 said:

Do Nationwide accept downloaded copies of statements from online accounts? Or do they insist on copies only received in the post via the bank / credit card?

@purplelila-2007 Generally speaking, they do accept downloaded statements.

K_S

blueste said:

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?

@blueste Your understanding is correct. Progressive only lends in NI.

K_S

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

@roseolu I've only skim read and the best thing I can suggest is that you use a good experienced broker to place your case. You would have saved a lot of time and effort by going to a broker when you had your first decline.

If you don't trust your current broker's advice then find another one, ask your friends, family and colleagues to suggest someone they've used and trust.

If you want more opinions, it may be worth posting on the main mortgage forum. I hope it gets sorted soon, good luck!

ladymdg

Hi all, 

I have a application in with Clydesdale, applied on 13th July via a broker. 

My situation is that I have no credit issues, I’m within their affordability range and valuation came back OK. 

I have a current residential mortgage with Platform who I have an offer for consent to let with. I will proceed with this once I’ve exchanged on the new property. I meet the criteria for consent to let with Platform. 

Clydesdale have asked for the ARLA letter to confirm rental amount, which has been provided and they have now asked for a consent to let letter. 

I’ve sent the offer letter from platform and explained that I can’t get the full confirmation until I provide them with a tenancy agreement which I can’t do until I know when I’m moving, which is obviously dependent on knowing when I’ll complete/exchange. 

Anyone know if the offer letter will be enough? 

Broker, said I’m approved pending sight of the consent to let but unfortunately did not know if the offer letter would be enough! 

Thanks in advance. 

blueste

K_S said:

blueste said:

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?

@blueste Your understanding is correct. Progressive only lends in NI.

Thank you for your response. Only NI isn't something my mortgage broker mentioned either, sounds like I need a new mortgage broker

IAMIAM

Has nationwide suddenly increased the ERC fees across its fixed range?